Retirement Retirement Planning

Here's the Average IRA Balance of Americans at 60 (How Do You Compare?)

A look at what people in their early 60s actually have tucked away in their IRAs, and what it might mean for your own retirement math.

By Josh Koebert , Edited by Laura Hohenstein

Updated Oct. 8, 2026

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Turning 60 can prompt a closer look at your savings. Retirement is getting nearer, but you may still wonder whether you're on track for retirement.

So what does an average IRA balance look like for people in their early 60s? Here's what the latest IRS data shows, and how to see where you fit. This is a mean, not a median, so large IRA balances can pull the average upward.

Editor's note: Figures come from IRS data for tax year 2023. The IRS groups people ages 60 to 64 together, so we use that age range as the closest available benchmark for 60-year-olds. Combined IRA averages were calculated from IRS totals.

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So what's the average IRA balance for people around 60?

Average: $292,135

Taxpayers ages 60 to 64 held an average of $292,135 across all their IRA accounts combined in tax year 2023, according to IRS data. That figure covers people with traditional, Roth, SEP, or SIMPLE IRAs, and it's an average calculated from IRS totals, dividing the group's total end-of-year IRA fair market value by the corresponding number of taxpayers reported in the IRS table.

It's also a per-taxpayer number rather than a per-account number, so it reflects someone's total IRA savings rather than a single account. The IRS counted about 7.8 million taxpayers age 60 to 64 with at least one IRA.

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What's actually inside that average balance?

The IRS also reports averages by account type. Among taxpayers age 60 to 64 who have a traditional IRA, the average end-of-year value was $289,052. Among those in the same age band who have a Roth IRA, the average was $72,027, well below the traditional IRA figure.

Keep in mind that those two numbers aren't meant to be added together. Each one is an average among the people who hold that type of account, while the $292,135 figure covers all IRA types a taxpayer holds.

How many people age 60 to 64 have an IRA?

Nationally, the IRS counted roughly 71 million taxpayers of all ages with some kind of IRA in tax year 2023. About 7.8 million of them were age 60 to 64.

The $292,135 average reflects only taxpayers who have an IRA on record with the IRS, through a Form 5498 or 1099-R filing. It describes the balances of people in their early 60s who own an IRA, not everyone in that age range.

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How does a 60-year-old's IRA stack up against other ages?

Compared with people a few years younger, those age 60 to 64 have higher average balances. Taxpayers age 55 to 59 averaged $213,507 across all IRA types in tax year 2023, below the $292,135 average for the 60 to 64 group.

Taxpayers age 65 to 69 averaged more than both: $370,237, the highest of these three bands. Across taxpayers of all ages with an IRA, the average was $205,238 in tax year 2023.

What to do about your own IRA balance

Pull up your most recent IRA statement and write down your current balance.
List every retirement account you own in one place so you can see your full total.
Consider consolidating old 401(k)s or scattered IRAs into one account to make tracking easier.
Book a check-in with your IRA provider or a financial advisor to talk through your own retirement timeline.

Bottom line

Taxpayers age 60 to 64 held an average IRA balance of $292,135 in tax year 2023, according to IRS data. That's above the $213,507 average for taxpayers age 55 to 59 and below the $370,237 average for taxpayers age 65 to 69. These figures offer a point of comparison, but large balances can pull the averages upward, and the data includes only people who have IRAs.

Your IRA balance is also just one part of your retirement picture. A smaller IRA could sit alongside a substantial 401(k), pension, or other savings. To make the comparison useful, look at your total retirement resources, expected expenses, how to maximize your senior benefits, and when you plan to stop working. Being above or below the average doesn't tell you whether your money will cover the retirement you want.

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FAQs

How much should I have saved by age 60?

Fidelity's savings guideline suggests having about 8 times your salary saved by age 60 if you're planning to retire at 67. Its milestones are 6 times your salary by 50 and 10 times by 67. These targets apply to your total retirement savings, including IRAs and workplace retirement accounts, rather than your IRA alone.

How much can I contribute to an IRA this year?

For 2026, you can contribute up to $7,500 across your traditional and Roth IRAs combined, plus a $1,100 catch-up contribution if you're 50 or older, for a total of $8,600. Contributions generally cannot exceed eligible taxable compensation, although spousal IRA rules may apply. Roth contributions also depend on income. In 2025, the limits were $7,000, or $8,000 for those 50 or older.

How much do I need saved by the time I actually retire?

Fidelity's guideline is about 12 times your preretirement income if you retire at 65, and about 8 times if you wait until 70. Fidelity also suggests saving at least 15% of your income each year, including anything your employer puts in.