Money

Here's how much the average family has saved for retirement at every age

When it comes to retirement savings, how do you stack up?

According to a report from the Economic Policy Institute (EPI), the mean retirement savings of all working-age families, which the EPI defines as those between 32 and 61 years old, is $95,776.

But that number doesn't tell the whole story. Since so many families have zero savings and since super-savers can pull up the average, the median savings, or those at the 50th percentile, may be a better gauge. The median for all working-age families in the U.S. is just $5,000.

As the charts show, retirement preparedness varies by age. Not surprisingly, younger families have less stashed away. Here's a breakdown of the mean and median retirement savings of U.S. families at every age:

Mean retirement savings of families between 32 and 37: $31,644
Median retirement savings of families between 32 and 37: $480

Mean retirement savings of families between 38 and 43: $67,270
Median retirement savings of families between 38 and 43: $4,200

The Pearson family on NBC's "This Is Us"
NBC | Getty Images
The Pearson family on NBC's "This Is Us"

Mean retirement savings of families between 44 and 49: $81,347
Median retirement savings of families between 44 and 49: $6,200

Mean retirement savings of families between 50 and 55: $124,831
Median retirement savings of families between 50 and 55: $8,000

Mean retirement savings of families between 56 and 61: $163,577
Median retirement savings of families between 56 and 61: $17,000

The Dunphy family on ABC's "Modern Family"
YouTube
The Dunphy family on ABC's "Modern Family"

How big should your nest egg be?

The answer is highly personal, and specific dollar amounts can be arbitrary, but according to retirement-plan provider Fidelity Investments, a good rule of thumb is to have 10 times your final salary in savings if you want to retire by age 67.

Fidelity also suggests a timeline to use in order to get to that magic number:

  • By 30: Have the equivalent of your salary saved
  • By 40: Have three times your salary saved
  • By 50: Have six times your salary saved
  • By 60: Have eight times your salary saved
  • By 67: Have 10 times your salary saved

Need help reaching these savings goals? Check out: