Age 55-64? Here's the Average Retirement Savings for People Your Age

In theory, where your retirement savings stand in comparison to those of other investors your age shouldn't matter too much. Having more money than others doesn't guarantee that you (or anyone else) will have enough of a nest egg when the time comes.

Nevertheless, there's something motivating -- maybe even a little empowering -- about knowing how you stack up against your peers. This is particularly true if you're within sight of retirement, but still have enough time to do something about it if changes are needed.

With that as the backdrop, here's a look at the average retirement savings for people between the ages of 55 and 64.

The number(s)

There's no single number. Rather, the data comes from a trio of sources, although they're all pretty closely aligned. Two of them are mutual-fund powerhouses that also oversee corporate retirement plans -- specifically, 401(k) plans.

Fidelity reports that as of the end of the first quarter of this year, workers aged 55 to 64 participating in its plans have an average 401(k) balance of $259,100. Meanwhile, in its 2026 "How America Saves" report on last year's retirement savings, Vanguard puts the figure at $305,006.

Plenty of future retirees also save for retirement outside their workplace-sponsored accounts, of course; they may fund traditional IRAs, or even just ordinary brokerage accounts. Factoring in all of these accounts, the Federal Reserve's most recent survey of consumer finances indicates that the typical 55-to-64-year-old living in the United States has an average of $537,560 saved for retirement.

Just know that this figure is for 2022, the most recent time the Fed performed this survey, so it's a bit dated. But it's certainly not leaps and bounds different from this group's current nest-egg numbers. (The Federal Reserve's next snapshot should be posted sometime later this year.)

Image source: Getty Images.

That being said, averages like these can be at least a little bit misleading. Specifically, they're mathematical means, which can be easily skewed higher by a small handful of very large accounts. Perhaps a more meaningful number is the median (midpoint) value of all these accounts.

From this vantage point, things get a bit more realistic, and perhaps more relatable. The Fed says the median retirement savings for people between the ages of 55 and 64 living in the United States as of 2022 was a significantly lower $185,000. Vanguard, meanwhile, reports that the median value of the 401(k) accounts under its oversight is only $107,269.

Make your plan work for you

Don't worry too much if you're behind most of your peers. But by the same token, don't be too quick to celebrate having more tucked away than most everyone else. Some people can live on less; others will still need more. Besides, much can happen between now and your actual retirement -- assuming you're still working.

Rather, focus on a goal for savings growth and a spending plan that makes sense for you and your particular financial situation. The aforementioned averages and medians are just a starting reference point for comparison. They're not necessarily meant to be a personal target.

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