If you've ever found yourself quietly wondering whether you're saving enough, or secretly panicking that everyone else has it more together than you do — first of all, you are so not alone. That question, “Am I behind?” is one of the most common money worries out there, and it makes complete sense that you'd want some kind of benchmark to measure yourself against. That's exactly what this article is here for.
Understanding the average savings by age can be genuinely helpful when you're trying to measure your progress and see if you're on the right track. Whether you're wondering how much you should have saved by 25 or how much you should have saved by 40, having a reference point gives you something concrete to work with, instead of just guessing and hoping for the best.
Here's what I want you to hold onto as you read this, though: these numbers are a guide, not a grade. They're not here to make you feel bad. They're here to help you get clear, make a plan, and move forward at your own pace, on your own terms.
In this article, we'll walk through the average savings by age at 25, 30, 35, 40, and beyond. We'll also look at how those averages compare to recommended retirement benchmarks, why savings gaps happen (and why that's more normal than you'd think), and what you can do right now to build momentum — whether you're ahead, on track, or just getting started.
Quick savings benchmarks by age
Before we dive deep, here's a snapshot of what financial experts recommend you have saved at each stage, based on Fidelity's guidelines using a multiple of your annual salary:
- By 25: Start building the habit — any amount saved is a win
- By 30: 1x your annual salary
- By 35: 2x your annual salary
- By 40: 3x your annual salary
- By 50: 6x your annual salary
- By 60: 8x your annual salary
Keep in mind these are targets, not rules. We'll go into each one in detail below, along with what the real-life data actually shows.
Why saving at any age matters more than you think
No matter where you are right now in your financial journey, just starting out, somewhere in the middle, or trying to play catch-up, one habit makes more of a difference than almost anything else: saving consistently over time.
It's not about the amount. It's about the discipline.
Looking at the average savings by age gives you a useful point of reference. It helps you understand what's happening across the board, identify where you might have gaps, and decide what you want to adjust going forward. If your savings are lower than you'd like, that's not a judgment. It's just information. And information is useful because it tells you where to focus.
But here's something important to understand: savings averages are not a measure of success or failure. They're simply data, a snapshot of where people are at a given moment in time.
Some people start saving in their early 20s. Others spend their 20s and 30s paying off debt, supporting family members, or building their income before savings becomes a real priority. Different life circumstances lead to different outcomes, and that's completely okay.
The goal isn't to match the average. The goal is to build a savings strategy that actually fits your life.
Average savings by age in the United States
So what does the average savings by age actually look like in real numbers?
To give you a clear picture, we're looking at data from the Federal Reserve's Survey of Consumer Finances, which tracks mean financial asset balances across different age groups. These figures include savings accounts, investment accounts, and other financial assets.
We're also referencing Fidelity's recommended retirement savings benchmarks, which are based on multiples of your annual salary. Together, these two sources give you a full picture of what people actually have saved and what experts say you should be working toward.
Average savings vs. retirement savings benchmarks — what's the difference?
When you're researching the average savings by age, you'll likely come across two different types of numbers: actual savings data and recommended benchmarks. It's worth understanding what each one means, because they serve very different purposes.
Average savings data
Like the numbers from the Federal Reserve, shows what people actually have saved at different points in their lives. These figures reflect real-world behavior, including varying income levels, debt, cost of living, and economic challenges. They tell you what is.
Retirement savings benchmarks
Like Fidelity's guidelines, show what financial experts recommend you should have saved based on your salary and retirement goals. These are the ideal targets, built around long-term planning assumptions. They tell you what to aim for.
Here's the thing: averages can be reassuring. They can help you see that you're not as far behind as you thought, or that where you are is actually pretty normal. Benchmarks, on the other hand, can be motivating. They give you a concrete goal to work toward.
The smartest approach is to use both. Use the averages for perspective. Use the benchmarks to guide your planning.
How much should you have saved by 25?
At 25, you're likely just getting your financial life off the ground. Maybe you're figuring out how to budget for the first time, dealing with student loans, or just trying to make your paycheck stretch. The question “how much should I have saved by 25?” might not even be on your radar yet, and honestly, that's okay.
According to recent Federal Reserve data, people under the age of 35 have an average of about $34,780 in financial assets. Since you're on the younger end of that range at 25, you may have considerably less, and that's completely normal.
At this stage, it's less about hitting a specific number and more about building the habit. Because here's what's really on your side at 25: time. Compound interest is one of the most powerful forces in personal finance, and the earlier you start, even with small amounts, the more time your money has to grow.
A great starting move is to automate your savings. Set up a small recurring transfer to a savings account each month — even if it's just $25 or $50. You won't miss what you don't see, and over time, those small contributions add up to something real.
How much should you have saved by 30?
If you're asking “how much should I have saved by 30?” the benchmark from Fidelity is to aim for 1x your annual salary by this age.
So if you're earning $50,000 a year, you'd be looking at a target of around $50,000 saved. The recent Federal Reserve data shows that people under 35 have an average of about $34,780 in financial assets, which suggests that many people are working toward that 1x goal but may not be there yet.
And that's okay. Your 30s often come with a whole new set of financial priorities, maybe you're saving for a home, thinking about starting a family, managing a growing list of expenses, or finally digging out from student loan debt. It's a lot.
What matters is that your savings strategy evolves with your life. One really effective habit to build in your 30s: every time you get a raise or increase in income, commit to saving a portion of it before you adjust your lifestyle to match. It's much easier to save money you've never started spending yet.
How much should you have saved by 35?
By 35, most people are in a season of life where financial responsibilities feel very real. Your career is (hopefully) growing, your expenses may be higher, and retirement starts to feel a little less abstract.
Fidelity recommends having about 2x your annual salary saved by age 35. So if you're earning $60,000 a year, you'd be working toward a target of $120,000 saved.
The recent Federal Reserve data shows that people between ages 35 and 44 have an average of about $170,740 in total financial assets but keep in mind that figure includes people on the older end of that range who've had more years to build.
If you're at 35 and not at 2x your salary yet, you're in very good company. The key shift at this stage is intentionality. This is the time to get more strategic by increasing your retirement contributions where you can, building up that emergency fund if it's not fully stocked, and being really clear about where your money is going each month.
How much should you have saved by 40?
Your 40s are often a major financial inflection point. You're likely earning more than you were in your 20s and 30s, retirement is starting to feel more real, and, for many women, you may also be thinking about things like your kids' college costs, aging parents, or other big-picture responsibilities.
Fidelity recommends having 3x your annual salary saved by age 40. So if you're earning $70,000, that's a target of around $210,000.
The Federal Reserve data shows people between 35 and 44 average about $170,740 in financial assets which means the 3x benchmark is aspirational for many, and that's okay.
If you're wondering how to save for retirement in your 40s and feel like you're behind, the encouraging news is that your peak earning years are often ahead of you or right now. This is a powerful time to increase contributions, close savings gaps, and really double down on building wealth. It's not too late. Not even close.
How much should you have saved by 50?
By your 50s, you've had more time to build, and hopefully, consistent savings habits are well established. Of course, life doesn't always go in a straight line, and plenty of people have had to pause, restart, or redirect their savings along the way. No judgment here.
Fidelity recommends having about 6x your annual salary saved by age 50. If you're earning $80,000, that's a target of around $480,000.
The recent Federal Reserve data shows that people aged 45 to 54 have an average of about $373,420 in financial assets which reflects a meaningful jump from the earlier age groups as retirement becomes a closer priority.
If you're not at the benchmark, focus on what you can increase now. Even boosting your contribution rate by a few percentage points can make a significant difference over the next 10 to 15 years.
How much should you have saved by 60?
At 60, retirement is no longer something you're planning for someday, it's something you may be preparing for in the near term. This is a season to get really honest with yourself about where you are, where you want to be, and what adjustments you might need to make.
Fidelity recommends having about 8x your annual salary saved by age 60. If you're earning $90,000, you'd be working toward a target of around $720,000.
The recent Federal Reserve data shows that people between ages 55 and 64 have an average of about $570,250 in financial assets. If you're not quite at the 8x benchmark, you still have time to strengthen your position — and making smart choices with your money now can have a meaningful impact on your retirement experience.
This is also a great time to look at the full picture: Social Security, any pension income, investment accounts, and any other income sources you expect in retirement.
Why savings averages vary so much, and why that's completely normal
If you've been looking at these numbers and wondering why there's such a wide range, it's because people's financial lives are incredibly different — and that's just reality.
Income levels, cost of living, debt, career paths, family responsibilities, and major life events all shape how much someone is able to save at any given stage. Someone focused on paying off student loans in their 20s may have very little savings by 30. Someone who started investing at 22 might look dramatically different by 40. Neither story is wrong.
Life choices matter too. A woman planning for early retirement will likely save more aggressively than someone aiming for a traditional retirement timeline. A parent prioritizing college savings for their kids may allocate money differently than someone without children.
Because of all this variation, savings averages are best understood as a general reference point — not a strict standard. Your plan is yours. The goal is to build something that actually fits your life and adjust it as your life evolves.
Savings disparities across demographics: Let's talk about it honestly
It's important to acknowledge something that the data makes very clear: savings outcomes are not equal across all communities, and the reasons are systemic, not personal.
The recent Federal Reserve data shows that individuals who identify as White non-Hispanic have a higher average in financial assets. This is in comparison, individuals who identify as Black non-Hispanic and those who identify as Hispanic.
These gaps are not the result of individual choices or discipline. They reflect longstanding economic inequalities: income gaps, unequal access to financial resources and education, and systemic barriers that have made it harder for certain communities to build wealth over generations.
This is part of why Clever Girl Finance exists. We believe that every woman, regardless of her background, income, or starting point, deserves access to real financial guidance and support. With the right tools, the right knowledge, and consistent effort, it is absolutely possible to build wealth and change your financial story. That's not a motivational line, we've seen it happen, over and over again, in our community.
How to set savings goals that actually work for you
Now that you have a clearer picture of the average savings by age, it's time to think about your own goals. And here's the thing, your savings goals don't have to look like anyone else's. They just need to work for you.
Start by getting specific. Instead of “I want to save more money,” try “I want to save $5,000 for an emergency fund by the end of the year.” Specific goals are actionable. Vague goals are easy to ignore.
Then break that goal down. If you want to save $5,000 in 12 months, that's about $417 a month, or roughly $97 a week. Suddenly, it feels a lot more doable, right?
The same math works for bigger goals. Saving $10,000 for a down payment in 4 years? That's $2,500 a year, or about $208 a month. Breaking goals into smaller, time-bound pieces helps you stay consistent without feeling overwhelmed.
How to figure out how much you need for retirement specifically
There's no single magic number for retirement. It really depends on your lifestyle, your goals, and what you envision for that chapter of your life. But the good news is there are tools that can help you get a realistic estimate.
Using a retirement calculator is one of the most effective ways to figure out what your personal target should be. A few solid options:
Once you have a number in mind, here are a few key strategies to help you get there:
Reduce big expenses before retirement
Many households spend less in retirement than they did during their working years. Paying off your mortgage, car loan, or credit card debt before you retire can significantly reduce how much income you need. Less debt in retirement means more freedom.
Invest beyond your retirement accounts
If you're maxing out your 401(k) or IRA, amazing. But you can still build additional wealth through taxable brokerage accounts, real estate, ETFs, and other investment vehicles. The more streams of wealth you're building, the stronger your position.
Factor in all your income sources
Where to keep your savings: Your options explained
Not all savings accounts are created equal, and where you keep your money matters especially as your savings grow.
For short-term goals and emergency funds
You'll want accounts that are accessible and low-risk. High-yield savings accounts, money market accounts, and certificates of deposit (CDs) are all solid options here. A high-yield savings account in particular can earn you significantly more interest than a standard savings account without any added risk.
For long-term goals
For example retirement, tax-advantaged accounts like a 401(k) or IRA allow your money to grow over time through investments, and they come with tax benefits that make a real difference over the long haul.
In most cases, the smartest approach is a combination of both. Your savings account covers your emergency fund and near-term goals. Your investment accounts are focused on long-term growth. Together, they give you financial flexibility now and financial security later.
What to do if your savings are below average: Honest, practical advice
If your savings are lower than you'd like right now, I want to say this clearly: you are not behind in some permanent, unfixable way. You are exactly where you are — and what matters most is what you do next.
Here's what actually helps:
Increase your savings rate gradually
You don't need to make a dramatic overnight change. Try bumping your savings rate up by just 1% or 2% of your income every few months. It's barely noticeable in your paycheck, but it compounds meaningfully over time.
Automate everything you can
Set up automatic transfers to your savings and investment accounts so the money moves before you have a chance to spend it. Out of sight, out of mind, in the best way possible.
Increase your retirement contributions when your income grows
Every raise is an opportunity. Before you adjust your lifestyle to match your new income, redirect some of that increase straight to your retirement account.
Look for ways to boost your income
Sometimes the savings gap isn't about spending, it's about income. A side hustle, freelance work, or a higher-paying opportunity can create meaningful room to save more.
And above all, don't compare your chapter one to someone else's chapter ten. Financial timelines are rarely linear. People start, pause, and restart for a thousand different reasons. Your job isn't to make up for lost time all at once. Your job is to build a sustainable system you can stick with, and let consistency do the heavy lifting over time.
Frequently asked questions about average savings by age
What is the average savings for someone in their 30s?
The recent Federal Reserve data shows that people under age 35 have an average of about $34,780 in financial assets.
That said, this figure covers a wide age range, so individual situations vary quite a bit. Some people in their 30s may have significantly more saved, especially if they started early, while others are still building their financial foundation and both are completely valid places to be.
How much should I have saved by 40?
Fidelity recommends having 3x your annual salary saved for retirement by age 40. So if you earn $75,000, your target would be around $225,000 in total retirement assets. If you're behind that benchmark, the most important step is to start increasing your savings rate gradually and focus on consistency.
Is it too late to start saving for retirement at 40?
Absolutely not. It's not too late. Starting earlier does give your money more time to grow through compounding, but that doesn't mean starting at 40 is without impact.
The key is to be strategic: increasing contributions where you can, trimming unnecessary expenses, and staying consistent. Small but steady contributions build real wealth over time.
How much should I have saved outside of retirement accounts?
A solid emergency fund is the foundation, most financial experts recommend 3 to 6 months of essential living expenses saved in an accessible account.
Beyond that, you can save toward shorter-term goals like travel, home repairs, or education. Keeping a healthy balance between accessible savings and long-term investments helps you stay financially flexible while still building wealth for the future.
What if my savings are below the average?
First, breathe. Averages are reference points, not finish lines. Many people fall below these numbers because of income level, debt, family responsibilities, or simply because life happened.
What matters most is not where you are right now but the actions you take going forward. Increase your savings rate a little at a time, automate your contributions, and look for ways to grow your income. Even slow progress is still progress.
More from Clever Girl Finance on building wealth
If this article was helpful, here's more content to keep you moving forward:
What really matters at the end of the day
Here's the truth: whether you're just starting out and wondering how much you should have saved by 25, or you're approaching 60 and trying to shore up your retirement plan, the most important thing you can do is save consistently. Not perfectly. Not dramatically. Consistently.
The average savings by age is a useful benchmark, but it's just a benchmark. It's a snapshot of where people are, not a verdict on where you're headed. Your journey is shaped by your income, your responsibilities, your timing, and your goals. And all of those things are yours to work with.
What truly matters is not how you stack up against a statistic. It's whether you're making steady, intentional progress in your own financial life. Even small steps, saving a little more each month, staying mindful of your budget, saying yes to a new income opportunity, can lead to real, lasting change over time.
So instead of getting caught up in where you think you should be, focus on where you're going. Because when it comes to building wealth, progress will always, always matter more than perfection.
