If You've Saved This Much for Retirement by Age 35, You're Ahead of the Game
Here's how much you should have saved by the time you reach age 35.
Overview
You've probably heard the advice to start saving for retirement as early as possible. Even a few dollars per paycheck in your 20s and 30s can set you up for a much easier path to retirement later in life. And while every person will have different retirement goals, determining where you stand compared to the average person in their mid-30s can tell you whether you need to press on the accelerator or if you can loosen your purse strings a little bit.
The most recent data available on average retirement account balances comes from the Federal Reserve's Survey of Consumer Finances. The Fed conducts the survey every three years, recording every detail you can think of about a person's finances. It won't publish the results of the 2025 survey until later this year, so we'll have to rely on the 2022 data for now.
Details
The median retirement balance for a household with the head of household between the ages of 18 and 34 was $18,880 that year. If you look at households with a head of household between 35 and 44, the median balance jumped to $45,000.
Source
Originally published at www.fool.com.