How Much Americans Ages 55–64 Have Saved for Retirement—and How Many Have Nothing

How Many Americans Ages 55–64 Have Any Retirement Savings at All

The Federal Reserve’s Survey of Consumer Finances shows that 57% of households headed by someone ages 55–64 had money in retirement-specific accounts in 2022, the most recent year for which data is available. While that share is higher than in 2019, it’s among the lowest participation rates for this age group since 1995, according to the survey.

A household’s income, wealth, and ability to save for retirement are closely tied to age. Families tend to see assets grow over time, with earnings and net worth often peaking in the years leading up to retirement, according to the Fed’s data. For households in their mid-50s to mid-60s, median income and net worth are typically near their highest levels, reflecting decades of earnings, savings, and asset accumulation.

This lifestage can bring with it more financial flexibility than earlier years, as expenses tied to raising children or paying for college often decline. Even so, many people in this age range aren’t prioritizing—or able to maintain—retirement savings. Some households may be retiring earlier than planned or shifting assets as they prepare for income planning.

“Many households are consolidating accounts, retiring earlier, or shifting assets in anticipation of income planning,” said Eric Ludwig, director of the Center for Retirement Income at the American College of Financial Services. “Others never fully accumulated [their retirement savings] and are quietly opting out.”

How Much Retirement Savings Americans Ages 55–64 Typically Have

Among households ages 55–64 that reported having retirement accounts in 2022, the median balance was $185,000. That figure is higher than the balances held by younger households but lower than the typical amounts reported by people ages 65–74.

The median is the midpoint of all reported balances, meaning half of households had more saved, and half had less. It’s used to avoid unusually small or large accounts skewing the average.

“Two households of the same age can have very different retirement prospects depending on asset ownership, housing exposure, and access to workplace plans,” said Ludwig. “Rising balances also do not guarantee rising security if those balances are highly dependent on market levels” or concentrated in harder-to-access assets.

This stage of life often marks a shift from accumulating savings to evaluating how existing resources might support retirement income, Ludwig said. One way he suggested households begin that assessment is with a rough calculation: estimating expected annual retirement expenses, subtracting Social Security and other guaranteed income, and multiplying the remaining gap by 20 to 25 years.

How To Boost Savings When Retirement Is Just Years Away

As retirement approaches, it’s important to regularly review both savings goals and how investments are allocated, said Mindy Yu, CIMA, senior director of investing at Betterment. Making sure a strategy still aligns with income needs, risk tolerance, and timing can help households stay on track in the final years before retirement.

Yu suggests using retirement planning tools or working with a financial advisor to reassess assumptions and identify gaps. For households that are still able to save, she pointed to several ways to increase contributions or free up cash flow:

• Review your expenses: Checking your monthly spending can help identify areas to trim, particularly discretionary costs such as dining out and entertainment subscriptions. 
• Reduce debt: Paying down high-interest balances, such as credit card or personal loan balances, can free up funds for retirement savings.
• Maximize contributions: Workers with access to employer-sponsored plans such as 401(k)s or IRAs may be able to increase contributions, especially if an employer match is available.

Retirement readiness varies widely among Americans preparing to leave the workforce within the next decade, but decisions made late in a career can still meaningfully improve financial security.