Saving & Spending Budgeting & Expenses

How Much Emergency Savings Should Boomers Have? The Average Might Concern You

A new look at emergency savings shows how Boomers' cushions stack up against everyone else's.

By Chris Lewis, CEPF , Edited by Laura Hohenstein

Updated Oct. 14, 2026

Add Us On Google

Everyone knows an emergency fund is a good idea, but figuring out how much is actually "enough" is a different story. That's especially true for Boomers, many of whom are either retired or getting close to it, which changes what a rainy-day fund is supposed to do for you.

Looking at the average figures and comparing them with your current financial plan could help you avoid money mistakes. So what does a typical Boomer actually have tucked away for a surprise expense?

Editor's note: Figures come from Empower's 2025 Safety Net survey and 2024 BLS spending data for households headed by someone 65 or older. The BLS age group provides context but excludes younger Boomers and includes older generations. Monthly spending is annual spending divided by 12.

Get a protection plan on all your appliances

Did you know if your air conditioner stops working, your homeowner’s insurance won’t cover it? Same with plumbing, electrical issues, appliances, and more.

A home warranty from Choice Home Warranty could pick up the slack where insurance falls short.

For a limited time, you can get your first month free with a Single Payment home warranty plan.

Get a free quote

So how much emergency savings do Boomers actually have?

Median emergency savings, Boomers: $2,000

In Empower's 2025 Safety Net survey, Boomers reported median emergency savings of $2,000, the midpoint of the reported balances.

The figure comes from a survey of 2,202 U.S. adults ages 18 and up, so it reflects what people say they have set aside. Empower doesn't spell out whether people with nothing saved are counted in that midpoint.

Shopping for cheaper auto insurance? Enter your zip code here to get started.

How much should Boomers have set aside?

Fidelity's general guideline for emergency savings is to start by setting aside $1,000, then work toward 3 to 6 months' worth of essential basic living expenses. Fidelity doesn't tie that guideline to a specific age group, but it does note that people who are retired or living on a fixed income may choose to save more than the 3-to-6-month range.

For context, households headed by someone 65 or older spent an average of $61,432 in 2024, or about $5,119 a month. This includes total expenditures, not just the essential expenses Fidelity uses for its emergency savings guideline, and the age group does not match Boomers exactly. Boomers reported median emergency savings of $2,000.

What a median of $2,000 really tells you

Empower reports a median of $2,000 for Boomers, the midpoint of their reported emergency savings balances. A median isn't pulled up the way an average can be when a few people hold very large balances.

Looking at the broader picture, 32% of Americans surveyed, or about 1 in 3, say they have no emergency savings set aside at all. And 18%, or close to 1 in 5, say their savings would cover less than a month of expenses. Those figures cover all Americans surveyed, not Boomers specifically.

If you’re over 50, take advantage of massive discounts and financial resources

Over 50? Join AARP today— because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.

Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up to 25% off your AARP membership, making it just $15 the first year with auto-renewal.

How Boomers compare with other generations

Boomers' median of $2,000 stands above the overall median of $500 among all Americans surveyed. It's also higher than the medians reported by other generations in the same survey: Gen X at $500, Gen Z at $400, and Millennials at $300.

Gen X stood out in another way: 35% of Gen X respondents said they couldn't afford an unexpected expense over $400, the generation most likely to say so, compared with 29% of all Americans surveyed.

Ways to build up your own cushion

Open a separate savings account just for emergencies, so the money isn't mixed in with everyday spending.
Set up an automatic transfer each payday, even a small one, so saving happens without you having to think about it.
Set a small first savings goal you can actually reach, then raise it once you get there.
Ask yourself whether guaranteed income, like Social Security or a pension, already covers your essential expenses.
Revisit your goal once a year, since your expenses and income sources can shift over time.

Bottom line

Typically, a retirement plan should include an emergency fund of some sort. Boomers reported a median of $2,000 in emergency savings in the 2025 Empower survey, higher than the medians for Gen X, Gen Z, and Millennials. Across all Americans surveyed, 32% said they have nothing set aside for emergencies.

Fidelity's general guidance recommends starting with $1,000 and building toward three to six months of essential expenses. It notes that retirees and people on fixed incomes may choose a larger cushion.

FAQs

Is it too late to start building an emergency fund later in life?

Fidelity doesn't tie its emergency savings guideline to a specific age group. The guideline is to start with $1,000 and build toward 3 to 6 months of essential basic living expenses, and Fidelity notes that people who are retired or on a fixed income may choose to save more than that range.

Do retirees still need a big emergency fund?

There is no single emergency savings target for every retiree. Fidelity's general guidance says retirees and people on fixed incomes may choose to save more than three to six months of essential expenses. Your target should reflect your expenses, income sources, and potential unexpected costs.

How does Boomers' emergency savings compare with younger generations?

Boomers' median of $2,000 is the highest generational median in the 2025 Empower survey. Gen X reported a median of $500, Gen Z reported $400, and Millennials reported $300, compared with an overall median of $500 across all Americans surveyed.

More from FinanceBuzz: