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Here’s the Average American’s Retirement Savings by Age in 2024

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If you’re nervous about saving for retirement, you’re not alone.

According to a recent survey from Bankrate, 56% of Americans said they feel behind on saving for retirement. In another survey, a third of Americans said they would need at least $1 million to retire comfortably, but 45% said it’s unlikely they’ll be able to reach that milestone.

Saving for retirement isn’t easy. Many Americans say they frequently live paycheck to paycheck as core expenses like rent or mortgage payments, health insurance, child care, student loans, car payments, medical bills, utilities, credit card debt, and taxes eat into their budgets. The pandemic disruption and uncertainty, plus two years of abnormally high inflation, have only made things more difficult for millions.

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