How much Americans have saved varies wildly by age, income, and whether you look at averages or medians. Here’s where the typical American stands — and the benchmarks you should aim for.
Table of Contents
Average and Median Savings by Age
| Age Group | Average Savings | Median Savings |
|---|---|---|
| Under 25 | $9,800 | $1,200 |
| 25–34 | $28,300 | $5,400 |
| 35–44 | $51,200 | $7,500 |
| 45–54 | $72,600 | $11,200 |
| 55–64 | $98,700 | $14,500 |
| 65–74 | $113,400 | $18,900 |
| 75+ | $95,500 | $15,800 |
Note: These figures include checking, savings, and money market accounts (transaction accounts). They do not include retirement accounts, investments, or home equity.
The massive gap between average and median tells an important story: a small number of people with very high balances push the average up, while the typical American has far less.
How Much Americans Have Saved (All Sources)
Including retirement accounts, investments, and savings:
| Age Group | Average Total Savings | Median Total Savings |
|---|---|---|
| Under 25 | $12,500 | $2,100 |
| 25–34 | $49,600 | $13,500 |
| 35–44 | $142,000 | $36,000 |
| 45–54 | $289,000 | $72,000 |
| 55–64 | $438,000 | $108,000 |
| 65–74 | $486,000 | $134,000 |
| 75+ | $395,000 | $105,000 |
Savings Benchmarks by Age
Financial advisors commonly recommend these milestones:
| Age | Savings Benchmark (× Salary) | Example (at Median Income) |
|---|---|---|
| 25 | 0.5× annual salary | $24,000 |
| 30 | 1× annual salary | $52,000 |
| 35 | 2× annual salary | $108,000 |
| 40 | 3× annual salary | $168,000 |
| 45 | 4× annual salary | $228,000 |
| 50 | 6× annual salary | $348,000 |
| 55 | 7× annual salary | $413,000 |
| 60 | 8× annual salary | $476,000 |
| 67 | 10× annual salary | $600,000+ |
These include all retirement savings, not just cash in savings accounts.
Emergency Fund Statistics
| Emergency Fund Status | % of Americans |
|---|---|
| Could cover 6+ months of expenses | 22% |
| Could cover 3–5 months | 18% |
| Could cover 1–2 months | 15% |
| Could cover less than 1 month | 18% |
| Have no emergency savings | 27% |
How Much Emergency Fund You Need
| Monthly Expenses | 3-Month Fund | 6-Month Fund |
|---|---|---|
| $3,000 | $9,000 | $18,000 |
| $4,000 | $12,000 | $24,000 |
| $5,000 | $15,000 | $30,000 |
| $6,000 | $18,000 | $36,000 |
| $8,000 | $24,000 | $48,000 |
Who needs 6 months: Single-income households, self-employed, volatile industries, those with health issues.
Who can get by with 3 months: Dual-income households, stable employment, strong family safety net.
Savings by Income Level
| Household Income | Avg. Savings Account Balance | Avg. Total Savings |
|---|---|---|
| Under $25,000 | $3,200 | $5,100 |
| $25,000–$49,999 | $8,400 | $22,500 |
| $50,000–$74,999 | $18,600 | $62,000 |
| $75,000–$99,999 | $32,800 | $118,000 |
| $100,000–$149,999 | $56,400 | $215,000 |
| $150,000–$199,999 | $89,200 | $380,000 |
| $200,000+ | $182,000 | $890,000+ |
Savings Rate in America
The personal savings rate (savings as a % of disposable income):
| Year | Personal Savings Rate |
|---|---|
| 2015 | 7.0% |
| 2018 | 7.6% |
| 2019 | 7.5% |
| 2020 | 16.8% (pandemic) |
| 2021 | 12.0% |
| 2022 | 3.4% |
| 2023 | 4.5% |
| 2024 | 4.8% |
| 2026 | 5.2% |
The pandemic spike (stimulus + reduced spending) was temporary. Current savings rates remain below pre-pandemic norms.
How to Increase Your Savings Rate
| Target Savings Rate | Level | Strategy |
|---|---|---|
| 5% | Minimum | Automate $1 per $20 of take-home pay |
| 10% | Decent | Cut one major expense (dining out, subscriptions) |
| 15% | Good | Follow the 50/30/20 rule (50% needs, 30% wants, 20% savings) |
| 20% | Strong | Aggressive budgeting + income growth |
| 25%+ | FIRE path | Maximize income, minimize expenses |
| 50%+ | Extreme FIRE | Requires high income relative to expenses |
Where to Keep Your Savings
| Savings Goal | Timeline | Best Account |
|---|---|---|
| Emergency fund | Always accessible | High-yield savings account (4-5% APY) |
| Vacation fund | 3-12 months | High-yield savings |
| Car purchase | 1-3 years | High-yield savings or short-term CD |
| Home down payment | 2-5 years | High-yield savings (safe) or CD ladder |
| Retirement | 5-40 years | 401(k), IRA (invested in stocks/bonds) |
| College fund | 5-18 years | 529 plan |
Key rule: Don’t keep money you won’t need for 5+ years in a savings account. It should be invested to beat inflation.
How to Build Savings From $0
Month 1-3: Build the habit
- Open a high-yield savings account
- Set up automatic transfers ($25-$100/paycheck)
- Save any windfalls (tax refund, bonuses, gifts)
- Goal: $500-$1,000
Month 4-6: Build momentum
- Increase automatic transfers by $25-$50
- Reduce one recurring expense and redirect it to savings
- Goal: $2,000-$3,000
Month 7-12: Reach one month of expenses
- Continue increasing contributions
- Review and cut unnecessary subscriptions
- Goal: One full month of expenses ($3,000-$5,000)
Year 2+: Reach full emergency fund
- Target 3-6 months of expenses
- Start saving for specific goals (home, travel, etc.)
- Begin investing any savings beyond emergency fund
Related: High-Yield Savings Accounts | Average Income by State | Average Retirement Savings | Net Worth Percentile Calculator
