Retirement headlines can make it seem like everyone else has a million dollars tucked away. If your savings look different, you may wonder whether you missed something along the way. But national data tells a more complicated story. Many households have modest retirement balances, and some have no retirement accounts at all. Understanding those numbers can provide perspective without turning retirement preparation into a competition.

Before looking at the figures, understand the difference between average and median. The average adds everyone’s savings together and divides by the number of households. The median is the middle balance when savings are ranked from smallest to largest.

For example, five households with $10,000, $20,000, $30,000, $40,000, and $900,000 have an average of $200,000. Their median is $30,000. A few large balances can make the average look much higher than the typical household’s savings.

The following figures come from Congressional Research Service analysis of the Federal Reserve’s nationally representative 2022 Survey of Consumer Finances. Age refers to the household’s reference person. Importantly, the median and average balances apply only to households with retirement accounts. These accounts include workplace plans and IRAs, but exclude Social Security and traditional pension benefits. 

Younger Than 35

Among households younger than 35, 49.6% had retirement accounts. For those with accounts, the median balance was $18,880, and the average was $49,127. 

At this stage, building the habit matters. Retirement can feel distant while rent, transportation, and student loans demand attention.

Starting with a manageable contribution gives you something to build on. As income grows, look for opportunities to increase saving before additional spending becomes routine.

Ages 35–44

For households ages 35–44, 61.5% had retirement accounts. Among account owners, the median was $45,000, and the average was $141,517. 

These years can bring competing demands: children, housing, career changes, and retirement preparation.

The challenge is keeping future needs in the budget while meeting present responsibilities. Consistent contributions can keep retirement from becoming something you plan to address “once things settle down.”

Ages 45–54

Among households ages 45–54, 62.2% had retirement accounts. Those with accounts had a median balance of $115,000 and an average of $313,230. 

Retirement may now feel close enough to picture. This is a good time to replace vague expectations with concrete questions.

What will your expenses be? What reliable income will you receive? What will your savings need to provide? Your answers matter more than whether you are ahead of your peers.

Ages 55–64

For households ages 55–64, 57% had retirement accounts. Among those account owners, the median was $185,000, and the average was $537,563. 

CRS also found that only 9.2% of all households in this age group had more than $1 million in retirement accounts. Approaching retirement without a million-dollar balance is common. 

That reality should encourage honest planning. Understanding your resources gives you a starting point for strengthening the years ahead.

Ages 65 and Older

Among households ages 65 and older, 47.1% had retirement accounts. For account owners, the median balance was $170,000, and the average was $554,422. 

Account balances do not reveal every resource available. Retirement planning must also consider income, expenses, and other assets.

Prepare With Wisdom and Hope

Proverbs 6:6–8 commends the ant for gathering provisions before they are needed. Preparing for future needs reflects wise stewardship.

If someone has less than $1 million saved, their story is not over. That is the reason for Retire With Less Than $1 Million. It offers hopeful, practical, achievable guidance for strengthening your retirement beyond simply chasing a larger balance.