Retirement Retirement Planning

Here's the Average Retirement Savings of 58-Year-Old Americans (Are You on Track?)

At 58, retirement is close enough to feel real, and understanding how your savings compare can help you spot gaps.

By Kristin Hitchcock

Edited by Calista Headrick

Updated Jan. 11, 2026

At 58, retirement doesn't just feel theoretical anymore. You may be close enough to actually picture what your days could look like, but still far enough away to wonder whether your savings will actually support that vision.

This is often the moment people take a serious look at their numbers and ask whether they've done enough to set yourself up for retirement.

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Average retirement savings at age 58

Data from the Federal Reserve's Survey of Consumer Finances shows that households headed by someone in their late 50s hold a wide range of retirement balances. On average, total retirement savings (including 401(k)s, IRAs, and similar accounts) land around $537,500, while median balances are significantly lower at $185,000.

This gap is hugely important. Averages are pulled up by high earners with long contribution histories, while many everyday workers fall closer to the median. If your savings are far from the average, you're far from alone. Most people are far from the average.

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What counts as retirement savings?

When we talk about retirement savings at 58, we're typically referring to tax-advantaged accounts designed specifically for retirement. These usually include employer-sponsored plans like 401(k)s or 403(b)s, traditional and Roth IRAs, and sometimes pensions with a defined balance.

Other assets like regular savings accounts and home equity often do support retirement, but they're tracked separately and not counted as "retirement savings."

Why age 58 is a vital checkpoint

At this age, you're very close to retirement. Time is a limited resource, but you still have some leverage. You may have seven to 10 working years left, which can make a meaningful difference if you focus on saving and planning.

This is also when many people are earning the most and are able to take advantage of catch-up contributions. Take a close look at your savings now so that you can course-correct while you still have time, instead of realizing too late that you've made an error.

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How much income those savings might support

A common planning shortcut is estimating how much annual income your savings could reasonably generate in retirement. While outcomes vary based on market conditions and withdrawal strategies, many planners use conservative assumptions to avoid overestimating.

At age 58, it isn't that your savings are "too much" or "not enough," but how close you are to supporting your lifestyle in retirement. This clarity is more important than your actual balance.

Why many 58-year-olds feel behind (even when they aren't)

Retirement comparisons are emotionally loaded. You may be measuring yourself against coworkers, online calculators, or outdated rules of thumb that don't reflect today's costs or longer lifespans.

Many people have uneven savings histories due to caregiving and layoffs. Very few savers have been "consistent" for decades. Life changes, and that's often felt when you look at your savings. Feeling behind doesn't mean you're completely off track.

At age 58, there are tons of improvements you can make to increase your savings amounts. Small, deliberate adjustments can still compound meaningfully over time.

1. Review your contribution rates

At 58, you have a little time left to increase your savings in the most straightforward way possible: by saving more. If your income has grown or certain expenses have eased, reviewing your contributions could reveal real room for an increase.

Even a small adjustment could mean a lot over your last working decade, especially if you have an employer match that you aren't fully taking advantage of.

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2. Take advantage of catch-up contributions

Workers age 50 and older are generally allowed to contribute more to tax-advantaged retirement accounts than younger savers. These catch-up contributions can be particularly useful for people who started saving later or experienced gaps along the way.

While they won't erase shortfalls overnight, they can help accelerate progress during the final stretch before retirement.

3. Reassess your investment mix

As retirement approaches, you should consider taking a look at how your savings are invested. However, this doesn't mean you need to be overly conservative. It can be a good opportunity to check whether your current mix still matches your timeline and tolerance for market swings.

A portfolio you felt comfortable with at 45 might be very different from one you need at 58.

4. Clarify when you plan to stop working

Retirement readiness depends a lot on timing. Working a few additional years can reduce how long you need to save for and allow your savings to grow a little bit more. At 58, stretching the retirement window might be a realistic option if you're very behind in your savings.

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5. Review your expected retirement income sources

Your retirement savings don't exist in isolation. Social Security, pensions, part-time work, or other income streams can all affect how much you'll rely on your savings each year. Understanding how these pieces fit together may highlight gaps or reduce unnecessary worry, especially if your savings balance looks lower than expected at first glance.

Bottom line

The average retirement savings of 58-year-old Americans can offer helpful context, but it's only one reference point. What matters more is how well you've prepared for retirement based on your expected expenses, income sources, and the number of years your savings may need to last.

Many people overlook the longevity risk when planning for retirement. According to CDC data, a healthy 58-year-old today has a meaningful chance of living into their late 80s or beyond, which means a retirement plan may need to support 25-30 years of spending. Factoring in that longer timeline can change how you think about savings and when to claim benefits.

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