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Need to Know: Here's How Much the Average American Has Saved for Retirement at Every Age

In the United States, the average age for retiring is 63, with the average monthly retirement benefit coming in at just over $1,600. Even living modestly, most Americans will need more than $1,600 to live in their 60s and beyond. That's where retirement savings come in.

Thanks to the prevalence of 401(k) plans, those employed in the United States are able to work on saving for retirement over decades. In 2020, it was reported that there were about 600,000 401(k) plans being offered, with 60 million active participants in the U.S. Building up retirement funds is so important that many workers kept contributing to their 401(k) even during a recession. In 2008, only 3.7% of active 401(k) plan participants stopped funding their accounts. An overwhelming majority considered putting money into their retirement plan essential.

The question is how much is in those accounts? GOBankingRates took a look at the amounts workers in every stage of life had saved for retirement, according to Vanguard's 'How America Saves" 2022 report. Here's a breakdown of the findings by age group:


Once adults hit 25 and get somewhat of an idea of how much they can expect to earn per year, retirement planning might seem a bit more reasonable than it was when they were first starting out. This also might be the first time some people in the workforce are offered a retirement savings plan as part of their benefits package. Some companies may even put forward a matching option, so for every dollar a worker puts into their retirement account, the company matches up to a certain amount.

Building on the savings from their early 20s, most Americans between 25-34 have around $37,211 saved for retirement.


After reaching 35, one might have stayed on a particular career path and earned some seniority within a company, or used prior experience to climb the ladder at another company. However, this also is a time when many people change careers and have to start from the bottom before their earnings reach what they were before.

Needless to say on average, retirement savings still grow and most Americans between the ages of 35 and 44 have about $97,020 put away


As retirement gets closer, this is usually, a time when those contributing to a 401(k) plan might switch their investment strategy from aggressive to more conservative. This ensures that the investments being made are more likely to deliver a return. This is also a time when an employee may decide to dedicate more of their salary to their retirement plan.

Most people in this age bracket have about $179,200 saved for retirement. Personal savings accounts are also bigger at this age. The average American in their 40s has around $27.900 stashed away.


This age range includes the age when most people actually retire, so their retirement savings

amount is getting close to the most it will ever be.

Once Americans reach their mid-50s and all the way into their early 60s, they're usually sitting on $256,244 in retirement savings.


If people choose to work past the age of 65, they're looking at a pretty decent amount of money for retirement.

The average person over the age of 65 has around $276,997 in retirement savings.

It's interesting to note that isn't a tremendous jump from the 55-64 age. This could be important when asking if working the extra couple of years is worth the extra cash. However, if you love what you do, then maybe it doesn't feel like work at all.

Questions about staying on track with retirement savings? Contact the Robin S. Weingast & Associates team and we can help!

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