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Here’s exactly how much Americans have in savings at every age — and (yikes) here’s what they should have – MarketWatch

How much savings you need

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No matter your age, savings is a necessit…….

How much savings you need

Getty Images/iStockphoto

No matter your age, savings is a necessity. But depending on your age, the amount of savings you will need changes according to life stages and your overall financial landscape.  One overarching rule of thumb is that you should — even in times of high inflation — have somewhere between 3-12 months of essential expenses somewhere safe like a high-yield savings account (see the best savings rates you can get here). But this depends on a lot of factors.

How much do Americans have in savings at every age? 

According to data available from the Federal Reserve’s Board Survey of Consumer Finances, the median savings balance — not including retirement funds — of Americans under 35 is just $3,240, while that jumps to $6,400 for those ages 55-64.



Under 35












This data is the latest available from this source but is from 2019, and some sources put average savings even higher: Northwestern Mutual’s 2022 Planning & Progress Study revealed that the average amount of personal savings (not including investments) was $62,086 in 2022.

While those numbers look high, remember this: Many Americans simply don’t have any savings at all. According to Bankrate data from January 2022, 56% of Americans would be unable to cover an unexpected $1,000 bill with savings. In other words, Americans are very much, in general, under-saved — even though those who do save are often saving enough.

How much should you have saved at every age?

The answer to this isn’t entirely straightforward, because pros say it really depends on your lifestyle, income, whether or not you have a mortgage, a car, dependents and more. “I tend to think the best measure of how much savings you should have factors in your expenses. This includes your family situation: Someone in their 20s without a spouse or kids who rent and ride public transportation probably has very different …….


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