Retirement Retirement Planning

If You've Saved This Much for Retirement by Age 50, You're Ahead of the Average American

This number shows if you'll be able to retire on time.

By Catherine Collins , Edited by Laura Hohenstein

Updated Sept. 8, 2026

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Turning 50 is a big milestone, especially if you've been actively contributing to your retirement plan for the past few decades. This is likely the time when you start to truly see the benefits of compound interest starting to work. You're in your peak earning years, and retirement is just around the corner.

However, according to a TIAA survey, two-thirds of Americans feel like they won't retire on time. Because of that, many are planning to work longer. If you want to see how much you need to save by 50 to retire on time, keep reading.

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The benchmark: Save 6x your salary by 50

According to Fidelity, a good benchmark for workers is to try to have six times your salary saved for retirement by age 50.

While this isn't a hard rule, it's a good way for workers to estimate whether or not they're on track to retire on time. Fidelity explains the ultimate goal is to have ten times your salary by the time you turn 67.

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What investing 6x your salary looks like

Here are a few examples of savings goals, according to Fidelity's benchmarks. If you earn $50,000 a year, having six times your income saved would be $300,000. An $80,000 salary means your goal savings would be $480,000. If you earn $125,000 per year, your goal is $750,000. If you earn $250,000, it would be $1.5 million.

Again, these are goal numbers and a way to see whether or not you're behind, on track, or ahead of retirement benchmarks.

What people actually have saved, on average, by age 50

If you looked at the numbers above and worried you were behind on retirement savings, you're not alone.

According to the 2022 Survey of Consumer Finances, the most recent data from the Federal Reserve, people between 45 and 54 have $313,220 saved for retirement, on average. The median is lower, however, at $115,000.

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High earners skew the retirement savings averages

The reason the retirement savings median is so much lower than the mean is that high earners tend to skew the averages. That's because high earners with more disposable income may be able to max out their 401(k)s regularly. The median is likely a far more accurate view of what most American workers have invested for retirement.

If you're behind on your retirement savings, here's what to do

If you want to increase your retirement savings over the next few years, there are a few things to do. First, take advantage of catch-up contributions, which allow you to invest an additional $8,000 a year in your 401(k) on top of the $24,500 maximum. Next, make sure you're taking advantage of workplace benefits, like the full employer match and increasing your contributions each year.

Taking an inventory of your spending can also help. Many people don't realize what money leaks they have, but tracking expenses can help. Making a plan to pay off high-interest debt can also help increase cash flow in the future, making it easier to afford retirement costs.

If you're ahead on your retirement savings, make sure you're taking these steps

If you're on track or ahead of your retirement savings goals, make sure to stay on course. Continue to increase your 401(k) contributions if you haven't maxed them out yet, and take advantage of catch-up contributions.

Also consider using the next 15 years to pay down your mortgage and high-interest debt, so you can go into retirement without minimum payments. Finally, consult with an accountant on the best ways to optimize your taxes now and during retirement, so you don't get caught off guard with a surprise tax bill.

Retirement News: Almost 80% of Americans fear a retirement age increase — here’s the real reason why

Work with a financial planner if you need help

If you're not sure whether you'll be able to retire on time, making an appointment with a financial planner can help. A financial planner can review your individual accounts and discuss your goals for your retirement lifestyle. They can also support you as you transition into retirement and help create a withdrawal strategy for you for your golden years.

Bottom line

As mentioned, having six times your salary invested by age 50 is a benchmark, not a signal that you won't be able to retire on time. However, age 50 is a good time to review your numbers as you still have time to recover from financial mistakes and start making catch-up contributions.

If you're behind the average, remember there are many steps you can take to catch up, including working longer. If you have a question about the retirement-savings process, consider consulting with a financial planner to get expert advice.

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