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Here's the Average Retirement Savings of 59-Year-Old Americans (Are You on Track?)

Learn what the numbers reveal about retirement readiness.

By Summer Nevins

Edited by Amanda Machado

Updated March 24, 2026

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It's normal to find yourself questioning whether you are on track for retirement, especially if you are one of the many Americans who are approaching retirement. And by age 59, retirement is on the near horizon, and many people may wonder where their savings are in comparison with those of others their age.

No two situations are the same, so the reality is that retirement savings vary widely. Below, we'll break down key insights about retirement savings at age 59 and what the numbers reveal about how prepared Americans really are.

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The average retirement savings of 59-year-old Americans

The latest Federal Reserve's 2022 Survey of Consumer Finance reports that folks in the 55–64 age group have an average retirement savings of about $537,560. If you are approaching age 59, you fall into this bracket, which is also where retirement savings peak as withdrawal is nearing.

Accounts like 401(k)s and IRAs are included in these numbers, and they provide a useful benchmark for people nearing retirement age.

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The median retirement savings might make more sense

While the average savings number may be the one you want to track, the median retirement balance actually can provide a clearer picture of what most people actually have saved. The average is often pulled higher by a relatively small number of very wealthy households, so it can be skewed by very high or very low values.

According to the same source, Americans ages 55 to 64 have a median retirement savings of about $185,000. The median simply represents the middle point, meaning half of households have saved more than that amount, and half have saved less.

How do your savings compare?

Factors like career earnings, time spent in the workforce, and access to employer-sponsored plans like a 401(k) all play major roles in influencing whether your retirement savings are above or below the median.

Other factors at 59 include investment performance, outstanding debt, and health care costs, all of which can significantly impact how much you've been able to save. Lifestyle choices and when you plan to claim Social Security also shape the overall picture of your retirement readiness.

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Your earnings and savings habits matter

Probably the biggest pieces of the puzzle are how much you've earned and how consistently you've saved. These two factors are key in determining your retirement balances by age 59.

Workers with higher salaries or steady careers often have more opportunities to contribute to retirement accounts. And regularly increasing contributions over time (especially during peak earning years) can boost your retirement savings balance.

Access to workplace retirement plans can make a big difference

Having access to an employer-sponsored plan like a 401(k) can majorly impact your retirement savings. And if you receive an employer match, you will accumulate more over time. On the other hand, those without access to a 401(k) may need to rely more heavily on IRAs or other personal investments to build their nest egg.

You can still catch up if you're behind

If you find your savings falling short of the median, there may still be time to catch up. Boosting contributions, taking advantage of catch-up contributions, and reducing debt can help strengthen your retirement outlook before you stop working.

Other tips to help your position include delaying retirement and reducing expenses in the years leading up to retirement.

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Adjust your investment mix thoughtfully

It's always wise to periodically adjust your investments. It's all the more crucial as retirement nears, though. Rethinking how your money is invested can help balance growth with risk. Things like shifting a portion of savings from high-risk stocks to more stable options like bonds or cash equivalents can help protect your savings from market swings.

Consider multiple income sources in retirement

Multiple income streams are always key. Yes, even in retirement. A 401(k) or IRA may form the foundation of your retirement savings, but most retirees rely on more than one source of income. Social Security benefits, pensions, personal investments, and even part-time work can all help support your lifestyle after leaving the workforce.

Thinking about how these income streams will work together can make your savings last longer and help provide more predictable cash flow throughout retirement.

Bottom line

The typical 59-year-old may have around $185,000 in median retirement savings, but the wide gap between median and average balances shows how widely retirement preparedness can be. Using the median and average as a benchmark can help you understand whether you may need to adjust your strategy before retirement.

Did you know many financial experts suggest you should have six to eight times your salary saved by your late 50s? If you aren't quite there, doing things like increasing contributions, slightly delaying retirement, or planning for multiple income sources can help you secure a better retirement.

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