Understanding the Data
These statistics represent transaction accounts (checking, savings, money market, and brokerage cash accounts) from the Federal Reserve's 2022 Survey of Consumer Finances.
Average = mean of all balances (can be skewed by wealthy households) •Median = middle value (more representative of typical households)
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Total Assets (Cash, Investments, Home) minus Debts.
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Average Savings by Age
| Age Group | Average Savings | Median Savings | Key Insight |
|---|---|---|---|
| Under 35 | $20,540 | $5,400 | Building foundation, starting career |
| 35-44 | $41,540 | $7,500 | Peak family/home buying years |
| 45-54 | $71,130 | $8,700 | Peak earning years |
| 55-64 | $72,520 | $9,000 | Pre-retirement accumulation |
| 65-74 | $100,250 | $11,200 | Early retirement phase |
| 75+ | $82,800 | $10,500 | Living on retirement assets |
Recommended Savings by Income (50/30/20 Rule)
| Age Group | Median Monthly Income | 50% (Needs) | 30% (Wants) | 20% (Savings) |
|---|---|---|---|---|
| 20-24 | $3,136 | $1,568 | $941 | $627 |
| 25-34 | $4,544 | $2,272 | $1,363 | $909 |
| 35-44 | $5,424 | $2,712 | $1,627 | $1,085 |
| 45-54 | $5,344 | $2,672 | $1,603 | $1,069 |
| 55-64 | $5,072 | $2,536 | $1,522 | $1,014 |
| 65+ | $4,636 | $2,318 | $1,390 | $927 |
Average Net Worth by Age
| Age Group | Average Net Worth | Median Net Worth | Goal by Age |
|---|---|---|---|
| Under 35 | $76,300 | $13,900 | Build emergency fund |
| 35-44 | $436,200 | $91,300 | 1x annual salary in retirement |
| 45-54 | $833,200 | $168,600 | 3-4x annual salary |
| 55-64 | $1,175,900 | $212,500 | 6-8x annual salary |
| 65-74 | $1,217,700 | $266,400 | 10x final salary |
| 75+ | $977,600 | $254,800 | Maintain wealth in retirement |
Key Takeaways
Focus on the Median, Not the Average
Average balances are skewed by ultra-wealthy households. The median (middle value) is more representative of typical Americans. If you're near the median for your age, you're doing better than half the population.
The 20% Savings Rule
Following the 50/30/20 budget means saving 20% of your income. At a $5,000 monthly income, that's $1,000/month or $12,000/year. Consistency compounds over time.
Start Early, Save Often
Only 15% of Gen Z (ages 18-27) are actively saving. Starting in your 20s, even with small amounts, leverages decades of compound growth. $500/month from age 25-65 at 7% return = $1.2M.
Track Your Progress
You can't improve what you don't measure. Tracking your savings rate and net worth helps you stay accountable and motivated. Even beating the median by 10% compounds to significant wealth over time.