Average Retirement Savings by Age (and How Much You Should Have)

If you're wondering whether you're "behind" on retirement savings, two kinds of numbers help: what people your age actually have, and what common rules of thumb say you should aim for.

Checked October 1, 2026. Balances change every quarter with markets; treat these as rough benchmarks.

What people actually have

Fidelity, one of the largest 401(k) providers, reports average balances by generation for people in the plans it runs:

Fidelity also reports an average IRA balance of about $26,700 for millennials. Gen X and baby boomer averages are much higher, often in the low-to-mid hundreds of thousands, because they've been saving longer. Check Fidelity's latest quarterly figures for each.

Why the median matters more

Averages are pulled up by a small number of very large accounts. The median (the middle saver) is usually far lower. For millennials, median retirement savings is closer to about $47,000 than the $83,000 average. Vanguard's yearly How America Saves report breaks down medians by age group; for most ages, the median is less than half the average.

Also, these figures only count people who have a workplace plan. Many Americans have no retirement account at all, which isn't captured here.

How much should you have? The "times your salary" rule

A widely used benchmark (from Fidelity) suggests aiming to have saved:

So someone earning $60,000 would aim for about $60,000 by 30 and $180,000 by 40. It assumes you start saving around 15% of pay (including any employer match) in your 20s.

If you're behind

1. Get the full employer match first. See the 401(k) match calculator.
2. Raise your contribution 1% a year, ideally timed with raises.
3. Use catch-up contributions after 50. See the 2026 401(k) contribution guide.
4. Check your own target. Use the retirement goal calculator and see how much you need invested for monthly income.

FAQ

What is a good 401(k) balance at 30? A common target is about one year's salary. Many people at 30 have less, especially if they started late or had student loans.

What is the average retirement savings at 40? It varies widely by income and source. The "3x your salary" benchmark is a more useful target than an average.

Is the average or the median more useful? The median, because a small number of very large accounts make the average look higher than what a typical saver has.