When it comes to saving for retirement, most people want to know one thing: “Am I on track?” While the answer depends on your income, lifestyle goals, and when you plan to retire, national averages and expert recommendations can give you a helpful benchmark.
Here are the average retirement savings by age group. Compare them to the recommended targets from financial planners, and explore what those numbers mean based on typical wages. Whether you’re just starting out or already eyeing retirement, we’ll also offer age-specific strategies to help you catch up if you’re behind. Remember — no matter your age or balance, it’s never too late to take meaningful steps toward a more secure financial future.
Read More:
- If you want some help planning for retirement, here are the best retirement planning tools in 2025.
- An important part of knowing if you are on track for retirement is understanding your expenses will be in retirement. Check out the average spending for retirees.
- Financial planning is more than just saving for retirement. See how your net worth stacks up by age.
Under 35
For Americans under 35, the average retirement savings stands at $49,130. While this might seem like a decent start, financial experts typically recommend having the equivalent of your annual salary saved by age 30 and twice your salary by age 35.
With the average annual wage for those aged 25 to 34 currently at $52,936, many young adults may find themselves behind on these benchmarks. That said, this stage of life often involves student loans, early career building, and other financial hurdles, so there’s still plenty of time to catch up with consistent saving and investing habits.
Also, check out these important money ratios. They are good rules of thumb to learn sooner rather than later.
Under 35: How to Catch Up if You're Behind
If you’re under 35 and feel behind on retirement savings, the good news is time is your greatest asset. You can take full advantage of it by starting to save as soon as possible, even if it's a small amount. Compound interest works best over long periods. $100 a month for 30 years will grow to over $200,000, assuming a 10% interest rate. Start with contributions to a Roth IRA or 401(k) to maximize your tax benefits.
As your career grows, increase your savings rate with each raise. Also, aim to avoid lifestyle creep. This will help keep your expenses low and your savings rate high.
Low-cost index funds are a great place to invest for retirement. Here are the best Vanguard funds.
Ages 35 – 44
Americans between the ages of 35 and 44 have an average retirement savings of $141,520. Financial planners suggest having at least three times your annual salary saved by age 40, and four times by age 45.
With an average salary of $63,596 for this age group, a 40-year-old should ideally have close to $190,788 saved, and a 45-year-old around $254,384. Compared to these targets, many are slightly behind — but mid-career is often a time of increased earnings and stability, making it a great opportunity to ramp up contributions.
Now might be the time to create a DIY financial plan.
Ages 35 – 44: How to Catch Up if You're Behind
At this age, many are focused on their career growth. If you stay focused, you can really ramp up your savings before major retirement planning begins.
If possible, start maxing out your retirement contributions. In 2025, you can contribute up to $23,000 to a 401(k) and $7,000 to an IRA (if eligible). If you can't max them out, save as much as you can and increase as you are able. At a minimum, aim to take full advantage of any employer match available to you in your 401(k). You should also be focused on paying off any high-interest debt.
Here's the difference between an IRA and a 401(k).
Ages 45 – 54
The average retirement savings for Americans aged 45 to 54 is $313,220. At this stage, financial experts recommend having six times your salary saved by age 50 and seven times by age 55.
With an average annual wage of $64,428, a 50-year-old should aim for about $386,568 in retirement savings, while a 55-year-old should target approximately $450,996. That puts the average savings slightly below the ideal range, but there's still time to catch up. Especially as this is often a peak earning period. Increasing contributions, minimizing unnecessary expenses, and making strategic investment choices can help bridge the gap before retirement begins to loom large.
Ages 45 – 54: How to Catch Up if You're Behind
With retirement on the horizon, this is a key decade to double down. Once you hit 50, you can use catch-up contributions and contribute an extra $7,500 to your 401(k) and $1,000 to an IRA annually.
If you need to significantly boost your savings, you may need to reassess spending priorities. Consider redirecting spending from non-essentials into retirement. You may also find that you'll need to work longer than you originally planned. Even extending your career by a few years can dramatically increase savings and reduce the time your money must last.
If the kids are out of the house, consideder downsizing or relocating strategically. Housing is often the biggest expense, so adjusting it can free up money for retirement.
Ages 55 – 64
Americans in the 55 to 64 age bracket have an average retirement savings of $537,560. The recommendation here is to have at least eight times your salary saved by age 60.
With an average income of $63,336, the ideal savings at 60 would be about $506,688, meaning this group is, on average, hitting the mark. With retirement just a few years away, now is the time to fine-tune plans, reduce debt, and ensure a solid withdrawal strategy is in place.
Ages 55 – 64: How to Catch Up if You're Behind
This is the final stretch before retirement. Consider maximizing all contributions to your retirement accounts. You may need to delay retirement if possible. Each extra year of working means more savings, less time to withdraw, and higher Social Security benefits.
Work with a financial planner and run a retirement plan. Estimate your future expenses and income sources so you know your gaps. If you haven't already, consider downsizing. Reducing fixed expenses can help your existing savings go further.
You'll also want to start considering a drawdown strategy, so you can use the money you've saved in the most efficient fashion.
