How Do Your Retirement Savings Stack Up?

Reviewed by: Mark Zagurski, CLU®, ChFC®, CMFC® and CRPC®

Summary: Average retirement savings by age can offer useful perspective, but the numbers do not tell the whole story. Looking at both average and median retirement savings by age can help show how balances vary, what may be influencing them and why benchmarks often work best as planning references rather than personal scorecards.

Key takeaways

• Average retirement savings by age can be helpful, but averages are often influenced by a smaller group with larger balances.
• Retirement savings by age can provide context, but a balance alone does not reflect income, debt, caregiving responsibilities or retirement timing.
• Savings can vary widely within the same age group because financial priorities and life events are different.
• A benchmark may be most useful when it helps identify what to review next, not whether you are “ahead” or “behind.”

Retirement savings by age at a glance

Federal Reserve Survey of Consumer Finances¹ data shows how far apart average and median retirement savings can be. That gap matters because average balances can be shaped by households with especially large account values, while the median shows the midpoint.

Age range	Average retirement savings	Median retirement savings	What it may suggest
35 to 44	$141,520	$45,000	Saving often happens alongside housing costs, debt, and family expenses.
55 to 64	$537,560	$185,000	Balances may grow in peak earning years, but the midpoint shows many households may still be building toward retirement needs.

 

Your own number can look different based on income, expenses, debt, family responsibilities, health care costs, Social Security timing and other income sources. Rather than focusing only on how your balance compares to a national average, it can be helpful to work with a financial professional, who can help you plan for your savings and income sources to align with the retirement you’re planning for.

Average vs. median retirement savings by age

Average retirement savings by age and median retirement savings by age answer two different questions.

• The average adds up all balances in a group and divides by the number of people.
• The median shows the middle point, where half have more and half have less.

A few very large balances can pull the average higher and make it seem like most people have saved more than they actually have. The median may offer a more realistic snapshot of where the middle of the group stands.

That is why retirement savings benchmarks are often most useful when average and median are viewed together: the average shows the broader landscape, while the median shows the midpoint.

What affects retirement savings by age?

Two people in the same age range may have very different balances for reasons that have little to do with discipline alone.

A few of the biggest factors include:

Income and earning history

Higher earnings may create more room to save, but income can rise and fall over time. Career changes, layoffs, part-time work or time away from work can affect long-term savings patterns.

Access to retirement accounts

Not everyone saves the same way. A 2025 Mutual of Omaha retirement account study found that:

• 61% own a traditional 401(k) or 403(b)
• 44% own a traditional IRA
• 38% own a Roth IRA
• 22% own a rollover IRA
• 35% have a taxable brokerage account*

That means retirement savings may be spread across several account types, not just one workplace plan.

Debt and housing costs

Mortgage payments, credit card balances and other debt can compete with retirement contributions. For many households, saving for retirement happens alongside paying for everyday life.

Caregiving and family responsibilities

Some people are supporting children, helping aging parents or managing both at the same time. Those responsibilities can shape how much is available to save in any given year.

Market performance and timing

Investment growth can make a major difference over time, especially for people who started earlier. Late starts, market downturns or shifting asset values can all affect balances.

Retirement timing

The number itself does not show when someone plans to retire or whether that timeline may change. Retirement can happen earlier or later than expected, which may change how long savings need to last.

What retirement savings benchmarks can and cannot tell you

Retirement saving benchmarks may help show whether your savings are building over time. They may also highlight whether it could be worth taking a closer look at your broader retirement picture.

However, balance alone does not fully reflect:

• income level
• mortgage payments
• debt
• caregiving responsibilities
• health care costs
• when retirement may begin
• how much monthly income may be needed later

That is why a benchmark often works best as a planning reference rather than a pass-or-fail score.

Why “how you stack up” can feel different at different life stages

Savings comparisons are rarely just about math. They often feel personal because financial pressure changes over time.

For many adults in their 40s and early 50s, retirement saving may happen alongside mortgage payments, debt, child-related expenses, and other near-term responsibilities. At this stage, long-term goals often compete with more immediate financial demands.

In the 55-64 range, retirement may feel closer, which can make savings comparisons feel more immediate. Questions about timing, income needs, and whether current savings will support retirement may take on greater urgency.

By the time people reach Medicare age and beyond (65+), the focus often starts to shift from building assets to thinking about income, health care costs, Social Security, and how long savings may need to last.

These life-stage differences help explain why the same benchmark may feel manageable to one household and out of reach to another. Mutual of Omaha financial advisor and Certified Financial Planner (CFP®) Adam Olson states: “A successful plan marries the cold numbers of finance with your individual needs, wants, and long-term vision.”

How to use retirement savings benchmarks in a practical way

Look at both average and median

The average shows the broad landscape. The median often gives a more grounded view of the midpoint.

Add up more than one account

Retirement savings may include a workplace plan, an IRA, a rollover IRA or other long-term savings.

Think about timing

An earlier retirement date can change how much your savings may need to support.

Focus on the next planning question

A benchmark may help highlight whether to review contribution levels, how much to save for retirement, expected income or future spending.

How do you know whether your retirement savings are on track?

Retirement savings by age can be helpful, but the number itself is only one part of a broader picture. Mark Zagurski, Director of Strategy and Operations at Mutual of Omaha Advisors and host of the Make it Personal Podcast, puts it this way: “While your assets are what get you to retirement, it is the income that gets you through it, which is why advanced planning is so critical.”

A benchmark can offer perspective, but a plan helps connect your savings to your timeline, income needs, Social Security timing and future expenses.

 

See how your savings fit into your broader financial picture.

A retirement savings benchmark can be a useful starting point, but looking at your savings, income and expenses together may provide a more complete view.

Use the Financial Fitness Calculator to bring those pieces together.

 

Frequently asked questions about retirement savings

How much retirement savings should I have at 40?

There is no single number everyone should have at 40, but federal data shows people ages 35 to 44 have about $141,520 on average in retirement savings and $45,000 at the median.

How much retirement savings should I have at 45?

Savings at 45 can vary widely depending on income, debt and family responsibilities. As a broad benchmark, some financial guidance uses a target of around 6x salary by age 50, but that is only one reference point.

How much retirement savings should I have at 60?

There is no single dollar amount that works for everyone at 60. Some benchmark-based guidance uses about 8x salary by age 60, but what someone may need can also depend on spending, health care costs and other income sources.

How much retirement savings should I have at 65?

For adults ages 55 to 64, average retirement savings is about $537,560, while the median is $185,000. Looking at both numbers can give a more balanced view because averages are often pulled higher by larger balances.

As a broad benchmark, some guidance uses about 10x salary by age 67, which can serve as one planning reference in the years leading up to retirement.

What if I have no retirement savings at 65?

Having little or no retirement savings at 65 can feel overwhelming, but it does not always mean retirement planning stops there. For many retirees, Social Security is still an important part of the income picture, and the next step is often understanding what income sources and expenses may shape retirement.

How much does the average American have in savings for retirement?

There is no single answer because retirement savings can vary widely by age, income and life stage. That is why averages and medians by age often provide more useful context than one national number alone. Broader data also suggests many Americans may not feel fully prepared: a 2026 report from the National Institute on Retirement Security found that the average American worker has less than $1,000 saved for retirement.

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Reviewed by: Mark Zagurski, CLU®, ChFC®, CMFC® and CRPC®

Mark is Mutual of Omaha Advisors’ Director of Strategy & Communications. With more than 30 years of experience, he has worked extensively in advisor development, strategy, and communications, focusing on helping advisors and their clients make informed financial decisions. He is also the host of the Mutual of Omaha Advisors podcast, “Make it Personal,” which explores personal finance and strategies to help you take control of your money and future.

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Sources:

1. Federal Reserve Board. (n.d.). Survey of Consumer Finances (SCF): Retirement accounts—Median values by age group. Retrieved April 7, 2026, from https://www.federalreserve.gov/econres/scf/dataviz/scf/table/#series:Retirement_Accounts;demographic:agecl;population:all;units:median

*Mutual of Omaha worked with research vendor, quantilope, to conduct research related to Decumulation – the strategic drawdown of assets during retirement years. This research had a sample size of 496 respondents aged 50+ who were already retired (n=327) or nearing retirement (n=169) within the next 10 years. Respondents who stated they did not have at least some assets to draw down during retirement were excluded from the survey. The research was conducted in a 10-minute online survey from October 6-15, 2025. All data included in this report are based on Mutual of Omaha’s proprietary research unless otherwise noted.

Disclosures:  

Registered Representatives offer securities through Mutual of Omaha Investor Services, Inc., Member FINRA/SIPC. Investment Advisor Representatives offer advisory services through Mutual of Omaha Investor Services, Inc.

Mutual of Omaha and its representatives do not provide tax and/or legal advice, and the information provided herein is general in nature and should not be considered tax and/or legal advice.

All investing involves risk, including the possible loss of principal and there can be no assurance that any investment strategy will be successful.

Not all Mutual of Omaha agents are registered representatives or financial advisors.

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