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 as well as benchmarks on what you should be saving.

Retirement Savings by Age

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 59 percent of Americans surveyed were very or moderately worried they won’t have enough money for retirement— it was by far their biggest concern heading into their golden years.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, 1,103 respondents of various age groups disclosed how much they’ve managed to save for retirement.²

Average Retirement Savings By Age

  • Ages 25-32

    When asked, 72 percent of respondents in this age group had $49,999 or less saved for retirement, with the majority admitting that they actually had $5,000 or less saved. The median amount for this age group was $12,000.

    Ages 33-44

    This age group had savings in the middle ranges, 62 percent of respondents having savings of between $10,000 and $249,999, with the median amount being $61,000.

    Ages 45-54

    Among the 45 to 54-year-olds, 56 percent had savings of between $25,000 and $499,999, with the median amount for this age range reported as $101,000.

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, 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.

Saving enough for retirement means you may need 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 level of risk and ensuring that what you’re currently doing is in line with your retirement goals while keeping your financial situation and/or number of years you may be from retirement top of mind.

Just as this survey indicates, 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’s Annual Economy and Personal Finance poll, 2014.
2. LearnVest and Chase Blueprint, 2013.

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This article is a high-level summary of things to consider when purchasing life insurance. The information presented is for information and educational purposes and 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 or its subsidiaries.

Neither Protective life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax-related decisions. For information about Protective life and its products and services, visit

Average Retirement Savings by Age

Many Americans are worried that after years of hard work, they may not have enough money for retirement. The average retirement savings by age varies from person to person. In this article you can explore how you compare with other Americans in the race to the retirement finish line. For more information, visit our learning center.