2026 Retirement Savings Statistics: How Much Americans Have Saved by Age
The number most people search for is the average. But the average retirement savings figure is misleading — the mean is pulled sharply upward by a small number of very wealthy households.
The median is the honest number. It tells you where the middle American actually stands.
Here's the picture in 2026: the median American aged 55–64 — the cohort on the doorstep of retirement — has $185,000 in retirement savings. The median for all working-age Americans with any savings at all is $87,000.
And roughly 28% of Americans have nothing saved.
These statistics are drawn from the most authoritative sources available: the Federal Reserve's 2022 Survey of Consumer Finances (the most comprehensive household wealth study in the U.S.), Vanguard's "How America Saves" 2024 report (covering 5 million Vanguard plan participants), Fidelity's Q4 2024 retirement data, and the Social Security Administration.
Retirement savings by age: mean vs. median
The most important number in retirement planning is your own situation, not the national average. But knowing where you stand relative to peers is useful context.
| Age Group | Median Savings | Mean Savings | % With Any Savings |
|---|---|---|---|
| Under 35 | $18,880 | $49,130 | 58% |
| 35–44 | $44,890 | $141,520 | 65% |
| 45–54 | $115,000 | $313,220 | 70% |
| 55–64 | $185,000 | $537,560 | 73% |
| 65–74 | $200,000 | $609,230 | 73% |
| 75+ | $130,000 | $462,410 | 70% |
Source: Federal Reserve Survey of Consumer Finances 2022. Includes all retirement account types: 401(k), IRA, pension, annuity.
Key takeaways:
- The mean is 2–4x the median at every age group — a sign of extreme wealth concentration at the top
- Even at 65–74, 27% of households have no retirement savings
- The decline in median savings after 75 reflects decumulation (withdrawals) and survivor bias
How many Americans have no retirement savings?
This is the most alarming figure in the data.
| Group | % With No Retirement Savings |
|---|---|
| All Americans | ~28% |
| Under 35 | ~42% |
| Part-time workers | ~55% |
| Workers at firms with fewer than 100 employees | ~45% |
| Workers with no employer plan access | ~62% |
Sources: Federal Reserve SCF 2022, Bureau of Labor Statistics 2024
The single biggest predictor of whether someone saves is access to a workplace plan. Workers with automatic enrollment in a 401(k) save at rates above 85%. Workers who must open an IRA on their own: participation rates drop below 15% in the same income brackets.
401(k) statistics 2026
401(k) plans hold the majority of American retirement wealth outside of Social Security. Here's where balances stand:
Average and median 401(k) balances
| Source | Mean Balance | Median Balance |
|---|---|---|
| Fidelity Q4 2024 | $127,100 | Not reported |
| Vanguard 2024 | $134,128 | $35,286 |
The Vanguard median of $35,286 is the most cited figure — it represents the typical participant, not the average pulled upward by high earners.
401(k) balances by age (Vanguard 2024)
| Age Group | Average Balance | Median Balance |
|---|---|---|
| Under 25 | $7,351 | $2,816 |
| 25–34 | $37,557 | $14,933 |
| 35–44 | $91,281 | $35,537 |
| 45–54 | $168,646 | $60,763 |
| 55–64 | $244,750 | $87,571 |
| 65+ | $272,588 | $88,488 |
Source: Vanguard "How America Saves" 2024
401(k) contribution rates
- Average contribution rate (employee only): 7.4% of salary (Vanguard 2024)
- Average contribution rate (employee + employer): 11.7% of salary
- % of participants contributing enough to capture full match: 56%
- % of participants at or near the annual limit: 15%
The 2026 employee deferral limit is $24,500 ($32,500 for workers 50+, $35,750 for workers 60–63 with the SECURE 2.0 enhanced catch-up). Most participants contribute far below these limits.
IRA statistics 2026
Individual Retirement Accounts (IRAs) are the second-largest private retirement savings vehicle after 401(k)s.
| Metric | Figure |
|---|---|
| Americans with an IRA | ~37% of households |
| Average traditional IRA balance | $116,400 |
| Average Roth IRA balance | $51,600 |
| % who contribute to IRA in any given year | ~13% |
| 2026 IRA contribution limit | $7,500 ($8,500 if 50+) |
Source: ICI (Investment Company Institute) 2024, IRS Statistics of Income
The gap between the share of Americans who have an IRA (37%) and those who contribute in any given year (13%) reflects that most IRAs are rollovers from former 401(k) plans, not active contribution vehicles.
Retirement savings benchmarks: what "on track" looks like
Financial planners typically use a salary-multiple benchmark to gauge retirement readiness. The most widely cited version (Fidelity):
| Age | Savings Target | On a $75K Salary | On a $100K Salary |
|---|---|---|---|
| 30 | 1× salary | $75,000 | $100,000 |
| 40 | 3× salary | $225,000 | $300,000 |
| 50 | 6× salary | $450,000 | $600,000 |
| 60 | 8× salary | $600,000 | $800,000 |
| 67 | 10× salary | $750,000 | $1,000,000 |
Compare these benchmarks to the median savings by age group above: most Americans are running 40–70% below target at every age.
The 4% withdrawal rule puts this in income terms: to generate $50,000 per year from a portfolio, you need $1.25 million. To generate $40,000, you need $1 million. Most Americans will need Social Security to cover the gap between what their portfolio generates and what they actually need to spend.
Social Security statistics 2026
Social Security functions as the de facto retirement plan for tens of millions of Americans who haven't saved enough. Here's where it stands in 2026:
| Metric | Figure |
|---|---|
| Average monthly retirement benefit | $1,976/month |
| Average annual benefit | $23,712/year |
| Maximum benefit (FRA, 67) | $4,018/month |
| Maximum benefit (delayed to 70) | $5,108/month |
| % of retirees for whom SS = 90%+ of income | ~33% |
| % of retirees for whom SS = 50%+ of income | ~57% |
| 2026 COLA adjustment | 2.5% |
| Social Security trust fund projected depletion | 2033–2035 |
Source: Social Security Administration Fast Facts 2025, SSA Trustees Report 2025
Use the Social Security calculator to estimate your specific benefit based on your earnings history and claiming age.
Retirement savings by gender
Women face a structural retirement savings disadvantage rooted in the wage gap, career interruptions, and longer life expectancy.
| Metric | Men | Women | Gap |
|---|---|---|---|
| Median retirement savings (55–64) | $212,000 | $135,000 | -36% |
| Average Social Security benefit | $2,121/month | $1,734/month | -18% |
| Average life expectancy at 65 | 83.1 years | 85.9 years | +2.8 years |
Women have lower median savings and longer retirements to fund. The median 65-year-old woman needs her money to last nearly 3 years longer than her male counterpart.
Source: Federal Reserve SCF 2022, SSA Actuarial Life Tables 2024
The retirement income gap
The gap between what retirees need and what they have — from all sources — is the defining statistic of the retirement crisis.
A common retirement income target for a couple is 70–80% of pre-retirement income. On a household income of $80,000, that's $56,000–$64,000 per year.
Here's a typical income picture for a median American couple retiring in 2026:
| Income Source | Annual Amount |
|---|---|
| Social Security (both spouses, average benefits) | $36,000–$42,000 |
| Portfolio withdrawal at 4% from $185,000 (median) | $7,400 |
| Total | $43,400–$49,400 |
| Target income ($80K household, 75%) | $60,000 |
| Shortfall | $10,600–$16,600/year |
That annual shortfall — $10,000–$17,000 — is the lived experience of the retirement crisis for the median American household. Not destitution. Not catastrophe. But a persistent, year-after-year squeeze that forces tradeoffs: skipping healthcare, moving to cheaper areas, relying on family, or working well past intended retirement.
Key statistics at a glance
For journalists, researchers, and writers citing these statistics:
- $185,000 — median retirement savings for Americans aged 55–64 (Federal Reserve 2022)
- 28% — share of Americans with no retirement savings
- $35,286 — median 401(k) balance (Vanguard 2024)
- $1,976/month — average Social Security benefit in 2026
- 33% — share of retirees for whom Social Security provides 90%+ of income
- $24,500 — 2026 401(k) employee contribution limit
- 2033–2035 — projected Social Security trust fund depletion window
- -36% — gap between men's and women's median retirement savings (55–64)
- 44 million — private-sector workers with no access to an employer retirement plan
Looking at your own situation? Use our Retirement Income Calculator to model your income from every source and see where you actually stand.
Frequently Asked Questions
According to the Federal Reserve's 2022 Survey of Consumer Finances, the mean retirement savings for Americans aged 55–64 is $537,560, but the median — the more representative figure — is $185,000. High-wealth households pull the mean significantly above where most Americans actually stand.
Approximately 28% of Americans have no retirement savings at all. Among those under 35, the rate is higher: about 42% report zero retirement savings. The gap is largest for part-time workers and employees at small businesses without workplace retirement plans.
A common benchmark is 1x your salary by 30, 3x by 40, 6x by 50, 8x by 60, and 10x by 67. On a $75,000 salary, that means approximately $75K at 30, $225K at 40, $450K at 50, $600K at 60, and $750K at retirement. Most Americans fall well short of these benchmarks at every age.
Fidelity reported the average 401(k) balance at $127,100 at the end of 2024. Vanguard's 2024 data showed a median 401(k) balance of $35,286 and a mean of $134,128. The wide gap between mean and median reflects the concentration of large balances among higher earners.
The average Social Security retirement benefit in 2026 is approximately $1,976 per month ($23,712 per year) after the 2.5% COLA adjustment. The maximum benefit for a worker who claims at full retirement age (67) with a full career at maximum taxable earnings is $4,018 per month.
Sources
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