Key takeaways:

• Americans in their 60s have the most saved for retirement with average balances over $1.2 million
• Average account balances almost double between those in their 20s vs their 30s
• Those in their 80s still have an average balance of $836,244 for retirement

As you save for retirement, you might wonder how average retirement savings look like by age and how your balances stack up. Looking at average retirement savings across age groups can provide a helpful benchmark for where you stand.

The average retirement savings in the U.S. is $547,840, with balances ranging from $144,261 for twenty-somethings to over $1.2 million for those in their 60s. These figures reflect total retirement savings across a wide range of accounts, including employer-sponsored plans like 401(k)s and 403(b)s, individual retirement accounts (IRAs), pensions, and other tax-advantaged plans. Median balances are lower and may better reflect typical savings levels for most households.

Average retirement savings by age (latest data)

The average retirement savings balance stands at $547,840, according to Empower Personal Dashboard^TM data from March 2026 — but balances differ by age group, with those 60 and older having the highest totals.

Here’s a breakdown of average and median retirement savings by age.* 

Anonymized data from Empower Personal Dashboard^TM as of March 2026.

Retirement savings tend to increase throughout your working years, typically peaking in your 60s. Americans in their 20s have already made progress towards their retirement goals, though the greatest increases are seen between the 30s and 40s, and 40s and 50s. 

Why is the median lower than the average?

Average figures are calculated by adding up the total retirement savings of all savers and dividing by the number of people. Because a relatively small number of high-balance accounts can pull the average upward, it may not reflect what most people have saved. Median balances show the midpoint — meaning half of savers have more and half have less — which may better reflect typical retirement savings.

What counts as retirement savings?

These figures reflect total retirement savings across a wide range of account types, including employer-sponsored plans like 401(k)s and 403(b)s, individual retirement accounts (IRAs), pensions, and other tax-advantaged retirement accounts.

Because this includes multiple account types — from workplace plans to IRAs — total retirement savings provide a more complete picture than looking at any single account in isolation.

For a deeper look at specific accounts, see our guides to average 401(k) balance by age and average IRA balances by age. 

How retirement savings change by age

Retirement savings in your 20s

Americans in their 20s have an average retirement savings balance of $144,261; the median is $43,875. Your 20s are arguably the ideal age to start saving for retirement: The sooner you start saving, the greater potential impact compounding can have on your investments over time. 

Read more: Here’s what saving 1% more could mean for your retirement

Retirement savings in your 30s

Americans in their 30s have an average retirement savings balance of $286,205; the median is $98,952. Your 30s can be a great time to build up your emergency savings alongside saving for retirement. Empower research shows that 60% of Millennials (many of whom are in their 30s) worry about paying for emergency expenses and have just $500 on hand in case of emergency.

Retirement savings in your 40s

Americans in their 40s have an average retirement savings balance of $593,109; the median is $220,919. As you age, your salary may increase, and you might be able to contribute a greater percentage of your income to your retirement savings. In your 40s, you could start to think about increasing your retirement contributions to get closer to the current $24,500 annual contribution limit for employer-sponsored retirement plans or the current $7,500 limit for IRA contributions.

Retirement savings in your 50s

Americans in their 50s have an average retirement savings balance of $1,050,481; the median is $460,363. At 50, retirement is getting closer, and saving should be a top priority. If you’re 50 or older, you can contribute an additional $1,100 to an IRA and $8,000 to a 401(k) or 403(b) in catch-up contributions for 2026.

Retirement savings in your 60s

Americans in their 60s have an average retirement savings balance of $1,228,196; the median is $568,116, giving some retirement millionaire status. Your 60s are a great time to review your retirement savings goals and make sure they reflect your current lifestyle as retirement approaches. You can begin collecting Social Security checks as early as age 62, but your benefits will be higher the longer you wait to claim due to delayed retirement credits.

Retirement savings in your 70s

Americans in their 70s have an average retirement savings balance of $1,058,383; the median is $460,363, putting some 70-year-olds in the retirement millionaire bracket. Many Americans retire in their mid-60s and may see budgeting for healthcare costs as important for maintaining their retirement nest egg. More than half of Americans have interest in the job market post-retirement, for a number of reasons including personal fulfilment (41%), potential financial needs (40%), and a sense of purpose (37%), Empower research shows.

Retirement savings in your 80s

Americans in their 80s have an average retirement savings balance of $836,244; the median is $351,900. Those in their 80s may want to think about legacy planning and how to manage their finances in their sunset years.

Read more: The average net worth by age

Retirement savings by generation

Anonymized data from Empower Personal Dashboard^TM as of March 2026.

By generation, the same upward trend appears, but it also highlights how each group is at a different stage of the savings journey. Gen Z and Millennials are earlier in their careers and still building momentum, while Gen X and Baby Boomers have had more time to accumulate larger balances.

The data also shows that savings levels vary within each generation, with some households much further ahead than others.

Importance of personalized retirement planning

While averages and medians provide a snapshot of where others stand in the journey towards retirement, it’s important to remember that the amount of money needed for a comfortable retirement is different for everyone.

There’s no one-size-fits-all benchmark for how much money you’ll need for retirement, so putting together a personalized retirement plan is crucial. You’ll want to consider:

• Financial status: What is your income? How much do you have in savings? Do you have any outstanding debt?
• Current contributions: How much are you currently contributing towards your retirement savings? Do you have access to an employer-sponsored 401(k) plan? Are you taking full advantage of 401(k) matching, if applicable?
• Desired lifestyle in retirement: Do you plan to live frugally in retirement? Do you want to travel frequently? Where do you want to live?
• Expected retirement age: When do you hope to retire? How realistic is that goal based on your current savings?
• Health and life expectancy: What kind of healthcare costs might you encounter? If you outlive the average lifespan, will you still have enough money to last through retirement? 

Taking a tailored approach can help ensure you’re saving enough today to plan for the retirement lifestyle you want to have in the future. Online tools like the Empower Retirement Planner can help you determine how much money you’ll need in retirement and if you need to adjust your savings strategy accordingly.

Read more: How much should I save for retirement?

The bottom line

While knowing the average retirement savings by age can give you something to compare your savings with, keep in mind that it isn’t the only measurement.

Knowing your financial goals and estimating how much you’ll need for your ideal retirement are helpful to identify and track your money goals.

For personalized advice on saving for retirement, consider consulting with a financial professional.