Average Savings for 55 to 64 Year Olds Nearing Retirement Age Revealed

Average Savings for 55 to 64 Year Olds Nearing Retirement

Explore how your savings compare to typical Americans in your age group and learn effective ways to improve your retirement preparedness. People in their 50s and 60s often have more financial freedom than before, as fewer expenses like college tuition or child-rearing remain. This stage can be ideal for concentrating on increasing retirement savings.

Factors Influencing Savings in Retirement Age

Your ability to save in your 50s and 60s depends on various factors, including age. It’s common for savings balances to grow as people get older.

Savings Data by Age Group

According to the Federal Reserve’s 2022 Survey of Consumer Finances, median bank account balances varied by age:
Under 35 years: $5,400
Age 55-64: $8,000
Age 65-74: $13,400

The majority (98.3%) of people aged 55-64 hold bank accounts. Median values are used to reflect typical balances by reducing distortion from very high or low amounts.

Additional Retirement Assets

More than half of individuals in the 55-64 age range have money saved or invested in other accounts, such as retirement-specific funds.

"The median value represents the American in the middle of the range—half of respondents have more savings, and half have less."

Author’s summary: Americans aged 55-64 typically hold a median bank balance of $8,000, with many also investing in retirement accounts, highlighting opportunities to bolster retirement savings at this life stage.

Investopedia — 2025-11-02