Many older households have no savings in retirement accounts, and the typical household with savings has relatively little saved

Share of households with retirement account savings, by age, 2019
Age Has retirement account savings No retirement savings
Ages 25–54 55.1% 44.9%
Ages 55–64 54.5% 45.5%
Age 65+ 43.7% 56.3%
Median account balance of households with retirement savings, by age, 2019

Age Conditional median retirement account balance (2019$)
Ages 25–54 $ 44,500
Ages 55–64 $134,000
Age 65+ $125,000

Notes: Retirement account savings include funds in 401(k)-style defined contribution plans and in IRAs but not in defined benefit pension plans. 

Retirement account savings include funds in 401(k)-style defined contribution plans and in IRAs but not in defined benefit pension plans. A household’s age is based on the age of the reference person, who, in households of more than one person, is defined by the Survey of Consumer Finances as the male in a mixed-sex couple or the older person in a same-sex couple. The median household retirement account savings includes reported savings in accounts held by both spouses or partners, in the case of married or partnered couples, and—less commonly—the retirement account savings of other people who are financially interdependent with the “economically dominant” individual or couple in the household (Bhutta et al. 2020).

Source: Economic Policy Institute (EPI) and Schwartz Center for Economic Policy Analysis (SCEPA) analysis of Survey of Consumer Finances 2019 microdata (Federal Reserve 2022a).

View the underlying data on epi.org.