Average retirement savings by age — and why the median tells the real story
By the RetireGlide Team · June 28, 2026
For households aged 55–64, the median retirement-account balance is roughly $185,000, while the average is over $500,000 — dragged up by a small number of very large accounts. If you're comparing yourself to a headline 'average,' you're probably comparing yourself to the wealthiest tenth of savers.
The more useful move is to compare your trajectory — savings rate, years to retirement, and expected Social Security — against your own spending target, not against other people's balances.
What the data actually shows
The Federal Reserve's Survey of Consumer Finances — the most rigorous household wealth dataset in the US — consistently shows a wide gap between mean and median retirement savings in every age band. For 55–64-year-old households with retirement accounts, medians land in the high-$100,000s while means exceed half a million. Roughly a quarter of households near retirement age have no dedicated retirement account at all, relying on Social Security, home equity, or continued work.
Recordkeeper data (Vanguard's How America Saves, Fidelity's quarterly reports) shows the same shape within 401(k) plans: average balances for 55–64-year-olds in the mid-$200,000s, medians under $100,000 — because averages weight long-tenured, high-income savers heavily.
Why comparisons mislead in both directions
Balances ignore everything that determines whether a balance is enough: a $300,000 portfolio plus a state pension and a paid-off house can outperform $900,000 with a mortgage and no pension. Balances also ignore account type — $500,000 pre-tax is worth less after taxes than $400,000 in a Roth.
Benchmarks like '8x salary by 60' are calibrated to a specific storyline (retire at 67, replace ~80% of income, no pension). Change any assumption and the benchmark moves. Treat them as a rough compass heading, not a grade.
The comparison that matters: you vs. your plan
The productive version of 'am I behind?' is a three-part check: What will you spend? What will Social Security and pensions cover? Does your current balance plus ongoing savings plausibly bridge the gap across a thousand simulated market futures? That last step turns anxiety into a specific, fixable list — retire nine months later, trim $400/month, or shift your claiming age — instead of a vague sense of falling short.
Frequently asked questions
- What's a good 401(k) balance at 60?
- Benchmarks suggest 6–8x your salary by 60 for a retirement around 67. But adequacy depends on spending and guaranteed income: many households retire comfortably below the benchmark, and some above it are still short.
- Why are average and median savings so different?
- Retirement wealth is highly concentrated: a small share of very large accounts pulls the average far above the typical household. The median — the middle household — is the better 'people like me' number.
- I'm 55 with very little saved. Is it too late?
- It's late but not hopeless. The most effective levers at 55+ are working 2–3 more years, maximizing catch-up contributions, and delaying Social Security — each can move outcomes more than investment returns can. Model the combinations before assuming the worst.
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Sources
RetireGlide is an educational modeling tool, not an investment, tax, or legal adviser. Numbers that change annually (tax thresholds, premiums, benefit formulas) are approximate — always verify against the official sources above. Read our full disclaimer.