US Retirement Savings Statistics: Average Retirement Savings by Age, Income, and More

No matter what stage of life you are in, it’s essential to plan for your retirement, whether just starting a new job after leaving college or having your first child. One minute you're 18 and on the hunt for career advice, and the next, you're ready to put on your retirement hat for good. Unless you start putting money aside early, it can be very easy to feel unprepared.

If you’re looking for personal finance advice, you should seek the services of a professional, but it’s always good to have a rough idea of where you should be with your retirement savings. That’s why we have revealed the average retirement savings across the US by age, income, state, and more. We’ve also discovered the amount you should have saved depending on your age. Remember, if you’re planning to retire in another country you can use Remitly to send money abroad.

Key facts about average retirement savings

According to the Federal Reserve, people aged 65 and 74 have an average of $609,230 and a median of $462,410 saved for retirement.
Data from Edward Jones shows that 65-year-olds earning $50,000 a year have between $525,000 and $605,000 saved for retirement.
Data suggests that when you retire, you should have saved between 7.5 and 13.5 times your annual salary.
The agriculture, mining, and construction industries average the highest retirement savings of any sector, with $185,511.
73% of employees in the manufacturing industry are automatically enrolled in a contribution plan, the highest percentage of employees in any industry.
Employees in the education and health industries have the lowest average retirement savings, with just $96,258 saved.
Dual-income married couples aged 65 have $675,000 saved for retirement.
People from Connecticut have the highest average retirement savings of any state, with $545,754 saved up.
People in Hawaii need the most money to retire comfortably, needing $131,175 a year.
Retirement savings in Kansas would last the longest of any state, with a comfortable retirement lasting 7.5 years based on the average retirement savings and the amount needed to retire comfortably.

Average retirement savings by age

The amount you have saved for retirement is dependent on your age. As you get older, your financial priorities change. If you were looking to follow an average retirement pot-building timeline, this is what an individual’s average and median savings would need to look like by the ages of 35, 45, 55, and 65.

Average retirement savings by age 35

By age 35, people have saved an average of $49,130 and a median of $18,880.

The average 35-year-old has put away almost $50,000 in preparation for retirement and saved a median amount of $18,880. By age 35, T. Rowe Price suggests that you should have saved around a year's salary for retirement. However, this is far from the case. In 2023 people between the ages of 25 and 34 have a median annual wage of $52,936.

For those below the age of 24, the median salary is even less, with 16 and 19-year-olds earning a median salary of $31,772 and 20 to 24-year-olds earning a median salary of $38,324.

Average retirement savings by age 45

People aged 35 to 44 have saved an average of $141,520 and a median of $45,000.

By the age of 45, people begin to get a better grasp on their retirement plans, almost tripling their savings on average. By 44, people have saved an average of $141,520 in preparation for their retirement. The median amount people aged 35 to 44 had saved was $45,000, over double what people below 35 had saved.

However, the median salary of those aged between 35 and 44 in 2023 was $63,596, meaning that most people had yet to save at least a year's salary. By the time you reach your 40s, it's suggested that you should have saved around three times your annual salary, showing that people were still lagging behind the recommended savings.

Average retirement savings by age 55

On average, people aged between 45 and 54 saved $313,220, with a median of $115,000.

The median salary for those aged between 45 and 54 was $64,428, an increase of less than $1,000 compared to those aged between 35 and 44. Based on the recommendation that in your 50s, it’s recommended that you have saved six times your annual salary for retirement, meaning you should have put away $386,568.

On average, people aged between 45 and 54 have saved $313,220 and a median amount of $115,000. While the average savings are closer to what you should have now, the median retirement savings are not even double the median salary.

Average retirement savings by age 65

People between the ages of 55 and 64 have saved an average of $537,560 and a median of $185,000.

Depending on your birth year, the age which you become eligible to receive your full Social Security benefit is between 66 and 67. This means that by 65, you should be able to retire in the next couple of years. The average savings for people this age is $537,560, and the median is $185,000.

Despite the average retirement savings increasing by around $200,000, the average salary for people in the same age range decreased by $1,000 annually. The rule of thumb is that by 65, you want around 8.5 times your salary, meaning you would need to save $538,356 as you edge closer to retirement.

While this looks good for the average savings, based on the median savings, most people are nowhere near this amount.

Average retirement savings at retirement

On average, people aged 65 and 74 have saved $609,230, and people over 75 have an average savings of $462,410.

By the time you finally retire, the rule of thumb suggests you want around 10 times your salary. Studies recommend that you should have $600,000 saved based on the median wage. Your lifestyle, family, and age will all affect the amount of time you save for retirement. Where you retire will also drastically impact how much you need to save. The International Living Global Retirement Index highlights many popular South American countries people love to move to. If you are considering retiring further south, use Remitly to send money to Mexico or other popular destinations like Costa Rica.

Following those general rules, with the average life expectancy in the US at 77 and the retirement age at 67, having 10 times your salary should work out. However, it’s recommended that you reduce your expenditures and spend around 80% of your pre-retirement income to ensure you have money set aside for emergencies and unexpected costs.

Average retirement savings for married couples by age

A dual-income married couple aged 55 has an average retirement savings of $412,500.

Dual-income married couples aged 55 with a household income of $75,000 have an average of $412,500 saved for retirement, which equates to 7.5 times the household income. For single-income married couples with the same household income, the average retirement savings are $337,500, around 4.5 times the household income.

A dual-income married couple aged 65 has an average retirement savings of $675,000.

Dual-income married couples aged 65 with a household income of $75,000 have an average retirement savings of $675,000, meaning married couples aged 65 have saved approximately nine times the household income.

This is an increase of more than $250,000 compared to dual-income couples aged 55. Married couples with a single income have an average retirement savings of $562,500, around 7.5 times the household income.

Average retirement savings by income

Another factor contributing to your retirement savings is the amount of money you earn. As you get older, your earnings are likely to increase, so you can put more money aside for retirement. We’ve analyzed data from Edwards Jones to reveal the average retirement savings based on your income and age.

Average retirement savings for a 30-year-old by income

It’s recommended that you start contributing to a 401(k) as soon as you become eligible through your employer. However, this isn’t always the case, as some people don’t start saving until they’re in their 30s, using their 20s to focus on career advancement and building a solid financial foundation.
Saving for retirement at 30 can be difficult, as there are often other commitments and priorities at this age. However, those earning $50,000 have still managed to save an average of between $25,000 and $55,000 for retirement.
30-year-olds earning $100,000 have saved an average of $50,000 and $105,000 for retirement.
People earning $150,000 have an average retirement savings between $170,000 to $270,000.
The average retirement savings for people earning $200,000 annually are between $345,000 and $490,000.

Average retirement savings for a 40-year-old by income

On average, 40-year-olds earning a salary of $50,000 have between $120,000 and $160,000 saved for retirement, approximately 2.4 to 3.2 times their salary.
Earning $100,000 a year at 40 means you have an average of $245,000 to $315,000 saved for retirement.
On average, 40-year-olds earning $150,000 have saved between $490,000 and $620,000, three to five times their salary.
A salary of $200,000 a year means you could have saved between $810,000 and $1,005,000 saved.

Average retirement savings for a 50-year-old by income

50-year-olds earning $50,000 a year have five to six times their salary saved for retirement, between $250,000 and $300,000 on average. This is almost double what 40-year-olds had saved on the same wage.
50-year-olds earning twice as much have also saved five to six times as much, with the average retirement savings between $500,000 and $600,000, around twice as much as 40-year-olds earning the same amount.
The average retirement savings for 50-year-olds earning $150,000 are between $920,000 and $1,090,000.
For those in the top 10% of earners in the US, the average retirement savings are $1,430,000 and $1,690,000 when earning a salary of $200,000.

Average retirement savings for a 60-year-old by income

The average retirement savings for 60-year-olds earning $50,000 are between $420,000 and $485,000.
The average retirement savings for 60-year-olds earning $100,000 are between $845,000 and $975,000.
Those earning $150,000 have an average retirement savings of between $1,490,000 and $1,720,000, meaning they’ve saved over 10 times their salary.
People earning $200,000 a year at 60 years old have an average retirement savings of between $2,260,000 and $2,605,000.

Average retirement savings for a 65-year-old by income

On average, 65-year-olds earning a salary of $50,000 had saved between $525,000 and $605,000.
Savings doubled for those earning $100,000, with the average retirement savings ranging between $1,055,000 and $1,205,000 for 65-year-olds.
On average, 65-year-olds earning $150,000 a year had saved between $1,845,000 and $2,110,000.
For 65-year-olds earning $200,000 a year, the average retirement savings were between $2,770,000 and $3,170,000.

Average retirement savings by profession/industry

The agriculture, mining, and construction industries have the highest average retirement savings, at $185,511. However, the median retirement savings is only the third highest in any profession or industry.
The percentage of people in agriculture, mining, and construction who are automatically enrolled on a contribution plan was also the second-lowest of any industry, at 49%.
Finance, insurance, and real estate have the second-highest average retirement savings, at $184,561, and the second-highest median retirement savings, at $53,829.
However, the percentage of employees in finance, insurance, and real estate who are automatically enrolled in a contribution plan was the third-lowest compared to any industry, with just over half of people enrolled by default.
The average retirement savings of those in the media, entertainment, and leisure industries are $178,288, the third highest. However, the median savings of people in these industries are almost $80,000.
In the media, entertainment, and leisure industries, almost two-thirds of employees (59%) are automatically enrolled in a contribution scheme, the third-highest of any industry.
Education and health industries average the lowest retirement savings of any sector, at $98,258. Despite this, the median retirement savings is the sixth-highest.
The education and health industries have the lowest percentage of people automatically enrolled in contribution plans, with 38%, just over a third.

Average retirement savings for high-income earners

The average retirement savings for those earning between the 90th and 100th percentile of income is $1,041,690.

On average, in the US, earning an annual salary of $169,800 means you earn more than 90% of the population. People earning at least this much have an average retirement savings of over $1 million. The median retirement savings for people between the 90th and 100th percentile of income was $558,500.

The average and median retirement savings for people in the top 10% of earners were double those between the top 10% and 20% of earners in the US. US residents earning between the 80th and 89.9th percentile had saved an average of $426,890 and a median of $200,000.

Average retirement savings by state

What is a comfortable retirement?

A comfortable retirement takes into account annual expenditures and a 20% comfort buffer for unexpected costs. Analysts at GOBankingRates considered the annual expenditure one could expect, including groceries, healthcare, housing, utilities, and transportation. They then calculated the costs of these expenses in each state to work out the annual cost of retiring comfortably.

Remitly has then calculated the number of years each state could enjoy a comfortable retirement by taking the average retirement savings in each state, and the expected annual expenditure for a comfortable retirement. This does not take into account interest payments or other ways people fund retirement to top up their savings.

Things to know about the average retirement funds in each state

People from Connecticut retire with the most savings, with an average retirement savings of $545,754. Connecticut has the sixth-highest average annual income in the US at $73,740.
New Jersey and New Hampshire have the second and third-highest retirement funds, with $514,245 and $512,781, respectively.
People from New Jersey also have the fifth-highest average salary at $73,980. However, New Hampshire only earned $66,110, the 15th-highest average wage in the US.
The state with the lowest average retirement savings is Utah, with $315,160 average retirement savings. Despite this, people from Utah had the 23rd-highest average salary, earning $61,070 per year.
North Dakota and Mississippi had the second and third-lowest average retirement savings, at $319,609 and $347,884, respectively. Mississippi had the lowest average annual salary in the US at $47,570, whereas people from North Dakota earned more than 20 states on average, with a yearly salary of $59,050.
The state where you need the most money to retire comfortably is Hawaii. A comfortable retirement in Hawaii costs you $129,296 a year. The annual expenditures in Hawaii are estimated to be $107,746, with a 20% comfort buffer of $21,549.
People from West Virginia need the least to retire, with a comfortable retirement estimated to cost $58,190 annually. The annual expenditure for retired people in West Virginia is estimated to be $48,492, with the 20% comfort buffer estimated to be $9,698.
People from Kansas could last for 7.5 years based on their average retirement savings and comfortable retirement costs. In Kansas, a comfortable retirement would cost you $60,620, and the retirement savings in this state average $452,703.
Comfortable retirement in Hawaii would only last you 2.8 years. The average retirement savings in Hawaii is $366,776, and to retire comfortably in this state, you would need $129,296.

Average boomer retirement savings

Naturally, retirement savings will differ per generation as people have had more time in employment to save up for retirement. This section breaks down the average retirement savings by generation for further insights into how age impacts funds.

The average 401(k) balance for baby boomers aged 61 and 88 is $250,900, and the average IRA balance is $250,966.

As baby boomers were born between 1946 and 1964, many people from this generation are well into retirement and have already withdrawn from their savings. For those aged between 61 and 88, the average 401(k) balance is $250,900. Baby boomers contributed 11.8% of this total, with employers contributing 5.1%, which is the most of any generation.

Target date fund investments contributed the least to baby boomers' 401(k) balances compared to any other generation, at 44.3%. Roth contributions were also the lowest contributors, at 12%.

Average Generation X retirement savings

On average, Gen X has saved $191,900 into their 401(k) balance and $100,169 into their IRA.

Generation X, born between 1965 and 1980, has saved an average of $191,900 in their 401(k) fund and $100,169 in their IRA. People aged 45 to 60 have contributed 10.2%, with their employees contributing 5%.

The oldest Gen Xers will likely still be working but preparing for retirement. They’re not far off either, given that their 401(k) balance is only $60,000 less than that of baby boomers.

Average millennial retirement savings

Millennials have saved an average of $66,500 in their 401(k) and $24,097 in their IRA.

Born between 1981 and 1996, millennials have an average 401(k) balance of $66,500. Those aged 29 and 44 have contributed 8.6% of their total balance, with employers contributing 4.6%. The average IRA balance of millennials is $24,097, just a quarter of Generation X have saved.

Younger millennials will have several competing priorities, with many getting married or having young families. However, older millennials will be entering a crucial period for their savings.

Average Generation Z retirement savings

Gen Z has an average 401(k) balance of $13,000 and an average IRA balance of $6,479.

Generation Z has the lowest amount saved in their 401(k) balance, saving just $13,000. Their employers contributed 3.8% of this total, contributing 7.2% themselves. Most of Gen Z’s balance came from target date fund investments, which contributed 82%, the highest of any generation. The average IRA balance of Gen Z is $6,479.

While these balances are low, Generation Z is one of the youngest, born between 1997 and 2012. The oldest of this generation will be in their late 20s, meaning they could be saving for weddings or starting families. The youngest of this generation will still be in school or getting ready for college, so they won’t have had the opportunity to contribute to their IRA or 401(k).

How much do I need in savings to retire?

Age	How much of your salary you should have saved for retirement
30	0.5x
35	1x to 1.5x
40	1.5x to 2.5x
45	2.5x to 4x
50	3.5x to 5.5x
55	4.5x to 8x
60	6x to 11x
65	7.5x to 13.5x

Portion of income saved for retirement by age

People aged 65 have saved between 7.5 and 13.5 times their annual salary.
The average retirement savings for people between 30 and 45 are between 0.5 times and four times their annual salary.
Retirement savings accelerate for people aged 50 to 65, increasing from 3.5 to 5.5 times to 7.5 to 13.5 times.

Between the ages of 30 and 40, you’ll likely have several other priorities competing with retirement savings, whether it’s a new family, new job, or marriage. With this in mind, by 30, it's suggested that you should have aimed to save around half your annual salary, and by 40, you’d want between 1.5 and 2.5 times your yearly earnings.

For example, if you earn $50,000 a year, you should have put away $25,000 for retirement by age 30 and between $75,000 and $125,000 when you’re 40.

Between 50 and 65, you should focus and accelerate your retirement plans. With your children likely to be leaving home for college or their own adult lives, your earnings likely reaching their peak, and owning assets such as your house or car, which reduces your monthly outgoings, you can begin to enforce strict plans as you near retirement.

At 50, it’s encouraged that you have 3.5 to 5.5 times your salary; by 65, it’s suggested that you have 7.5 to 13.5 times your salary. If you earn $50,000, your target is to have between $175,000 and $275,000 times your salary by age 50 and $375,000 and $775,000 by age 65.

How to save for your retirement

Each person’s situation is different when it comes to saving for your retirement. Your lifestyle, age, earnings, and financial dependents can impact the way and the amount that you save. However, there are some general rules of thumb to follow which can help you along the way. Below, we’ve detailed some general advice for saving for your retirement.

When you enter employment, if your employer offers a retirement savings plan, such as a 401(k), it’s encouraged that you sign up and contribute as much as possible. Over time, compound interest and tax deferrals can increase your accumulated amount. Your employers can also contribute, and you will pay less taxes.
Open a retirement savings account and start saving as soon as possible. Simply put, the sooner you open a retirement savings account, the more money you can accumulate. Investopedia is just one of many to recommend aiming for 80% of your pre-retirement income to maintain your standard of living. If you haven’t started saving yet, it’s not too late. Start small, and gradually increase the amount you put away each month.
It’s recommended that you should open an individual retirement account (IRA). Opening a personal savings account for retirement means you have two pots of money you can contribute to double down on your retirement. Each year, you can put up to $6,500 into an IRA, and when you reach 50, you can contribute more if you choose to. IRAs also have tax advantages, depending on which you open. There is a traditional IRA and a Roth IRA. A traditional IRA uses contributions from your pre-tax dollars. However, this means withdrawals are taxed in retirement. However, a Roth IRA uses after-tax dollars, meaning withdrawals are tax-free after 59 and a half.