Retirement Retirement Planning

Here's the Average Retirement Savings of 57-Year-Old Americans (Are You on Track?)

See the average 401(k) balance for Americans around age 57.

By Andy Lindquist

Edited by Esther Carlstone

Updated March 22, 2026

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As you move into your late 50s, retirement is no longer just an idea, it's staring you right in the face. So, naturally, many Americans want to see how their retirement savings stack up against their peers. At 57, there's still time to catch up and boost your accounts before you stop working full-time, but it will take some diligent financial planning.

Is your net worth keeping pace? Compare your progress to your peers and discover actionable ways to supercharge your nest egg.

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The average and median 401(k) balance for a typical 57-year-old

According to the latest research, the average 401(k) balance for an American between 55 and 64 is $271,320. While that number might sound substantial, it's heavily skewed by a small group of high-net-worth savers who bring up the average significantly.

That's why it's best to look at the median or center of the distribution in the data, which is a far more realistic reflection of the typical middle-class saver. The median 401(k) balance is $95,642, a figure that doesn't seem too far out of reach for the average American.

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How much you should have saved by age 57

Many financial planners suggest using salary-based savings benchmarks to gauge retirement readiness. According to Fidelity, Americans should aim to have about six times their salary saved by age 50 and roughly eight times their salary by age 60.

For someone who makes around the median American salary of $66,622, that's roughly $399,732 to $532,976.

Reasons people may be behind in savings by age 57

Many 57-year-olds find themselves squeezed in the "sandwich generation," meaning they have to care for their aging parents as well as their young children. Recent studies show that 70% of people in this position say it has had a significant impact on their retirement plans. It's hard to fund a 401(k) when you're also funding a parent's assisted living or a child's grad school.

That means many Americans are well behind where they should be when it comes to their retirement portfolios, especially if they don't have a company-sponsored retirement plan.

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Ways to ensure you've saved enough by 57

It's not the end of the world if you're lagging behind with your retirement savings. The IRS allows "catch-up" contributions to 401(k) accounts for people over the age of 50. In 2026, the catch-up contribution limit is $8,000.

Coupled with the limit for a regular contribution, that's potentially $32,500 that you can add to your account this year. So, it only takes a few diligent years of putting in the maximum amount before you make up enough ground to reach escape velocity.

How to catch up

While it's not time to panic, there are some actionable steps you'll need to take to get your finances back on track. Everything revolves around your ability to reach the $32,500 annual maximum and keep it consistent from age 57 until retirement.

Cut down on spending and lifestyle creep

It can be tempting to splurge on fancy meals and cars as you get older, but you need to resist. Cut down on your spending and focus just on essential items and food needed for everyday life. That means reducing your eating out as well, which can be a big contributor to debt.

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Pay down high-interest debt

Reducing credit card balances and other high-interest debt frees up more money for retirement savings while lowering monthly expenses. The higher the interest rate, the worse the compounding is, so it's critical that you get it under control as soon as possible.

Consider reducing future expenses

Downsizing your home, relocating to a lower-cost area, or selling your car can make your retirement savings stretch further. Living as cheaply and frugally as possible is a good idea, and it will give you a lot more cash flow to put toward other revenue-generating assets beyond just your 401(k).

Delay your retirement

Since Social Security makes up a big portion of a retiree's income, delaying when you start to take benefits could be a huge difference maker. Beyond giving you more work years and more years of catch-up contributions, delaying taking your benefits adds up.

For every year from 62 to 70 that you delay taking your Social Security, your monthly benefit amount increases. Couple that with more years of saving, and you'll be well-positioned for a comfortable retirement.

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Bottom line

The typical American nearing retirement still has a long way to go financially. Even though the average 401(k) balance for workers aged 55 to 64 is over $270,000, the median saver has less than $100,000, showing how uneven retirement preparedness really is. That means it's even more important to make the right money moves during your last decade of work so you can put yourself in a strong financial position heading into retirement.

According to the Social Security Administration, about 50% of retirees rely on Social Security for at least half of their income. That means the more you can save in your late 50s, the more financial flexibility you'll have when retirement finally arrives.

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