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Retirement Planning

Retirement savings by age

If you're wondering how your savings stack up to other people your age, take a look at this article. We've compiled information on averages.

How do you compare?

Retirement. It's about working hard all your life while saving money and investing so you can spend your twilight years financially independent while relaxing, playing, and enjoying all the things life has to offer. However, a recent Gallup poll found that 54 percent of Americans surveyed are very worried about retirement or unexpected medical costs.¹ And while the idea of “enough” is different for each individual, have you ever wondered how you compare with many other Americans in this race to the retirement finish line? In a nationwide survey conducted by, thousands of respondents across the U.S. of various age groups disclosed how much they've managed to save for retirement.²

Average retirement savings by age

Ages 18-34 
When asked, 71 percent of respondents in this age group had less than $10,000 saved for retirement. About six percent said they had $50,000 to $99,999 saved.

Ages 35-54
In this age group, 64 percent of respondents had saved between $0 and $49,999. Another 25 percent had saved between $50,000 and $299,999, and 12 percent said they had saved $300,000 or more

Ages 55+ 
Among those 55 and older, just 29 percent said they had saved nothing. Another 15 percent said they had saved less than $10,000 and 31 percent had saved between $10,000 and $299,999. 

So how much should you save today?

The amount of money you will need for retirement will vary widely based on a number of factors, including your average salary and goals for retirement. However, many financial professionals have suggested using a formula of setting aside 10 percent to 15 percent of your annual income in order to pursue a comfortable retirement lifestyle. But keep in mind that even if you can't afford that much right now, you should contribute what you can and commit to making regular increases each year.

Regularly review your retirement investments

Having enough for retirement will require you to review your investment portfolio  each year to make sure you are still comfortable with your investment choices. This might mean readjusting or balancing your portfolio holdings to stay aligned with your risk tolerance and time horizon. Everyone's situation is unique. Regularly reviewing your plan will help you understand whether you are on course to meeting your goals or need to change your strategy.


1. Gallup, “Americans Financial Anxieties Ease in 2017,”, 2017.

2. 2017 Retirement Survey, GoBankingRate



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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

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