Retirement Retirement Planning

If You've Saved This Much for Retirement by 50, You're Doing Better Than Most

See how you stack up against your peers.

By Catherine Collins , Edited by Laura Hohenstein

Updated Aug. 26, 2026

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If you've recently turned 50, you might be wondering what the typical 50-year-old has saved in their retirement plan. After all, you're closer to retirement than ever before, and retiring in 15 years is likely on the horizon for those who have been contributing to a 401(k) plan during their working years.

However, many people are unsure whether they've saved enough to retire on time or if they're on track compared to others their age. Below, we'll share the median retirement savings for those in their 50s as well as some other tips for maximizing these high-earning years.

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The average retirement savings for someone in their 50s, according to Federal Reserve data

The most recent retirement data from the Federal Reserve comes from the 2022 Survey of Consumer Finances. This survey tracks the finances, including retirement savings, from different age groups. The survey showed that people between the ages of 45 and 54 have an average of $313,220 saved for retirement. However, a more accurate number, likely more in line with the average person's retirement savings, is that the median is $115,000.

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The difference between the median retirement account and the mean

Typically, high earners who contribute a significant amount of money towards their retirement accounts skew the averages. That's why it's important to look at the median to get a sense of what the typical American worker in this age bracket saves. The report also showed that approximately 62% of people in that age bracket had a retirement account. Households without retirement accounts were excluded from the data.

Fidelity's benchmark for retirement savings in each age bracket

Fidelity also offers a benchmark that many people use to determine their readiness for retirement. It's not a hard requirement. Rather, it is a rule of thumb people could use to see whether they're on track. Fidelity says that workers should aim to have roughly six times their salary saved by age 50. The ultimate goal is to have 10 times your salary saved by age 67. Fidelity data show that those who reach these milestones should be able to retire with enough savings.

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Your retirement account is only one part of your total net worth

It's important to note that your retirement account is only one part of your total net worth. Your net worth is all of your assets minus your liabilities. So, if you own a home with significant equity, that also contributes to your total net worth. Additionally, many people would receive Social Security income and retirement benefits. It's important to review all your assets and consider how they could be leveraged to contribute to your retirement income. Additionally, reviewing your debt as you head into retirement is important, as minimum debt payments could cut into your cash flow during your retirement years.

Why your 50s are some of the most important retirement contribution years

Even if you are behind on your retirement savings, your 50s are some of the most important retirement contribution years. That's because your 50s are some of your Peak earning years before you retire, giving you a greater opportunity to contribute more to your retirement plans. Additionally, once you turn 50, you're eligible for catch-up contributions. That means workers aged 50 could contribute an extra $8,000 toward their 401(k)s, in addition to the $24,500 maximum. The ability to contribute this extra amount allows people to top off their retirement accounts while there's still time for compound interest to start working.

Your retirement savings at 50 is a checkpoint

Rather than feeling stressed about your retirement savings at age 50, instead look at it as an opportunity to review your retirement plan in full. For example, instead of focusing on your current 401(k) balance, take the time to review your contribution rate, your assets, your 401(k) fees, your target retirement age, and your account mix.

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What to do if you have lower-than-average retirement savings at 50

If you're not sure whether you're on the right track, consider working with a financial planner. A financial planner could give you customized advice for your specific retirement goals, your current retirement savings, and your income. They could also give you advice on ways to increase your retirement contributions. For example, they could help you understand how to maximize your full employer match or share some projections on how much you could have saved if you work for extra years.

Bottom line

Checking in on your retirement savings at 50 lets you plan for the next 15 years before you retire. Use your current numbers to gauge the best way to plan your retirement contributions in the future. Fortunately, even if you feel behind or if you've made financial mistakes, know that having 15 to 20 years of investing is still a solid time frame for compound interest to work and grow your investments.

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