You’ve probably wondered it. Maybe even scrolled through Reddit hoping to find a hint: Am I actually on track for retirement—or falling behind everyone else I know?
Whether you’re 40, 50, or staring down 60, the question nags at almost everyone: How much should I have saved by now? And more importantly—how do I stack up?
The good news? You don’t need to guess. Financial experts have laid out clear retirement savings benchmarks. The even better news? If you’re checking in now, you’re already ahead of the many who avoid this question altogether.
Don’t Miss:
Today’s Best Finance Deals
What You Should Have Saved by Now
According to Fidelity’s retirement guidelines, you should aim to have saved three times your annual salary by age 40, six times by 50, and eight times by 60. By retirement age—typically around 67—they recommend hitting ten times your salary to comfortably maintain your lifestyle.
If you’re earning $70,000 a year, that means you should have about $210,000 by 40, $420,000 by 50, and $560,000 by 60. These numbers assume you’re saving consistently, investing for growth, and planning to replace roughly 70% to 80% of your pre-retirement income when you stop working.
If your savings line up with those numbers—or even exceed them—you’re likely ahead of the curve. But how do these ideal targets compare to what most people have actually saved?
Trending: GoSun’s Breakthrough Rooftop EV Charger Already Has 2,000+ Units Reserved — Become an Investor in This $41.3M Clean Energy Brand Today
What People Actually Have in Retirement Accounts
According to the Federal Reserve’s 2022 Survey of Consumer Finances, as well as recent analysis from SmartAsset and Synchrony Bank, the typical American household falls well below those expert targets.
The median retirement savings for people aged 35 to 44 is about $45,000. For those aged 45 to 54, it’s approximately $115,000. By age 55 to 64—the decade when most people are eyeing retirement—it rises to around $185,000.
These are medians, not averages, which means they represent the midpoint—not inflated figures thrown off by a few very high balances. In other words, they reflect what most people actually have.
So if you’re looking at your retirement account and seeing numbers well above those medians, you’re not just keeping up—you’re outperforming a large percentage of your peers. If you’re below them, you’re not alone, but it may be time to reevaluate your savings pace.
See Also: Named a TIME Best Invention and Backed by 5,000+ Users, Kara’s Air-to-Water Pod Cuts Plastic and Costs — And You Can Invest At Just $6.37/Share
What to Do If You’re Behind
If your current savings fall short of the benchmarks, don’t panic. There’s still time to make a meaningful shift.
Start by automating contributions to your 401(k) or IRA. If you’re over 50, take advantage of catch-up contribution limits to increase how much you can put away tax-deferred. Even small, consistent increases in savings—especially when invested for growth—can have a major impact over time.
Revisit your budget and see where you might free up extra cash. And if needed, consider adjusting your retirement timeline. Working a few more years can help you save more and reduce the number of years your savings will need to support you.
Whether your retirement account is ahead of the curve or still playing catch-up, the most important move isn’t hitting the perfect number—it’s making sure you’re moving in the right direction.
Read Next: Many are using retirement income calculators to check if they’re on pace — here’s a breakdown on what’s behind this formula.
Image: Shutterstock
