Retirement savings by age: What's average & what's recommended

Wondering how your retirement savings compare by age group? It's a common question, and understanding where you stand can help you make smarter financial decisions. Checking how you compare isn't a perfect measuring stick because your plans should be fine-tuned to your situation and goals—but general guidelines can help you gauge if you're ahead, behind or right on track.

How much you should have saved for retirement at your age depends on several factors, including your earnings, debt and target retirement income. Looking at common benchmarks and national savings averages can give you a sense of how your strategy is shaping up.

Whether you're decades from retirement or about to stop full-time work, knowing where you stand can guide your next move. In this guide, you'll find average retirement savings by age along with savings tactics for each stage of life.

By age 35, retirement planning benchmarks often recommend having the equivalent of one to two times your annual salary saved. This retirement saving goal helps build a strong financial foundation for the future.

• According to the Bureau of Labor Statistics (BLS), the national median annual earnings for full-time 30-somethings are around $64,800.
• Based on common benchmarks, that translates to targets of roughly $64,800 to $129,600 in retirement savings in your 30s.
• Looking at actual savings data, the Federal Reserve's Survey of Consumer Finances shows people in their 30s report average retirement savings between $49,130 and $141,520, with the median range between $18,880 and $45,000.

Not everyone falls within these ranges, and that's common.

Many in this age group are still early in their careers. Juggling a lot of financial priorities like student loans, housing costs and growing families can impact how much you're able to contribute to retirement savings.

Debt also plays a role.

• The average 35-year-old has approximately $121,000 in debt.
• Compared to past generations, today's 30-somethings face higher living costs and more student debt, which can influence savings progress.

For many 30-somethings, this decade is about building a retirement foundation. Whether you're in line with the averages or working toward them, this decade can help set the stage for future progress.

Financial experts suggest having three to four times your annual salary saved by your late 40s. This target helps ensure you're on track for long-term retirement readiness.

• According to the BLS, the national median salary for 40-somethings working full time is around $70,000.
• Guidelines suggest having around $210,000 to $280,000 in retirement savings in your 40s.
• Data from the Fed shows that people in their 40s report average retirement savings ranging from $141,520 to $313,220, with the median between $45,000 and $115,000.

Many people reach their peak in annual earnings during these years. However, the gap between suggested and actual savings can grow, especially for those who started saving for retirement late or had to pause contributions for key life events like raising children, career changes or divorce.

Debt also still is common in this decade. Many in their 40s are paying mortgages, car loans and lingering student loans.

• According to the Fed, the average debt for those 45 to 50 exceeds $218,000, the highest of any age group.
• Sandwich-generation pressures, such as paying for college or helping aging parents, also can make it more challenging to prioritize retirement despite higher earnings.

Your 40s hold a decade of opportunity to continue building momentum and solidify long-term retirement progress. Staying consistent with contributions and being intentional about future goals can help you stay on track.

In your 50s, retirement savings guidelines suggest having six to seven times your annual salary saved for retirement. This decade is crucial for catch-up contributions and refining your retirement strategy.

• The BLS reports that full-time workers in this age group earn a national median salary of around $67,700.
• Based on that, the suggested retirement savings range would be around $406,200 to $473,900.
• Looking at actual average savings, the Fed reports that people in their 50s have average retirement savings between $313,220 and $537,560, with the median savings ranging from $115,000 to $185,000.

For many, retirement begins to feel more real in this decade. Some may feel pressure to catch up or course-correct if their savings aren't where they hoped. Debt tends to begin declining during these years, even though it still can play a role.

• The Fed shows the average debt for people in their mid- to late 50s is $171,500.
• Balancing financial obligations like supporting children or parents while maintaining or increasing retirement contributions still can be a challenge.

This stage is often about refining your plans. Whether you're adjusting your savings rate, timeline or expectations, you still have plenty of retirement savings options in this decade.

By your 60s, retirement planning experts suggest having saved eight to 10 times your annual salary. This is often the final stretch to ensure retirement income security and lifestyle sustainability.

• The BLS reports the median national salary for those in their 60s is around $63,100.
• Based on that, general guidelines suggest a target for retirement savings in your 60s of approximately $504,800 to $631,000.
• According to the Fed, the actual savings of Americans in their 60s range from $537,560 to $609,230, with median savings between $185,000 and $200,000.

Your 60s are often the last stretch before retirement. Compared to previous decades, today's 60-year-olds are working longer to boost savings and also face higher living costs and uncertainty around Social Security and Medicare.

• Those in this age group tend to have less debt than younger groups, averaging around $135,000.
• But it's not uncommon to have a lingering mortgage, increased medical bills or loan obligations for your children or grandchildren.

For many, this decade is about confirming your retirement readiness and making adjustments where needed. Staying engaged with your plan can help ensure your savings rate aligns with your goals so you feel more confident that your income will last throughout your retirement years.

No matter your age, there are actionable steps you can take to improve your retirement savings strategy and build long-term financial security. While the ideal savings amount grows with age, consistent contributions, thoughtful financial guidance and a clear understanding of your goals can help you catch up or stay on track. Here are some age-specific tips to guide your retirement strategy:

• Starting retirement savings in your 30s gives your investments more time to grow through compound interest. The earlier you start saving for retirement, the more power your money has to grow. If your job offers a retirement plan like a 401(k), try to contribute at least enough to get the full employer match. It's free money toward your future. If you don't have access to an employer plan, consider opening an IRA to get started.
• Take a look at your budget. It's not about cutting out all the fun; it's so you can track down where your money actually is going. Even small changes can free up dollars to put toward your future. You might be surprised by how much you can save just by creating a budget that helps you reallocate your expenses on what matters most to you.
• If high-interest debt is holding you back, make a plan to pay it down. As your debt goes down, your opportunities to save for the long term go up.
• And don't forget to prepare for emergencies. Building an emergency fund now can help keep your retirement savings on track when the unexpected happens.

Get more ideas on retirement strategies in your 30s

• Your 40s are ideal for refining your retirement vision and aligning your savings strategy with long-term financial goals. Knowing what you want your future to look like can help guide your saving strategy and align it with your goals.
• If you're already contributing to a retirement account, consider increasing it by a little bit each year. Upping your contributions by even 1% to 2% annually can add up over the long term, especially during peak earning years.
• As your income grows, tax efficiency can start playing a bigger role. Roth 401(k)s and Roth IRAs can offer benefits later, which can help if you expect your tax rate to increase in retirement.
• Paying down debt can free up more room to save. Once a loan is paid off or you've cleared credit card debt, consider putting that monthly amount toward your retirement plan to keep the momentum going.

Find more guidance on retirement strategies in your 40s

• In your 50s, it's time to define your retirement lifestyle and assess whether your current savings plan supports your projected income needs. Getting specific about your future lifestyle needs can help shape your savings plan and clarify your goals.
• Think about how Social Security will fit into the picture. Estimating ahead of time what you might expect from Social Security benefits each month can make it easier to know what other savings you need to fill the gap.
• If you're 50 or older, catch-up contributions let you put more into your retirement accounts than the usual limits. This can be a useful tool to help you build additional savings during higher-earning years.
• The way your accounts are taxed can impact your retirement income. Having a mix of "tax now," "tax later" and "tax never" savings can set up your tax expectations and give you more flexibility when it's time to start withdrawing.

Check out our guide to retirement strategies in your 50s

• If your retirement savings in your 60s are not where you expected, you're not alone. Many people adjust their retirement timeline, explore part-time work or rethink their lifestyle to increase financial flexibility.
• This is a good time to revisit your investment mix. As retirement gets closer, some savers shift to more conservative investments based on risk tolerance. Finding the right balance of growth and stability can help support your income needs in the years ahead.
• Unexpected events like rising health care costs, taxes or debt can impact your nest egg. Being aware of these risks to your retirement savings now can help you make more informed choices going forward.
• Don't forget that catch-up contributions are still on the table. In fact, your annual catch-up contribution limit goes up several thousand dollars while you're aged 60-63. Infusing your nest egg with late-breaking contributions, particularly if you're using tax-advantaged accounts, can give it some extra oomph to last longer.

Read more about retirement strategies in your 60s

Whether retirement is decades away or just around the corner, preparing at every stage of life helps ensure financial independence in your later years. By focusing on your readiness at each stage of life, you'll be better prepared to save what you need to achieve your goals and enjoy the retirement you want.

If your retirement savings aren't exactly what you hoped they'd be, you can adjust your strategy at any time and find ways to save more effectively. Connecting with a Thrivent financial advisor can help you discover the range of options you have to prepare for the retirement you want.