Retirement Retirement Planning

Here's How Much Retirement Savings Puts Gen X Ahead of Their Peers (How Do You Compare?)

Do you have more or less saved for retirement than other Gen Xers?

By Catherine Collins , Edited by Laura Hohenstein

Updated Sept. 24, 2026

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Sometimes, to see whether or not you're on track for retirement, it might be helpful to know how your retirement account looks compared to others in your age bracket.

Gen X includes those born between 1965 and 1980. They are approximately 46 to 61 years old now. Most members of Gen X have been in the workforce for quite some time and have had an opportunity to contribute to a retirement plan during their working years. Here's how much Gen X has saved for their golden years, on average.

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The average retirement savings for Gen X

Fidelity's data shows the average retirement balances by generation. According to Fidelity, the average 401(k) balance for Gen X is $222,100, while the average IRA balance is $118,700. The 2022 Survey of Consumer Finances tracks slightly different data. It reports that Gen Xers between 45 and 54 have an average of $313,220 saved for retirement, but the median number is $115,000.

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Why you should focus more on the median retirement amounts

Though it might make sense at first to compare your retirement plan balance to the average balance in your generation, the median may be a better indicator. That's because the average is typically pulled up by a small percentage of workers who could max out their retirement accounts each year because of their high incomes. Because of that, reviewing the median amount is a closer indicator of what the average Gen X worker has saved so far.

How much Gen X should have saved, according to Fidelity

Comparing your retirement account to the average Gen X numbers is one way to determine how ready you are for retirement. Fidelity offers another. According to their financial experts, you should have six times your salary saved by the time you're 50, with the ultimate goal of having 10 times your salary saved or invested by the time you're 67. If you're not close to these numbers, the good news is that many Gen Xers still have working years left where they could take the time to contribute more to their retirement accounts.

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Knowing your retirement numbers is an important planning tool.

Even though it could be stressful to look up your retirement accounts and compare them against others your age, it's an important step. If you feel behind, remember that knowing your finances is an important planning tool for the future. Knowing where you stand today could help you plan your next steps, including how much you may want to increase your retirement contributions.

If you find out that you're on track for retirement, part of your planning might be considering ways to preserve your nest egg so it continues to grow. That may include saving a large emergency fund, paying down high-interest debt, and making sure you have life insurance in place.

Take advantage of catch-up contributions

Most Gen Xers could take advantage of catch-up contributions now or in a couple of years. Catch-up contributions mean that you could add additional money to your retirement accounts on top of the typical maximums. For example, once you turn 50, you could add an extra $8,000 to your retirement accounts every year. That, combined with the $24,500 maximum, means you could contribute $32,500 to your 401(k). Catch-up contributions like this could help you accelerate your retirement savings during some of your higher earning years.

Your retirement account balance is only one piece of the puzzle

Ultimately, your retirement account balance matters, but it's only one piece of your retirement puzzle. There are some retirees with very high 401(k) balances, but they also live in a high cost of living area. There are retirees who stop working and live off of just their Social Security income. Ideally, you'll have multiple retirement account types, assets like real estate, and Social Security to help fund your retirement.

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Work with a financial planner if you need financial help

Making a retirement plan might be confusing, especially if you're not sure how much you need to contribute each year to reach your goal. There is no shame in reaching out and asking a financial planner for help. A financial planner could look at your current income, retirement savings balance, and talk to you about your goals for retirement. They could use that information to create a custom plan as well as help you optimize your taxes now and into the future.

Bottom line

Ultimately, Gen Xers are in their peak earning years and still have a chance to contribute to their retirement savings. Even if you've made financial mistakes in the past, it's not too late to get your finances on track and prepare for your future. Remember that in addition to your 401(k) balance, you'll also have additional retirement income, like Social Security income. Combining these multiple income sources could help you afford your retirement lifestyle and enjoy your golden years.

FAQs

Should Gen X prioritize retirement savings or paying off debt?

High-interest debt, such as credit card balances, generally deserves immediate attention because its interest rate may exceed potential investment returns. Lower-interest debt may be managed alongside retirement contributions, especially if your employer offers a 401(k) match.

Should Gen X include Social Security in retirement planning?

Yes, but Social Security typically replaces only part of your working income. Create an account with the Social Security Administration to review your earnings history and estimate benefits at different claiming ages.

How often should Gen X review a retirement plan?

Review your plan at least annually and after major changes involving your income, employment, health, family, or expected retirement date. Regular checkups allow you to adjust contributions and investment allocations before a shortfall becomes harder to address.

Should Gen X keep extra savings in a regular savings account?

It depends on when you'll need the money. Cash set aside for emergencies or near-term expenses should stay accessible, but it's worth checking what your account earns. The cost of keeping money in a traditional account could be about $2,100 a year on a $55,000 balance if it earns 0.20% APY instead of 4.00% APY. Compare your actual rate with available rates, then consider how much cash you need alongside your retirement investments.

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