How Much the Average American Has Saved for Retirement at Ages 45–54

How Many Americans Ages 45–54 Have Any Retirement Savings at All

Households led by people ages 45–54 are often in their highest-earning years, with income and net worth continuing to rise as careers advance and assets accumulate, according to the Federal Reserve’s Survey of Consumer Finances. While many in this age group haven’t yet reached peak wealth, relatively strong earnings and generally stable employment make this a critical window for boosting retirement savings.

At the same time, people in their mid-40s and early 50s often face competing financial demands, from paying for college to supporting aging parents. Even so, retirement saving remains a priority for many. The Fed’s survey shows that about 62% of households led by people in this age range had money in retirement-specific accounts in 2022, the most recent year available. That’s the highest participation rate for 45–54-year-olds since 2007.

“This is the decade when retirement outcomes become much harder to change later,” said Eric Ludwig, director of the Center for Retirement Income at the American College of Financial Services. “Participation is high, balances grow meaningfully, and differences between households widen quickly.”

How Much Retirement Savings People in This Age Range Have on Average

For those in their mid-40s and early 50s who reported having retirement accounts in 2022, the median balance was $115,000. That figure is well above the balances reported by those younger than 45, reflecting longer time in the workforce and more years to accumulate savings, but trails those of older age groups.

In practical terms, the median represents the midpoint of all reported balances—half of households had more saved, and half had less. Medians are used here instead of means to reduce the influence of unusually high or low balances. While this age group’s median retirement balance dipped slightly from the 2019 survey, it remains near the highest levels seen in decades.

Even so, retirement saving should remain a top financial priority during this phase, said Ludwig. He suggested a basic benchmark for households approaching their mid-50s: “A reasonable planning range is roughly five to seven times annual expenses,” he noted, “paired with clearer assumptions about future spending.”

How To Catch Up on Retirement Savings in Your 40s and 50s

For people in their mid-40s and early 50s, retirement planning often shifts from steady, long-term saving to more deliberate decisions as the timeline shortens. With fewer working years ahead, the focus turns to making the most of what you can still control. Here are some ways to bolster your retirement savings:

• Use catch-up contributions when you’re eligible: Once you turn 50, you can make additional contributions to retirement accounts beyond standard annual limits. In 2026, that includes at least $8,000 more for 401(k)s, 403(b)s, governmental 457s, and Thrift Savings Plan accounts, plus an extra $1,100 per year for IRAs.
• Reduce debt to free up cash flow: Paying down high-interest debt, such as credit cards, can make it easier to increase retirement contributions. Freeing up cash means more money can be redirected to retirement or other savings—and even small, consistent increases can add up over time.
• Avoid big mistakes: With less time to recover from setbacks, missteps can be more costly. Ludwig cautioned against panic-selling during market downturns, financially supporting adult children at the expense of your own security, or assuming you can work “just a few more years” despite potential job or health constraints.

Even with fewer years left to save, taking targeted steps now can meaningfully narrow savings gaps and strengthen retirement readiness.