What We Know About Average Retirement Savings by Age, Per Fed Data

Average retirement savings reported by the Federal Reserve rise sharply with age, according to figures cited by Yahoo Finance: $48,400 for savers under 35, $182,400 for those 35 to 44, $415,800 for the 45-to-54 group, and $670,200 for workers 55 to 64, the outlet reports. The breakdown is drawing attention because it puts a specific dollar figure on how retirement balances typically grow by decade of a working life.

What are the average retirement savings figures by age group?

According to the report, savers under 35 hold an average of $48,400 in retirement accounts. That figure climbs to $182,400 for the 35-to-44 bracket, more than triples again to $415,800 for ages 45 to 54, and reaches $670,200 for workers aged 55 to 64, the age range closest to traditional retirement, per Yahoo Finance. The sourcing is attributed to the Federal Reserve.

Where does this kind of retirement-savings data typically come from?

The Federal Reserve periodically surveys U.S. households on wealth, income, and savings, and figures of this kind are the type that show up in that broader data collection. The report does not specify the exact survey year behind these particular numbers, and Yahoo Finance's writeup does not include a direct link to the underlying Fed release, so readers looking to verify the age-bracket breakdown further will need to consult the Federal Reserve's own published household finance data directly rather than relying on the secondhand figures alone.

Why might these averages look higher than what most people actually have saved?

Average figures in household wealth data are commonly skewed upward by a relatively small number of households with very large balances. That means an "average" of $670,200 for the 55-to-64 group does not necessarily describe what a typical worker in that bracket has saved; a median figure, the midpoint value where half of savers have more and half have less, often tells a different and usually lower story. The report as described does not include median figures alongside the averages, so readers should treat the cited numbers as averages specifically, not as a stand-in for what is typical.

How should someone use these numbers to judge their own retirement plan?

The four figures function as rough benchmarks rather than targets everyone should expect to hit. Retirement readiness depends heavily on variables the average-by-age snapshot does not capture: income level, whether a household has access to an employer match, pension coverage, expected Social Security benefits, debt load, and cost of living in retirement. A worker in the 45-to-54 bracket earning well above or below the norm, or one relying on a pension in addition to personal savings, may be on track at a very different dollar figure than $415,800. The same caution applies at every age band in the report.

What should savers watch next?

• Check whether the Federal Reserve has published more recent Survey of Consumer Finances data than what is reflected in the cited figures, since these surveys are updated periodically.
• Compare both average and median figures when available, rather than relying on the average alone.
• Review a current 401(k) or IRA statement against the relevant age bracket as a starting point for conversation with a financial adviser, not as a final verdict.
• Watch for follow-up reporting that breaks the Fed data down by income level, which can show a wider range than the age-only averages suggest.

Readers building out a broader savings and investing picture may also find related coverage useful, including a breakdown of the Vanguard Utilities Index Fund ETF and a look at how a recent survey found San Franciscans view credit scores, both relevant to the broader personal-finance picture around saving and credit.

Does the age bracket itself change how useful the figure is?

The four brackets cited — under 35, 35 to 44, 45 to 54, and 55 to 64 — span wide ranges of working life, and the report does not break results down further within each bracket, per Yahoo Finance. A 55-year-old just starting to save and a 64-year-old with four decades of contributions behind them fall into the same $670,200 average, even though their circumstances differ substantially. The ten-year spans used in the breakdown mean the reported averages describe a wide swath of savers rather than any single age.