Average savings account balances by age: Benchmarks and insights
How your savings compare and what national data can teach you about building toward your goals.
Key takeaways
The earlier you start saving, the more time your money has to grow, meaning even small, consistent contributions can make a lasting impact.
Median figures might tell a more realistic story than averages, since very high-income households can skew national data.
Savings balances generally rise with age, starting off on the lower end, peaking around retirement, then tapering off.
Why saving for the future is important
Setting aside savings isn’t just about building a bigger bank balance. It’s about helping to create stability and giving yourself more control over your life. Building your savings can help you cover future unexpected expenses, reduce reliance on debt, and support your long-term goals. It can also help provide you with peace of mind by making everyday decisions feel less stressful, and build financial longevity. But although saving is important, how much savings should you have based on your age?
While many factors can influence how much you can save, such as your age, salary, or financial situation, looking at average savings account balances by age can help you get a rough idea of where to start.
What the data shows: U.S. average savings by age group
The most recent Survey of Consumer Finances (SCF) by the U.S. Federal Reserve revealed the U.S. average savings balances of people ages 35 and under to 75 and older. Here are the average and median amounts the data revealed.
Age group | Average savings | Median savings |
Under 35 | $20,540 | $5,400 |
35 – 44 | $41,540 | $7,500 |
45 – 54 | $71,130 | $8,700 |
55 – 64 | $72,520 | $8,000 |
65 – 74 | $100,250 | $13,400 |
75+ | $82,800 | $10,000 |
It is important to note the difference between average and median savings account balances by age. Because the data from the SCF is weighted to include super-wealthy households, averages may be skewed. Also note that the SCF’s “savings” category includes liquid assets such as savings accounts, checking accounts, and money market deposit accounts — not savings accounts alone.
Therefore, the median balances can help provide a better sense of the midpoint between the highest and lowest savings balances. These median values can be more representative of the typical average balances of each age group.
It is also worth noting that your savings balance may increase with your age. It is generally common to have less savings earlier in your career, with your balance increasing as you reach retirement. Once you enter retirement, you may notice the average balance decreasing again, as you tap into your savings to supplement your retirement savings.
Therefore, the earlier you start saving, no matter how small, the longer your money has to keep growing. You can also take this further with options such as high-yield savings accounts or certificates of deposit (CDs), which can help boost your savings.
How to interpret these figures for your own savings goals
While the SCF doesn’t tell you the exact amount you should save, it can help serve as a reference point for your own savings goals, since it shows how real households across the country are actually saving, spending, and building wealth. It is, however, important to consider your personal situation when determining your goals and setting your budget, but the SCF can give helpful benchmarks and trends that can help guide your goals.
Here are some ways the SCF data can help you interpret how much to save:
It provides savings and wealth benchmarks by age and income
The SCF breaks down median and average savings levels by groups (e.g., age ranges, income levels), so you can compare your savings to households similar to yours. This can help you see whether you’re on track, ahead, or need to make any adjustments based on your situation.
It reveals how savings habits may change over time
The data highlights how people typically accumulate more savings as they get older and as incomes rise. This can help you set expectations and create realistic, staged savings goals.
For example, you might aim to build an emergency fund first, then retirement savings, then long-term investments. Your savings habits may also become more conservative as you near retirement.
It highlights differences in outcomes based on saving early and consistently
SCF data consistently shows that households that save regularly (even in small amounts) tend to build more net worth over time. This helps reinforce the value of starting sooner rather than waiting until you have more money.
Starting small and staying consistent can help you strengthen your savings habits over time. Options like high-yield savings accounts or certificates of deposit (CDs) can also help you grow your funds faster, accumulating more savings over time.
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Limitations & cautions of using average savings data
However, it is important to note that while these are average and median numbers from actual households across the U.S., other factors may also influence how much you save. Key limitations and cautions to keep in mind when using average savings data might include:
Misleading averages
A few very high-net-worth households can skew the average upward, making it appear that most people save or have far more than they actually do. Median savings (the midpoint value) often provide a clearer picture of typical households.
Different financial situations
Factors like income, living expenses, family size, and age vary widely across households. Comparing your savings to a national average might not reflect what’s realistic for your own financial goals or location. Therefore, your ideal savings amount may look different from the next person’s, which is why it is important to tailor your goals to your specific needs.
Stage of life differences
Younger individuals may have little savings but high future earning potential, while retirees might have large savings but no income. Averages across all age groups might hide these important distinctions.
Debt levels aren’t reflected
Average and median figures may not take debt into account. A family with $100,000 in savings and $90,000 in debt is in a very different position than one with $100,000 in savings and no debt, even though their average savings look the same.
Behavioral and psychological impact
Using average savings data as a benchmark can create unnecessary pressure or complacency. It might be helpful when used as context rather than a standard to measure personal success.
Bottom line
Average savings account balances by age can be a helpful benchmark for understanding how people across the U.S. are building financial security, but they’re not a rulebook. Everyone’s financial journey is different, shaped by income, expenses, goals, and stage of life.
Using national data, like the Federal Reserve’s Survey of Consumer Finances, as context might be more useful as opposed to using it as a comparison. The most valuable insight is how your own savings align with your goals. Whether that means building an emergency fund, saving for a home, or preparing for retirement.
Start where you are, stay consistent, and focus on progress over perfection. If you want to further grow your funds, Raisin is here to help. The Raisin marketplace gives you access to a variety of high-yield savings products with competitive interest rates to help maximize your savings potential. Explore account types, compare rates, and sign up today to start boosting your funds!
FAQs on average savings account balances by age
What’s a good savings account balance for someone in their 30s?
There’s no one-size-fits-all number, but by your 30s, many experts suggest aiming to have several months to a year’s worth of expenses saved, including your emergency fund and short-term goals, depending on your stability and risk tolerance. The SCF data shows that most households in this age group have between $5,000 and $10,000 in liquid savings, though this can vary widely depending on income and location.
Are average savings account balances higher for singles or married couples without children?
Generally, married couples tend to report higher savings balances, partly because they often have dual incomes and shared living expenses. However, single individuals may have more flexibility in how they allocate discretionary income. What matters most is maintaining a healthy savings rate based on your own situation, rather than your household status.
Why do averages drop after age 75 for savings balances?
Savings typically decrease in retirement because older adults begin withdrawing from their accounts to cover living expenses, healthcare, and other needs. This drawdown is normal and reflects a planned use of savings, not necessarily a lack of financial preparedness.
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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.
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