How much should you have in savings? It depends on your age, income, and goals — but comparing yourself to national averages can provide useful context. Here's what the data shows.
Average vs. Median Savings
It's important to distinguish between average (mean) and median savings. The average is skewed upward by wealthy households, while the median represents the typical American.
| Metric | Amount |
|---|---|
| Average savings account balance | ~$65,100 |
| Median savings account balance | ~$8,000 |
The huge gap between average and median tells the story: a small percentage of Americans have substantial savings, while most have relatively little.
Savings by Age Group
| Age Group | Median Savings | Average Savings |
|---|---|---|
| Under 35 | $5,400 | $20,540 |
| 35–44 | $7,500 | $45,800 |
| 45–54 | $8,700 | $62,400 |
| 55–64 | $12,000 | $89,700 |
| 65–74 | $14,500 | $113,200 |
| 75+ | $11,200 | $76,800 |
Source: Federal Reserve Survey of Consumer Finances, Bureau of Labor Statistics
Retirement Savings by Age
Retirement accounts (401k, IRA) paint a different picture:
| Age Group | Median Retirement Savings |
|---|---|
| Under 35 | $18,880 |
| 35–44 | $45,000 |
| 45–54 | $115,000 |
| 55–64 | $185,000 |
| 65+ | $232,000 |
These median figures are significantly below what financial planners recommend. Most Americans are behind on retirement savings.
How Much Should You Have?
General guidelines by age:
- Emergency fund: 3–6 months of expenses (everyone)
- By 30: 1× your annual salary in retirement savings
- By 40: 3× your annual salary
- By 50: 6× your annual salary
- By 60: 8× your annual salary
Where Do You Stand?
Numbers without context aren't helpful. Use our Net Worth Calculator to see your complete financial picture — including how your savings, investments, and debt compare to Americans your age using Federal Reserve data.
Then get your Financial Health Score for a personalized assessment and action plan. Use the Retirement Calculator to check if your retirement savings are on track.