Data Notice: Retirement savings data in this article comes primarily from the Federal Reserve’s 2022 Survey of Consumer Finances (published October 2023), the most recent nationally representative dataset available. Where 2026 figures appear, they are projections based on historical growth rates and are marked with ~. Verify current data with official sources.

Average Retirement Savings by Age: 2026 Data

The median American household has $87,000 in retirement savings. The average is $333,940. That gap tells the entire story: a small number of high savers dramatically pull the average upward while most households are significantly underfunded for retirement. This research piece breaks down the Federal Reserve’s Survey of Consumer Finances data by age group, compares it against expert benchmarks, and explains what the numbers mean for your planning.

The Data: Federal Reserve Survey of Consumer Finances

The SCF is conducted every three years by the Federal Reserve Board and is the most comprehensive source of household wealth data in the United States. The most recent survey (2022 data, published October 2023) surveyed approximately 4,600 families and provides granular breakdowns by age, income, education, and race.

Retirement Account Balances by Age

Age Group	Average Balance	Median Balance	Gap (Average vs Median)
Under 35	~$49,130	~$18,880	2.6x
35-44	~$141,520	~$45,000	3.1x
45-54	~$313,220	~$115,000	2.7x
55-64	~$537,560	~$185,000	2.9x
65-74	~$609,230	~$200,000	3.0x
75+	~$462,410	~$130,000	3.6x

Source: Federal Reserve 2022 Survey of Consumer Finances. Figures include 401(k), 403(b), IRA, Keogh, and similar retirement accounts. The decline in the 75+ bracket reflects drawdowns during retirement.

Why Median Matters More Than Average

The average retirement savings of $333,940 is skewed by high-balance accounts. If one household has $5 million saved and nine households have $50,000 each, the average is $545,000 — which describes nobody in the group. The median ($87,000) tells you where the typical American household actually stands.

For your own planning, compare yourself to the median in your age bracket. If you are above the median, you are doing better than most — but that does not necessarily mean you are on track for the retirement lifestyle you want.

How Americans Compare to Benchmarks

Fidelity Targets vs. Actual Savings

Fidelity’s widely cited guideline recommends saving multiples of your annual salary by specific ages. Using the 2022 median household income of approximately ~$75,000:

Age	Fidelity Target (x Salary)	Fidelity Target ($)	Actual Median	Shortfall
30	1x	$75,000	~$18,880	-$56,120 (75% below)
40	3x	$225,000	~$45,000	-$180,000 (80% below)
50	6x	$450,000	~$115,000	-$335,000 (74% below)
60	8x	$600,000	~$185,000	-$415,000 (69% below)
67	10x	$750,000	~$200,000	-$550,000 (73% below)

The median American household is 70-80% below Fidelity’s recommended targets across every age group. This does not mean these benchmarks are wrong — it means most Americans are significantly underfunded for a traditional retirement at 67.

Important Caveats on the Benchmarks

Fidelity’s targets assume:

You want to replace 55-80% of pre-retirement income
You start saving at 25 with a 15% savings rate
You retire at 67
Social Security covers a portion of income

Many Americans will rely more heavily on Social Security, work longer, or have lower expenses in retirement than the benchmarks assume. The benchmarks are useful directional targets, not a universal pass/fail test.

Trends in the Data

The Savings Gap Is Widening

Between the 2019 and 2022 SCF surveys, average retirement balances increased by approximately 15%, driven primarily by strong market returns. However, the gap between the 75th percentile and 25th percentile widened, meaning the wealthiest savers pulled further ahead while lower savers made minimal gains.

Participation Rates Tell Part of the Story

Not everyone has a retirement account. According to the SCF, approximately 54% of American families have any retirement savings at all. Among those who do participate:

Age Group	Participation Rate (Have Any Retirement Account)
Under 35	~42%
35-44	~57%
45-54	~60%
55-64	~60%
65-74	~55%
75+	~42%

When you include families with zero retirement savings, the median drops from $87,000 to approximately ~$30,000 across all age groups. The headline figures only reflect families that have opened an account.

Demographic Breakdowns

The SCF reveals significant disparities:

Category	Median Retirement Savings
White, non-Hispanic families	~$110,000
Black families	~$35,000
Hispanic families	~$31,500
College degree holders	~$165,000
No college degree	~$32,000
Top income quintile	~$500,000+
Bottom income quintile	~$3,000

These disparities reflect differences in access to employer-sponsored plans, income levels, homeownership rates, and historical wealth gaps.

Methodology

Data Source and Limitations

The Federal Reserve SCF uses a dual-frame sampling design: a standard area-probability sample representing all U.S. families, combined with an oversampling of wealthy families using IRS tax data (with privacy protections). This oversampling is critical because wealth is concentrated and a simple random sample would miss the upper tail of the distribution.

Limitations include:

Three-year lag: The 2022 data does not capture post-2022 market movements. A 2026 snapshot would likely show higher balances due to strong 2023-2025 equity returns, partially offset by elevated inflation.
Self-reported data: Respondents may misremember or misstate balances, though the SCF includes verification checks.
Household-level data: Individual retirement readiness within a couple may differ significantly.
Excludes defined-benefit pensions: Workers with traditional pensions appear to have less “saved” even if their retirement income is secure.

Projecting to 2026

No 2026 SCF data exists yet (the next survey will be conducted in 2025 with results published in late 2026 or 2027). The figures in this article use the 2022 baseline and should be treated as the best available data, not precise 2026 snapshots. For up-to-date estimates, the Federal Reserve’s annual Report on the Economic Well-Being of U.S. Households provides supplementary data between SCF releases.

What This Means for You

If You Are Below the Median

Being below the median does not mean retirement is impossible. Several factors may offset a lower balance:

Social Security: The average Social Security retirement benefit is approximately ~$1,975/month in 2026. For a couple both claiming, that is approximately ~$47,400/year — a meaningful income floor.
Home equity: Many Americans’ largest asset is their home. Downsizing or using a reverse mortgage can supplement retirement income.
Part-time work: Even modest part-time earnings ($15,000-$20,000/year) dramatically reduce the savings needed to sustain retirement.
Lower expenses: Retirees typically spend less than working-age adults, especially after the mortgage is paid off.

If You Are Above the Median but Below the Benchmark

You are doing better than most Americans but may still face a gap against your desired retirement lifestyle. Focus on:

Maximizing tax-advantaged accounts: The 2026 401(k) limit is $24,500 ($32,500 with catch-up at 50+, $35,750 at age 60-63). IRA limit is $7,500 ($8,600 with catch-up). See our 401(k) vs IRA guide for help optimizing across account types, or explore Traditional IRA vs Roth IRA if you are deciding between pre-tax and after-tax contributions.
Employer match: Contribute at least enough to capture the full match — it is an immediate 50-100% return on your money.
Reducing investment costs: Switching from high-fee mutual funds (1%+ expense ratio) to index funds (0.03-0.10%) can add tens of thousands over a career. See our index funds vs ETFs vs mutual funds guide.

If You Are On Track

Maintain your savings rate, review annually, and resist the urge to take on more risk than necessary. The biggest threat to a strong retirement plan is behavioral error — panic selling during a downturn can permanently destroy years of compounding. Our retirement planning by age guide covers age-appropriate strategies.

Key Takeaways

The median American household has $87,000 in retirement savings; the average is $333,940 — use the median as a more realistic benchmark
The typical American is 70-80% below Fidelity’s recommended savings targets across every age bracket
Only 54% of American families have any retirement account at all — the full-population median is closer to ~$30,000
Significant disparities exist by race, education, and income level
Social Security, home equity, and part-time work can offset lower savings but should not be the entire plan

Next Steps

See where you stand with our Retirement Savings Calculator, or read How Much Should You Save for Retirement by 30? 40? 50? for actionable benchmarks at every stage. If you are behind and need a catch-up plan, find a fee-only certified financial planner who can build a personalized strategy.

This content is for educational purposes only and does not constitute financial, investment, or tax advice. Data from the Federal Reserve Survey of Consumer Finances is publicly available and subject to revision. Always consult a licensed financial professional for guidance specific to your situation. Verify adviser credentials at SEC.gov and FINRA BrokerCheck.

Sources

Federal Reserve: Survey of Consumer Finances (SCF) — accessed March 27, 2026
Federal Reserve: Changes in U.S. Family Finances from 2019 to 2022 (PDF) — accessed March 27, 2026
Federal Reserve: Report on the Economic Well-Being of U.S. Households in 2024 — accessed March 27, 2026
Congress.gov: Distribution of Retirement Account Balances (CRS) — accessed March 27, 2026
Fidelity: How Much Do I Need to Retire? — accessed March 27, 2026