The average retirement savings in America is $333,940, while the median is $87,000, according to the 2022 Survey of Consumer Finances. However, these figures vary significantly by age group and demographic factors.

Retirement account ownership shows notable disparities: 61.8% of White non-Hispanic Americans have retirement accounts, compared to 34.8% of Black families and 27.5% of Hispanic families.

Average Retirement Savings by Age:

• Under 35: $49,130 (median: $18,880)
• 35-44: $141,520 (median: $45,000)
• 45-54: $313,220 (median: $115,000)
• 55-64: $537,560 (median: $185,000)
• 65-74: $609,230 (median: $200,000)
• 75 and older: $462,410 (median: $130,000)

Key Insights by Age Group:

Under 35:

• Nearly 50% have retirement accounts
• Typically includes IRAs, 401(k)s, 403(b)s, and thrift savings accounts

35-44:

• 62% have retirement accounts
• Significant increase in savings from the previous age group

45-54:

• 62% have retirement holdings
• Average savings more than double the previous age group

55-64:

• 57% of households have retirement accounts
• Approaching Social Security's full retirement age (65-67)

65-74:

• 51% have retirement accounts
• Highest average savings of all age groups

75 and older:

• Both average and median values begin to decline
• Fewer people maintain retirement accounts

Recent data from an April 2024 AARP survey reveals ongoing retirement concerns:

• 31% are unsure if they'll have enough saved
• 33% believe they won't have sufficient savings

These figures should serve as benchmarks rather than definitive targets, as individual retirement needs vary based on factors like planned retirement age, expected lifestyle, and personal circumstances.

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