Average Retirement Savings by Age — Plus Net Worth Benchmarks
How much should you have saved for your retirement? Well, that depends. If your dream is a cozy tree house in the Midwest with great Wi-Fi, that won’t set you back nearly as much as a Manhattan penthouse. Still, for every dream, there’s a plan that can help you get there.
Read on to discover the average retirement savings by age, with benchmarks for your net worth, too!
Savings benchmarks by age
In the sections below for each decade of life, you’ll find:
- Average (median) US retirement savings by age — provided by the Survey of Consumer Finances
- Recommended savings guidelines by age
- Benchmarks for your net worth
- Tips for saving during that decade
What are “median” savings? Imagine lining people up according to how much they have in their retirement accounts, from the least to the most, then choosing the middle person. That’s the median. Half of them have saved more, and half have saved less.
What is net worth? Net worth adds up all your assets (the cash in your bank accounts, your retirement savings, the value of your home, and so on) and subtracts your debt. This might be the most important retirement savings benchmark because it takes both your savings and debt into account.
With no further ado, here we go — how much should you have saved by age? Here’s a look at how it breaks down:
| Age | Average retirement savings |
| Less than 35 | $18,880 |
| 35-44 | $45,000 |
| 45-54 | $115,000 |
| 55-64 | $185,000 |
| 65-74 | $200,000 |
How much money should you have saved by age 35?
Median retirement savings if you’re under 35
$18,880
Recommended savings if you’re under 35
Although most people can’t save a lot during their 20s and early 30s, it’s still a great time to start. Financial advisors recommend saving 10% to 15% of your income from the day you start working, but don’t worry if your education is pushing that back a few years. Earning a college degree should pay off in the long run.
Net worth benchmark if you’re under 35
Worried about your net worth before you’re 35? Many younger people have a negative net worth (more debt than assets), and that’s okay. Young people borrow money to go to college, to buy their first car, and/or maybe even to buy a home. Add in the expenses of having children, paying off student loans, and staying on top of your bills, and it can definitely take a while to build that net worth — don’t worry, it’s to be expected. Just stay focused on the big picture!
Over the course of your career, you’ll turn those savings around — as long as you pay attention to your finances.
Tips for saving when you’re in your 20s and early 30s
During this period in your life, focus on getting a good start. That might mean earning a degree to raise your income over the life of your career, or beginning your career early so you have more time to hone your skills and rise up through the ranks.
Once you start working, put at least 10% of every paycheck into some kind of savings. That one financial habit will go a long way toward securing your retirement — maybe even early retirement!
How much money should you have saved by 44?
Median retirement savings for ages 35 to 44
$45,000
Recommended savings for ages 35 to 44
For folks between 35-44 years old, the general rule of thumb is to try to save up 1–2 times your annual salary. It’s a lofty goal, but you have a whole decade to make it happen. Hey, if you save 10% of your salary every year for ten years, that’s 100% of your salary!
Net worth benchmark for ages 35 to 44
For these years of your life, experts recommend focusing on your savings more than your net worth. Why? Well, for two reasons.
First, many people really “settle in” in this segment of their lives. They may renovate bathrooms and build new decks. They watch their children take their first steps — and start running! They may take family trips and spend money to provide for them. That spending often outweighs earnings, keeping net worth in the red for a few more years — especially since most college graduates are still paying off student debt into their mid 40s.
Second, people build several different kinds of savings throughout this decade, not just their retirement savings. They build up larger emergency funds to cover their mortgage in a crisis. They may build a rainy-day fund. Or start a college fund.
If all your savings together add up to 1–2 times your salary, and if the part in your retirement fund is worth about half your salary, you’re in solid shape.
Tips for saving when you’re 35 to 44
Here are three key tips for saving that can keep you on a great financial path from 35 to 44:
- Make saving a habit. Don’t fall into the trap of telling yourself you’ll catch up later. Add to your savings first every month, then spend what you have left after savings and bills on the fun stuff.
- Create a budget. The best way to stick with that savings habit is to build a budget. Start with your income, subtract what you want to put toward savings, then track the rest of your spending so you can cover your bills and still have some fun.
- Figure out your savings goals. Your financial needs may change a lot in your late 30s and early 40s, especially if you have children. Create a holistic savings plan that takes those needs into account so you don’t rack up credit card debt accidentally.
Remember, debt isn’t something to be afraid of — it’s just important to be intentional. When you plan ahead and choose your debts wisely (like a mortgage, school loan, or low-interest car loan), you’ll come out ahead in the long run.
How much money should you have saved by 54
Median retirement savings for ages 45 to 54
$115,000
Recommended savings for ages 45 to 54
A good rule of thumb for people in this age bracket is to work on having 3–4 times your annual salary saved up. As you can see from the median US savings above, a lot of people have trouble keeping up with that plan.
Of course, it’s easier to hit the mark if you’ve been saving 10–15% of your salary since your 20s, but this is also where net worth starts to become a key indicator of your financial health.
Net worth benchmark for ages 45 to 54
Remember, reaching a high savings goal but having just as much debt means you’re basically breaking even. During this age range, it’s time to start setting goals around your net worth: the sum total of all your assets, minus your total debt.
By the time you turn 45, having a net worth of twice your annual salary is a great benchmark.
The good news is that paying down debt helps build your net worth — and many people pay down a lot of debt during this decade. If you’re paying down debt, contributing to a retirement fund, and building up your other savings too (including equity in a home), it’s even more likely that you’ll hit this target — or catch up to it soon.
Tips for saving when for ages 45 to 54
Add these new tips to the 3 from the previous decade to take your savings up a notch:
- Put your savings on auto-pilot. Set up your 401(k) contributions, IRA contributions, and personal savings to happen automatically every month — that will help you make sure they’re always a priority.
- Consider other investments. If you’re maximizing your retirement contributions and your emergency fund is looking great, consider opening a private brokerage account or investing in real estate. Don’t let your money sit around idly — put it to work.
- Upgrade your financial tracking. As your finances get more complex, it’s harder to stay on top of everything. To see and track your entire net worth, consider using Quicken to put everything in one place.
Retirement savings goals from 55 to 64
Median retirement savings for ages 55 to 64
$185,000
Recommended savings for ages 55 to 64
The generally recommended savings goal is 8–10 times your annual salary in this age bracket, but averages become less and less important as you approach retirement. What matters more are your own specifics — like when you expect to retire, where you want to retire, and how you want to live during the next chapter of your life.
Net worth benchmark for ages 55 to 64
By age 64, the rule-of-thumb benchmark for your net worth is 6 times your salary. Still, what was true for your savings is true here too. Benchmarks become far less important than your individual needs and goals.
Tips for saving from ages 55 to 64
The most important thing in your late 50s to early 60s is to make sure your retirement plan is going to work. The good news? You can still adjust it even if things aren’t where you want them to be — by downsizing your retirement lifestyle, working a little longer, or both.
And there’s a third option, too — spend your 60s exploring different work you might want to do after you “retire.” Here’s the thing about working — there are a lot more choices than just your current job or no job. Retired people work as private consultants and advisors, freelancers, mediators, life coaches, tutors, and a whole host of other jobs that leverage a lifetime of experience without requiring a 40-hour workweek or a daily commute.
So if you don’t like your current retirement plan, spend the next few years pivoting in a new direction. You never know what opportunities you might discover, enhancing your retirement financially and enriching your life at the same time.
Retirement savings goals from 65 to 74
Median retirement savings for ages 65 to 74
$200,000
Recommended savings for ages 65 to 74
At some point during this period of your life, you’re probably entering retirement — time to do whatever you want. As you approach retirement, your recommended savings should be on par with what you need to support yourself during your golden years. Remember, retirement looks different for everyone — what matters is that your choices fit your financial situation.
Net worth benchmark for ages 65 to 74
By age 74, you’ve left those benchmarks behind — now, all that matters is making sure your finances are secure for a long, comfortable retirement. Adjust your lifestyle and your living situation if you need to, and get ready to enjoy retirement in the age of free (or at least cheap) entertainment.
Tips for protecting your savings from ages 65 to 74
Congratulations! It’s time to reap the rewards of your career — and your savings. Just make sure you have a retirement plan that lets you live sustainably on a fixed income.
Building a retirement savings plan that works
If you aren’t sure whether your retirement plan is on track, check out our free retirement calculator. Enter your info at the top, then scroll down to the Retirement (optional) tab to include Social Security payments and other post-retirement income. That can make a big difference.
It’s also worth making sure you don’t have an unclaimed 401(k) you might have forgotten about. Learn how to check that here.
The bottom line
Through every decade, one thing is certain: tracking your finances and creating a plan to grow your net worth is the best way to reach your goals.
To see how Quicken can help you track and plan your retirement, start here.
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