Here's The Average Retirement Savings of 64-Year-Old Americans (How Do You Compare?)

As Americans approach retirement, many take a hard look at their savings to see whether they are financially prepared for the years ahead. Comparing your progress to national benchmarks can help put your situation into perspective and highlight potential gaps. For those who did not start investing early, these numbers can feel intimidating, but they also offer valuable insight. Understanding how typical savers are doing at age 64 can help clarify next steps.

Here's what the data says about retirement savings at this critical stage of life.

The average and median 401(k) balance for a typical 64-year-old

There is no single official benchmark for retirement savings at age 64, since earnings, investment choices, and years of participation vary widely from person to person. Even so, data offer a useful snapshot of how Americans are doing as they near retirement.

According to the most recent data available from a Federal Reserve Survey of Consumer Finances, those aged 55 to 64 have an average of $537,560 in retirement savings. In contrast, the median retirement savings for this age group is $185,000. 

While 64-year-olds might be on the higher end of the average range since they've presumably worked and saved for more years, the wide gap between average and median figures shows how a smaller group of high savers pulls the average higher. Still, the sharp difference between average and median figures highlights how a relatively small group of high savers pulls the average upward, while many others remain far below that level.

How much you should have saved by age 64

Fidelity suggests that savers aim to have roughly eight times their annual income saved by age 60. Meanwhile, by age 67, it's recommended to save at least 10 times your annual income. Those aged 64 are closer to age 67 than they are to age 60, so perhaps saving at least nine times your annual income by age 64 is a plausible figure to aim for.

These guidelines assume steady saving and investing throughout a career, along with control over spending in retirement. Falling short of these benchmarks does not automatically mean retirement is off the table, but it may require adjustments. Delaying retirement, reducing expenses, or finding additional income sources may help close the gap.

How people can fall behind in retirement savings

Many Americans may reach their mid-60s with lower balances because they lacked access to retirement plans earlier in their careers. Perhaps some never worked for employers that offered 401(k) plans or matching contributions, while others were unaware of how much they needed to save. High-interest debt can also crowd out retirement contributions for years at a time.

Life events often play a role as well. Caregiving responsibilities or unexpected health issues that caused years out of the workforce may also limit the ability to save consistently. Over the decades, these setbacks can compound and become harder to overcome.

Ways to make sure you'll have sufficient retirement savings

Improving retirement readiness at age 64 often requires a balance of realism and proactive planning. Even modest changes can still have an impact during your final working years. The most effective strategies focus on actions that remain within your control rather than comparisons with national averages at any age. 

Below are three broad approaches that can help strengthen your position as retirement approaches.

Increase savings and delay withdrawals

Continuing to contribute to retirement accounts for as long as possible can meaningfully improve outcomes. Workers age 50 and older can take advantage of catch-up contributions, which allow higher annual savings limits. Avoiding early withdrawals helps preserve tax advantages and compound growth.

Even a few extra years of saving can noticeably increase retirement income.

Adjust your investment mix thoughtfully

As retirement nears, investment strategy becomes more about balance than maximum growth. Maintaining exposure to equities can support long-term purchasing power, while reducing excessive risk helps limit volatility. Gradual adjustments often work better than sudden, dramatic changes.

A diversified portfolio aligned with your time horizon can help manage both growth and stability.

Plan for income beyond a 401(k)

Retirement savings rarely exist in isolation. Social Security, part-time work, pensions, or other income sources all play a role in long-term security. Understanding how these streams interact can help stretch savings further.

Coordinating withdrawals and income timing may reduce taxes and improve cash flow throughout retirement.

Bottom line

The data shows that while the average 64-year-old has several hundred thousand dollars saved for retirement, the median balance is far lower, underscoring how uneven retirement readiness can be.

Evaluating where you stand, adjusting plans as needed, and focusing on controllable steps can help you get ahead financially and make the most of the years leading into retirement.

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