How Much Should You Have Saved by Age? 2026 Guide for the USA and Canada

One of the most common retirement questions is also one of the hardest to answer: How much should I have saved by my age?

It is tempting to search for an "average savings by age" number and compare yourself with it. The problem is that there is no single number that accurately describes retirement readiness. Some people have large workplace pensions. Others have substantial home equity, rental income, government benefits, or investments outside retirement accounts.

So instead of relying on outdated internet lists that claim everyone in their 40s should have exactly $90,000 or everyone over 60 should have $200,000, this guide looks at what the latest available data actually tells us in the USA and Canada.

Why "Average Savings by Age" Can Be Misleading

Before looking at any numbers, it is important to understand the difference between average, median, retirement savings, financial assets, and net worth.

An average can be heavily influenced by wealthy households. The median is the middle household and is often more useful for understanding what a typical household looks like.

Retirement savings are also only one part of a person's financial picture. A Canadian household might have an RRSP, TFSA, defined-benefit pension and substantial home equity. An American household might have a 401(k), IRA, taxable brokerage account and Social Security benefits.

Comparing only the balance in a savings account can therefore give you a very misleading picture of retirement readiness.

Savings in Your 20s: Build the Foundation

Your 20s are less about reaching a particular dollar amount and more about creating good financial habits.

This is the stage where an emergency fund, manageable debt, regular retirement contributions and taking advantage of employer matching programs can make a major difference later.

What Should You Focus On?

• Build an emergency fund.
• Pay down high-interest debt.
• Take advantage of employer retirement-plan matching.
• Begin investing consistently, even if the initial amounts are small.
• Increase your savings rate as your income rises.

In the United States, that may mean contributing to a 401(k) or IRA. In Canada, an RRSP and TFSA may both play important roles.

Compound growth is one of the biggest advantages of starting early. Someone who invests consistently for several decades may need to contribute far less each year than someone who waits until their 40s or 50s.

Your 30s: Turn Saving Into a System

Your 30s often bring higher income, but they can also bring mortgages, children, childcare, student loans and other major expenses.

This is why a percentage-based target can be more useful than a fixed dollar amount. Fidelity's current U.S. retirement guideline suggests aiming for roughly 1× your income by age 30 and 3× by age 40.

These are guidelines rather than requirements. Someone with a generous defined-benefit pension may need substantially less personal savings than someone who expects to fund retirement almost entirely from investments.

What to Do in Your 30s

• Increase contributions when you receive raises.
• Capture every available employer match.
• Pay attention to investment fees and diversification.
• Build both short-term savings and long-term retirement assets.
• Start estimating what retirement will actually cost.

Your 40s: The Numbers Start to Matter More

By your 40s, retirement is no longer an abstract concept. You may have 15 to 25 years before retirement, depending on when you plan to stop working.

Fidelity's current benchmark is approximately 3× income by age 40 and 6× income by age 50. Again, this is a planning guideline rather than a universal rule.

The Federal Reserve's latest Survey of Consumer Finances also shows why averages can be deceptive. Among U.S. families that had retirement accounts in 2022, the median retirement-account balance was $86,900, while the mean was $334,000. The large gap demonstrates how a relatively small number of large accounts can pull an average substantially upward.

Ask a Better Question

Instead of asking, "Do people my age have more money than I do?" ask: "Will my current savings and future income be enough to support the retirement I want?"

That question takes you from simple benchmarking to actual retirement planning.

Your 50s: From Saving to Retirement Readiness

Your 50s are often the decade when retirement planning becomes much more detailed. You should have a clearer idea of when you want to retire, what you expect to spend, and where your retirement income will come from.

Fidelity's current benchmark reaches approximately 6× income by age 50 and 8× income by age 60.

These numbers should not be treated as a pass-or-fail test. A person earning $100,000 with a large defined-benefit pension is in a very different position from someone earning $100,000 with no pension and plans to retire at 60.

Things to Review in Your 50s

• Your projected retirement date.
• Your expected retirement spending.
• Mortgage and other debt.
• CPP, OAS and employer pension benefits in Canada.
• Social Security and employer pensions in the USA.
• Tax treatment of your retirement accounts.
• Healthcare and long-term-care costs.
• How much you expect to leave to your heirs.

If you are behind your target, your 50s still provide meaningful opportunities to catch up through increased contributions, working longer, reducing expenses or adjusting your planned retirement lifestyle.

Your 60s and Beyond: Savings Become a Retirement Income Plan

Once you approach retirement, the size of your portfolio is only one part of the equation. You now need to determine how that money will be converted into sustainable income.

This is where retirement planning becomes a combination of investment management, tax planning, government benefits and withdrawal strategy.

In Canada, the timing of CPP and OAS can materially affect lifetime retirement income. In the United States, Social Security claiming age can similarly affect the benefit you receive.

You can use our retirement withdrawal calculator to explore how savings may support withdrawals over time.

What the Latest U.S. Data Says

The Federal Reserve's Survey of Consumer Finances remains one of the most important sources for understanding household finances in the United States. The 2022 survey is still the latest SCF because the survey is conducted every three years.

The Federal Reserve found that 54.3% of U.S. families held retirement accounts in 2022. Among families that held retirement accounts, the conditional median balance was $86,900 and the conditional mean was approximately $334,000.

More recent 2026 Fidelity data provides another useful perspective by looking specifically at 401(k) balances. Fidelity reported the following average 401(k) balances in its second-quarter 2026 data:

Notice that these are 401(k) balances, not total savings. They exclude assets such as IRAs, taxable investments, bank accounts, home equity and Social Security benefits.

What the Latest Canadian Data Says

Canadian statistics make an important point: retirement readiness cannot be measured simply by looking at cash or RRSP balances.

Statistics Canada's 2023 Survey of Financial Security found that the median net worth of Canadian families and unattached persons was $519,700.

By age of the major income recipient, median net worth was approximately:

• Under 35: $159,100
• 35–44: $409,300
• 45–54: $675,800
• 55–64: $1,058,700
• 65 and older: $1,109,700

These figures are net worth, not retirement savings. They include assets such as real estate and investments and subtract debts. That distinction is especially important in Canada, where home equity can represent a substantial part of household wealth.

Statistics Canada also reports that Canadian tax filers continue to use both RRSPs and TFSAs. In 2023, the median RRSP contribution among contributors was $4,000, while the median TFSA contribution was $6,500. Contribution levels varied considerably by age.

Canada: Don't Forget the Value of a Pension

A Canadian with a defined-benefit pension can look dramatically different from someone with the same savings balance but no pension.

Statistics Canada's 2023 data illustrates this clearly. Among families with a major income earner aged 55 to 64, those who owned their principal residence and had an employer-sponsored pension plan had a median net worth of about $1.4 million.

Someone without those assets could have a very different retirement outlook even if their bank and investment balances looked similar.

This is one reason why a simple "average savings by age" chart can be a poor retirement planning tool.

Should You Aim for a Certain Percentage of Your Income?

Income-based benchmarks can be useful because your future lifestyle is generally related to the income you earn before retirement.

Fidelity currently suggests aiming for roughly:

• Age 30: 1× annual income
• Age 40: 3× annual income
• Age 50: 6× annual income
• Age 60: 8× annual income
• Age 67: 10× annual income

Fidelity also suggests saving approximately 15% of pretax income over a working career, including employer contributions.

These are useful benchmarks, but they are not a universal formula. Retiring at 55, retiring at 70, receiving a pension, owning a mortgage-free home or expecting substantial government benefits can all change the amount you actually need.

What If You're Behind?

Seeing a benchmark that you have not reached can be discouraging, but it does not mean retirement is out of reach.

There are several variables you can still control:

• Increase your savings rate.
• Work a few additional years.
• Reduce planned retirement spending.
• Pay down high-interest debt.
• Delay government benefits when appropriate.
• Review your investment allocation and fees.
• Consider downsizing or using home equity.
• Develop additional retirement income sources.

The most important thing is to turn the benchmark into a plan rather than simply worrying about the number.

What If You Have More Than the Average?

The opposite situation can also occur. Some people reach their 50s or 60s with considerably more assets than a typical household.

That does not automatically mean they should stop saving. Instead, it may be time to ask whether the additional savings are serving a specific purpose.

You may want to retire earlier, spend more on travel and experiences, help your children, make charitable gifts, or leave a larger estate.

Retirement planning is ultimately about using your money to accomplish your goals, not simply maximizing the balance on a statement.

Don't Let an "Average" Decide When You Can Retire

Comparing yourself with other people can be useful as a reality check, but it should not determine your retirement date.

Two people the same age can require completely different amounts of savings. One may want to travel extensively, while another may prefer to stay close to home. One may have a defined-benefit pension, while another may rely entirely on investments. One may plan to retire at 55, while another plans to work until 70.

The better question is not: "Do I have more savings than the average person my age?"

It is: "Will my assets and income support the retirement I want for as long as I live?"

Use Retirementize to Find Your Number

Retirementize is designed to go beyond a simple savings benchmark.

Instead of telling you that you should have a certain dollar amount because of your age, Retirementize lets you build a retirement plan around your actual circumstances, including savings, investments, pensions, government benefits, housing, rental income, retirement spending and other financial goals.

You can start with our retirement planning calculator and see whether your current plan is projected to support the retirement you want.

Conclusion

There is no magic savings balance that everyone should reach at age 30, 40, 50 or 60. The latest data actually reinforces that point.

U.S. retirement-account balances vary enormously between households, while Canadian household wealth is heavily influenced by housing and pension coverage. What matters most is how your assets, income sources, taxes and spending fit together.

Use age-based benchmarks as a starting point—not a verdict. If you are behind, you can make adjustments. If you are ahead, you may have more choices about when and how you retire.

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