How Much Money the Average Person Has Saved at 50

Reaching the age of 50 marks a significant milestone in one’s financial journey. With retirement potentially just a decade or two away, many people wonder if their savings are on track compared to their peers. Understanding how much money the average person has saved at 50 can provide a helpful benchmark for evaluating your financial progress. While individual circumstances vary greatly based on factors like income level, career path and life events, having a general sense of typical savings at this age can help you gauge whether you’re prepared for the future or need to adjust your financial strategy.

If you’re falling behind on your retirement savings goals, a financial advisor can help you create a personalized plan.

Average Retirement Plan Savings By Age Group

The Federal Reserve publishes its Survey of Consumer Finances roughly every three years, which is a comprehensive report for overall household income, finances and wealth. According to data from the most recent SCF (2022), households led by someone between the ages of 44 and 54 had an average of $313,220 saved for retirement. This is almost an $18,000 increase from three years earlier, when the average was $295,270. ¹

For a wider comparison, here’s a breakdown of the mean or average retirement account savings for all six age groups:

As you can see, data from the survey is based on 10-year cohorts. Another way to look at these retirement accounts is to focus on the median, or middle, value of the data set. In doing so, the median retirement savings between ages 45 and 54 falls to $115,000. This is slightly lower than the amount for the previous publish date, which was $115,920.

For a comparison of all six age groups in the Federal Reserve survey, here’s the median breakdown:

How Can You Use This Retirement Savings Benchmark at 50?

Retirement benchmarks can provide a general reference point for evaluating your savings. These benchmarks, like in the Federal Reserve’s survey, can include targets for retirement account balances, such as multiples of annual income or specific savings milestones by certain ages. However, the numbers may not reflect your financial reality.

There’s no financial relevance to measuring how you compare against other households. When it comes to evaluating where your savings are, the issue is how you compare with what you need. In other words, what will it cost you to keep your desired standard of living in retirement?

For your retirement savings plan, there are some things that you can control and others that you cannot. Therefore, you should be looking at factors that will determine your specific finances. These can include your expenses, debt, income and investments, as well as interest rates, inflation and market volatility.

Comparing current savings to other retirement benchmarks can help you assess your progress toward your retirement goals and position you to make adjustments when certain factors change. While personal factors should outweigh broader benchmarks, data from the Federal Reserve survey and other sources can still help you gauge where you may want to be on your path toward retirement.

How Much Should You Have Saved for Retirement at 50?

In general, by age 50, Fidelity says that you want to have about six times your annual income in retirement savings. So, for example, someone who earns $75,000 would want about $450,000 in their retirement account by age 50.

This estimate, of course, will largely depend on your specific income and age. Using Fidelity’s rule of thumb, here’s how much you should have saved from ages 30 to 67:

• Age 30: 1 x your annual salary
• Age 35: 2 x your annual salary
• Age 40: 3 x your annual salary
• Age 45: 4 x your annual salary
• Age 50: 6 x your annual salary
• Age 55: 7 x your annual salary
• Age 60: 8 x your annual salary
• Age 67: 10 x your annual salary

One thing that is clear from the Federal Reserve’s survey is that many households are well shy of this mark.

“Among families in the bottom half of the distribution, the mean balance for participating families decreased between 2019 and 2022, from $66,600 to $54,700,” the survey said, referring to those who held assets in IRAs and DC plans like 401(k)s. “In contrast, the mean balance for participating families in each of the higher-earning segments increased more than 10 percent—to $226,700 for the upper-middle income group and to $913,300 for the top decile.”

These are concerning numbers. So, for you, the biggest question is: How can this help spur you into action in your own life?

How Savings Translate into Retirement Income

Account balances are often discussed as headline numbers, but what ultimately matters is how much income those savings can reasonably generate in retirement. A $300,000 or $500,000 portfolio can look substantial, yet produce very different results depending on withdrawal strategy, asset allocation and retirement length.

As a rough planning framework, many retirement models use withdrawal rates in the 3%–5% range as a starting point. Using that approach, $300,000 in retirement savings could support only around $9,000 to $15,000 in annual income, while $500,000 could provide roughly $15,000 to $25,000 per year before taxes. These figures are not guarantees, but they help place account balances in practical context.

This income-based perspective also highlights why additional sources of retirement income matter. Social Security benefits, pensions, rental income or part-time work can reduce the amount your portfolio needs to generate. For many households, retirement readiness depends less on hitting a single savings number and more on building multiple income streams that work together.

How You Can Catch Up On Your Retirement Saving Goals

Before making any changes to your retirement strategy, take stock of where you currently stand. Calculate how much you’ve already saved and compare it to where you ideally should be based on your age and retirement goals.

Cross-check your savings goals against your income. Consider how much you make right now and what it will cost you to maintain your standard of living in retirement. Most households are well behind where they need to be in retirement, and if you are among them at age 50, it’s time to consider accelerating your savings with catch-up contributions and perhaps an additional tax-advantaged portfolio.

Finding ways to trim your budget can free up money for retirement contributions. Review subscriptions, dining habits, and discretionary spending for potential savings. Even small adjustments, like brewing coffee at home or consolidating streaming services, can add up over time. Redirecting these savings directly into retirement accounts creates a double benefit of reduced spending and increased savings.

Finally, make sure to keep an eye on your own future goals. Data sets like this can be a useful wake-up call, but your targets should be based on your needs and finances. Set a goal for where you want to be at age 60 and start working toward it, not based on the Federal Reserve survey alone, but on your personal needs.

Bottom Line

The mean or average retirement account savings for individuals between the ages of 45 and 54 is $313,220. The median or middle value for the same period is just over a third: $115,000. While retirement benchmarks can help guide your retirement goals at age 50, they may not reflect your financial reality. Therefore, you must account for personal factors when creating a retirement plan to pay for future needs.

Tips for Retirement Planning

• A financial advisor can help you tailor a specific retirement plan to for your individual needs. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. 
• It’s never, ever too late to start saving for retirement. Whether you’re 40 or 50, you still have time to build a comfortable future for yourself. Here are five steps to help you catch up.

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