Benchmarks
Savings by age, as benchmarks
Fidelity's published retirement-savings multiples and the 2022 Survey of Consumer Finances net-worth medians, with the difference between the two.
Estimate a net-worth percentile
Age benchmarks are popular because they turn a long project into a checkpoint. They are also easy to misuse. Two different numbers get quoted as if they were the same thing: a savings multiple of income, and a median household net worth. This page keeps them apart.
A published savings multiple
Fidelity's retirement guidelines, written for someone aiming to retire around 67 and replace a large share of pre-retirement income, are approximately:
| Age | Savings as a multiple of income |
|---|---|
| 30 | 1× |
| 35 | 2× |
| 40 | 3× |
| 45 | 4× |
| 50 | 6× |
| 55 | 7× |
| 60 | 8× |
| 67 | 10× |
The path assumes you have been saving a meaningful share of pay for a long time and that you invest it. A household that started late, paused for caregiving, or keeps the money in cash will not track the table, and the table is not a scolding. If your spending in retirement will be much lower or higher than the lifestyle Fidelity modeled, your multiple is a different problem. The FIRE number — spending divided by a withdrawal rate — answers that problem more directly than a salary multiple.
Median net worth in 2022
The Federal Reserve's 2022 Survey of Consumer Finances, published in the October 2023 Bulletin, reported these median and mean family net worth figures in 2022 dollars. The median is the middle household. The mean is pulled up by wealthy households, which is why it is much larger and a poor personal target.
| Age | Median | Mean |
|---|---|---|
| Under 35 | $39,000 | $183,500 |
| 35–44 | $135,600 | $549,600 |
| 45–54 | $247,200 | $975,800 |
| 55–64 | $364,500 | $1,566,900 |
| 65–74 | $409,900 | $1,794,600 |
| 75 and older | $335,600 | $1,624,100 |
| All families | $192,900 | $1,063,700 |
Home equity is inside those medians. So are student loans, on the debt side. A renter with a large 401(k) and a homeowner with a new mortgage are not comparable just because they share an age. The drop after 75 is consistent with people spending savings down. It is not, by itself, a sign that older households failed.
A better personal checkpoint
- Write down annual spending you actually want covered, not a multiple you saw in a headline.
- Divide by a withdrawal rate you are willing to study. Four percent is the usual starting point and the four-percent page explains why it is not a law.
- Subtract income you are confident about, such as a pension you have already earned. Type Social Security only as a number you looked up, not as a guess from this site.
- Compare that portfolio target with invested assets. Home equity counts only to the extent you will actually use it.
Benchmarks are context. The FIRE and Coast calculators are where your own spending goes.
Questions
Should I have a certain multiple of salary saved by 40?
Fidelity publishes a guideline of about 3× salary in retirement savings by 40, on the way to about 10× by 67. It assumes a particular savings habit, retirement age, and lifestyle in retirement. Missing it is not a moral failure, and hitting it does not mean work is optional. Use it as a mile marker, then run your own spending through the FIRE calculator.
Why is median net worth so different from median retirement savings?
Net worth includes home equity, cars, and other assets, minus debts. Retirement-account balances are one slice. A household can have a high net worth and very little in invested accounts, or the reverse. Do not compare a 401(k) balance with an SCF net-worth median and call it behind or ahead.