Most Americans Are Behind on Retirement Savings. Here Is the Honest Benchmark by Age.

When it comes to retirement savings, most Americans are not where they need to be. Many carry dangerously small balances that put them at genuine risk of running short of money in their later years. The shortfall is not marginal, either. For millions of households, the gap between what they have saved and what a comfortable retirement actually requires is enormous.

Here is a look at what Americans actually have saved by age group, how much income those balances will realistically generate, and what steps you can take if your accounts are falling short.

Median retirement account balances by age

According to the most recent Federal Reserve Survey of Consumer Finances (2022, the latest available), median retirement account balances by age group are as follows:

• 35-44: $45,000
• 45-54: $115,000
• 55-64: $185,000
• 65-74: $200,000
• 75+: $130,000

Average balances are significantly higher across every age group, but averages are pulled upward by households with large incomes and substantial nest eggs. The median, which sits right at the midpoint, gives a more honest picture of where typical American families actually stand.

The reality those median figures reveal is sobering, especially for people already in retirement or within a few years of it. Using the common 4% withdrawal rule as a guide, someone in the 75-and-older group could draw only $5,200 per year from their retirement account, while the typical 65-to-74-year-old would generate roughly $8,000 annually. Neither figure comes close to covering basic living expenses on its own.

Social Security fills part of the gap, but only part. As of April 2026, the average monthly retirement benefit stood at $2,081, according to the Social Security Administration’s Monthly Statistical Snapshot. That translates to roughly $25,000 per year. Combined with the median account withdrawal, many retirees are looking at a total income well below $35,000 annually, a level that leaves little room for healthcare costs, housing, or any lifestyle flexibility.

What amount should you have invested?

Since most Americans have saved too little, the natural follow-up question is: how much is actually enough? Several widely used rules of thumb offer benchmarks, with targets tied to multiples of your annual salary:

• One times your salary saved by age 30
• Two times your salary saved by age 35
• Three times your salary saved by age 40
• Four times your salary saved by age 45
• Six times your salary saved by age 50
• Seven times your salary saved by age 55
• Eight times your salary saved by age 60
• Ten times your salary saved by age 67

These benchmarks are a useful starting point, but they cannot account for your personal circumstances. A physician finishing residency in their early 30s may have just landed a high salary without having had years to accumulate savings. Conversely, someone who planned for early retirement at 45 and now sits at four times salary is technically “on track” by the standard benchmark but well short of their actual goal.

The most reliable approach is to pick a target retirement date and target income, then work backward. Ten times your final salary is a reasonable planning target. The free calculators at Investor.gov let you model exactly how much you need to set aside each month to hit that number, accounting for investment returns, time horizon, and expected expenses.

What if you’re behind on investing?

Falling behind is discouraging, but it is rarely a permanent condition. The most powerful moves available to most people are also the most straightforward: earn more, spend less, and automate your contributions so money flows into a tax-advantaged account before you have a chance to spend it. An appropriate asset allocation, tilted toward growth in earlier decades and stability as retirement approaches, helps those contributions work harder over time.

The tax code also offers meaningful help to those who are catching up. For 2026, the standard 401(k) contribution limit is $24,500. Workers age 50 and older can add an $8,000 catch-up contribution on top of that, bringing their annual limit to $32,500. Those between ages 60 and 63 qualify for a larger “super catch-up” of $11,250 under the SECURE 2.0 Act, for a total limit of $35,750. Taking full advantage of these provisions can make a significant dent in a savings shortfall over just a few years.

A financial advisor can build a personalized plan that maps your current balances, expected Social Security benefit, and savings capacity onto a realistic retirement timeline. If large changes to your situation are needed, that kind of structured roadmap makes the path far clearer than any rule of thumb alone can provide.

Editor’s note: This article has been updated to reflect the April 2026 average Social Security retirement benefit of $2,081 per month (up from the January 2026 figure of $2,071) and to include 2026 IRS 401(k) contribution and catch-up limits, including the SECURE 2.0 super catch-up for workers ages 60 to 63.