Few money questions cause as much quiet worry as this one: am I behind? If you are in your 40s or 50s, retirement has moved from a distant idea to something you can put a date on, and you want to know how your savings compare with everyone else’s.
The best source for that answer is the Federal Reserve’s Survey of Consumer Finances, a detailed study of household finances conducted every three years. The most recent completed survey covers 2022. The 2025 survey is expected to be published in late 2026, and we will update this article when it is released.
Here is what the numbers show, what they leave out, and what to do if you are not where you want to be.
Retirement account savings by age
The table below shows balances in retirement accounts, such as 401(k)s and IRAs, for families that have them. The median is the middle family: half have more, half have less. The mean, or average, is pulled up sharply by a small number of very large balances.
| Age of head of household | Median balance | Average (mean) balance | Share of families with a retirement account |
| Under 35 | $18,880 | $49,130 | 49.6% |
| 35 to 44 | $45,000 | $141,520 | 61.5% |
| 45 to 54 | $115,000 | $313,230 | 62.2% |
| 55 to 64 | $185,000 | $537,560 | 57.0% |
| 65 to 74 | $200,000 | Not shown | Not shown |
| 75 and older | $130,000 | Not shown | Not shown |
Source: Federal Reserve Survey of Consumer Finances, 2022. Balances are for families that hold retirement accounts.
Two things jump out. First, the median is far below the average at every age. Most people should compare themselves with the median, because the average is inflated by the wealthiest households. Second, a large share of families have no retirement account at all. Among families headed by someone 55 to 64, about 43% had none in 2022.
Net worth by age
Retirement accounts are only part of the picture. Many people also rely on home equity, a pension, a business or other savings. Net worth, meaning everything you own minus everything you owe, gives a broader view.
| Age of head of household | Median net worth | Average net worth |
| Under 35 | $39,000 | $183,500 |
| 35 to 44 | $135,600 | $549,600 |
| 45 to 54 | $247,200 | $975,800 |
| 55 to 64 | $364,500 | $1,566,900 |
| 65 to 74 | $409,900 | $1,794,600 |
| 75 and older | $335,600 | $1,624,100 |
Source: Federal Reserve Survey of Consumer Finances, 2022.
For many families in their 50s and 60s, the house is the largest single asset. That is useful, but it is not the same as money you can spend. You still need somewhere to live.
What these numbers do not tell you
They are not targets. A median shows what is typical, not what is enough. Plenty of people at the median will struggle to cover their expenses in retirement.
They leave out pensions and Social Security. A retired teacher with a pension may need far less in a 401(k) than someone with no pension. The survey’s retirement account figures do not include the value of traditional pensions or future Social Security benefits.
They are from 2022. Stock and bond markets have moved since then, and balances have changed. The 2025 survey will show the new picture.
How much should you have saved at 40, 50 and 60?
A more useful benchmark compares your savings with your own income. Fidelity, one of the largest 401(k) providers, suggests these milestones:
- By 40: about three times your salary
- By 50: about six times your salary
- By 60: about eight times your salary
- By 67: about ten times your salary
So someone earning $80,000 would aim for roughly $480,000 by 50 and $640,000 by 60. These are rules of thumb that assume you want to keep a similar lifestyle and will retire at 67. If you have a pension, plan to work longer, or expect to spend less, your number may be lower.
The most accurate method is to work backward from your own budget. Estimate your monthly spending in retirement, subtract your expected Social Security and any pension, and multiply the yearly gap by about 25. That gives a rough savings target based on withdrawing 4% a year.
For example, if you expect to spend $5,400 a month and receive $3,200 from Social Security, your gap is $2,200 a month, or $26,400 a year. Multiply by 25 and your target is about $660,000.
If you are behind: catch-up options after 50
Being below the median at 50 is common, and the next 15 years are often the highest-earning ones. The tax code gives you extra room to save.
| 2026 limit | Under 50 | Age 50 and older | Age 60 to 63 |
| 401(k), 403(b), most 457 plans | $24,500 | $32,500 ($8,000 catch-up) | $35,750 ($11,250 catch-up) |
| IRA (traditional or Roth) | $7,500 | $8,600 ($1,100 catch-up) | $8,600 |
Source: Internal Revenue Service, 2026 contribution limits.
A person who starts putting the maximum $32,500 a year into a 401(k) at age 50 would contribute $487,500 by 65 before any investment growth. Few people can save that much, but even part of it makes a big difference. Starting in 2026, higher earners whose catch-up contributions go into a 401(k) generally have to make them as Roth contributions, so check with your plan.
Other practical steps:
- Capture the full employer match. It is the highest guaranteed return available to most workers.
- Raise your contribution by 1% a year, or each time you get a raise.
- Put windfalls to work. Bonuses, tax refunds and the last payments on a paid-off car loan can go straight into savings.
- Reduce big fixed costs before retirement, especially housing. Entering retirement without a mortgage lowers the savings you need.
- Check your Social Security estimate at ssa.gov. Delaying your claim past full retirement age raises your benefit by 8% a year up to age 70, which can reduce how much you need to save.
- Consider working a little longer. Each extra year of work adds savings, delays withdrawals and may raise your Social Security.
A 10-minute check on where you stand
You do not need a planner to get a first read on your position. Grab your latest account statements and answer these five questions:
- What is the total in all your retirement accounts? Include old 401(k)s from past jobs and any IRAs. Many people forget an account or two.
- What is your savings as a multiple of your salary? Divide your total by your yearly pay and compare it with the milestones above.
- What will Social Security pay you? Log in to your my Social Security account for an estimate at 62, at full retirement age and at 70.
- Do you have a pension? Find the monthly amount in your latest pension statement.
- What will you spend? Use your current spending, minus work costs, as a starting estimate.
With those five numbers, you can run the gap calculation above. If the result is close to or below what you have saved, you are in reasonable shape. If it is well above, you know how much ground there is to make up, and you still have options.
What if you are already retired?
If you are in your 60s or 70s, the question shifts from how much you have to how long it will last. Look at your withdrawal rate. Taking 4% or less of your savings in the first year and adjusting for inflation is a common guideline for making money last 30 years. Higher rates increase the risk of running short, especially early in retirement or after a market drop.
Keep enough in cash or short-term savings to cover one to two years of withdrawals, so you are not forced to sell investments during a downturn.
Frequently asked questions
What is the average retirement savings for a 55-year-old? Among families headed by someone 55 to 64 with retirement accounts, the median balance was $185,000 and the average was about $537,560 in 2022, according to the Federal Reserve.
Is $500,000 enough to retire at 65? It depends on your spending and other income. Using the 4% guideline, $500,000 supports about $20,000 a year in withdrawals. Combined with the average couple’s Social Security of about $38,500 a year, that is roughly $58,500 a year before taxes.
How many Americans have no retirement savings? In 2022, about 46% of all families had no retirement account, although some of them have pensions or other savings.
When will new retirement savings data come out? The Federal Reserve expects to publish results from the 2025 Survey of Consumer Finances in late 2026.
Sources
- Board of Governors of the Federal Reserve System, Survey of Consumer Finances 2022, and the 2025 survey announcement
- CNBC Select, net worth by age using 2022 Survey of Consumer Finances data
- Internal Revenue Service, 2026 401(k) and IRA contribution limits (IR-2025-111)
- Fidelity Investments, retirement savings guidelines by age
- Social Security Administration, 2026 COLA fact sheet
Figures are national survey data and rules of thumb, not personal advice. Consider speaking with a fiduciary financial planner about your own situation.
