How much should I have saved for retirement? [Retirement savings by age]

Updated March 22, 2024  |   Published September 25, 2023

So, you’ve started saving for your retirement, but you want to know if you have enough retirement savings for your age.  How else will you know if you’re on the right track to have enough savings when it actually comes time to retire? Experts have done research to help you gauge whether you’re contributing enough to your retirement accounts each year. And how do you compare to what others your age have saved?


Retirement savings benchmarks by age


Personal investing firm, T. Rowe Price, conducted research (based on how household incomes grow each year and the assumed inflation rate) to come up with these savings benchmarks as of June 1, 2023.

Age Savings Benchmarks
30 .5x of salary
35 1x to 1.5x salary
40 1.5x to 2.5x salary
45 2x to 4x salary
50 3x to 6x salary
55 4.5x to 8x salary
60 5.5x to 11x salary
65 7x to 13.5x salary


Experts say you should aim to put away 10%-15% of your income in a retirement account each year. This means it would take approximately 5 years or less to have .5x your salary in retirement savings. So if you aim to hit that benchmark by 30, somewhere between age 20-25 is a good time to start saving.


Average retirement savings by age group


This is a loaded question, as household incomes will vary and the amount each individual can put away in a retirement account will vary with that. According to a Consumer Finances survey from 2019, these are the averages of retirement savings for different age groups. This includes all types of retirement accounts. Although, it’s important to know that most Americans will fall on the lower end of these averages. So don’t be alarmed if the number is more than you currently have.


Age Average retirement savings balance amount
Under 35 $30,170
35-44 $131,950
45-54 $254,720
55-64 $408,420
65-74 $426,070


Average IRA balances


According to research done by Fidelity Investments in the first quarter of 2023, these were the average balances of IRAs (Individual Retirement Accounts).

Age Average IRA balance Median IRA balance
20s $7,725 $2,533
30s $19,990 $4,468
40s $52,946 $8,970
50s $110,897 $20,806


The average contribution to IRAs in Q1 2023 was $2,700. The IRS allows contributions of up to $7,000 a year for individuals under age 50. And $8,000 a year for those 50 and older making catch-up contributions.*


Retirement Calculators


Our useful retirement calculators can help you answer more questions like How much do I need to fund my retirement? How much will my IRA be worth at retirement? and more.


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*These contribution limits are accurate as of 2024. IRA limits.