Quick answer
The typical American has far less saved than the average suggests. Median savings range from about $5,400 for households under 35 to around $14,500 for those 65–74, while averages are much higher because wealthy households skew the numbers. Median retirement savings range from $18,880 (under 35) to $232,000 (65+).
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.
Frequently Asked Questions
Why is median savings more useful than average savings?
A small number of very wealthy households pull the average up. The median shows what the typical household in the middle actually has.
How much should I have in savings?
Everyone should aim for 3–6 months of essential expenses in an emergency fund, plus retirement savings of about 1× salary by 30, 3× by 40 and 6× by 50.
Where does savings data come from?
The most widely cited source is the Federal Reserve's Survey of Consumer Finances, which tracks household savings, retirement accounts and net worth by age.
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Disclaimer: This article is for educational purposes only and is not financial, tax, or legal advice. Figures are estimates based on publicly available data at the time of writing. Consult a qualified professional about your situation.