How much should you have saved for retirement by age? Here’s what the data show

Saving enough for retirement is a challenge for many Americans because there is no single number that tells everyone whether they are on track, since savings can depend on age, income and individual financial priorities.

Still, retirement savings data can provide a useful point of comparison.

Federal Reserve data, cited by Yahoo Finance, show average and median retirement savings across age groups. The two numbers can tell very different stories, particularly because an average can be pushed higher by people with substantial amounts of money saved.

Average vs. median retirement savings

The difference becomes clear when looking at retirees around age 67.

The average 67-year-old retiree has $609,230 in retirement savings. The median retiree, meanwhile, has $200,000.

That gap is important because the average does not necessarily represent what a typical person has saved. A relatively small number of people with very large retirement balances can raise the average, while the median shows the middle point of the data.

For someone trying to compare their own savings with other retirees, looking at both figures can therefore provide more context than relying on the average alone.

How much should you have saved by 35

Retirement planning also involves looking at savings in relation to income.

T. Rowe Price recommends having about one to 1.5 times your gross income saved for retirement by age 35. For someone earning $60,000, that would work out to roughly $60,000 to $90,000 in retirement savings.

That is a benchmark rather than a universal target, retirement planning is not the same for everyone, especially when incomes and financial priorities differ.

401(k) can offer another benchmark

Retirement assets can include more than a 401(k), but the account can still provide a useful starting point when assessing retirement savings.

As per Yahoo Finance, citing Fidelity data from the fourth quarter of 2024 showed average 401(k) balances by age. The figures offer another way to see how retirement account balances differ across stages of working life.

What can you do if you're behind

If your retirement savings are below the figures you see, there are several ways to focus on building your balance.

Getting the full employer 401(k) match can be an important first step. For example, if an employer matches contributions up to 5%, contributing at least 5% allows a worker to receive the full matching contribution.

An IRA can provide another way to save after a workplace retirement plan has been maximized. Roth IRA contributions, however, may be limited for people whose income exceeds certain thresholds.

Workers aged 50 and older can also use catch-up contributions and as of 2026, the catch-up limit is $8,000 for 401(k)s and 403(b)s and $1,000 for IRAs, as per a CNBC report.

For people struggling to save, reviewing the household budget may also help free up money for retirement.

Working longer is another option for those who are able to do so because it can provide more time to save while reducing the amount of time retirement savings need to cover expenses. While the required minimum distributions generally begin at age 73, although some exceptions apply to people who are still working.

Delaying Social Security can also lead to larger payments. Benefits increase for each month they are delayed, up to age 70.

Retirement savings figures can be useful benchmarks, but they do not tell the whole story. The difference between average and median savings is a reminder that the number most often quoted may not necessarily reflect what a typical retiree has saved.