Where Do You Stand?

By Ryan Repko, CFP®

On a past radio show we received a text from a 34-year-old listener who gave us a few details about his financial situation and asked us if his savings were on track relative to his peers. Though comparing yourself to others can be a recipe for unhappiness, it is only natural to want to benchmark our savings to see how we’re doing.

To understand where you stand relative to your peers, I think it is helpful to look at median net worth by age. The Federal Reserve makes this information available as part of the Survey of Consumer Finances they do every three years. The most recent numbers we have are from 2025.

For people under age 35, the median net worth was $32,820. For people ages 35-44 the median net worth was $156,000. For people in the 45-54 age bracket the median net worth was $254,670. For those in the 55-64 age bracket the median net worth was $411,340. For those aged 65-74 the median net worth was $431,900.

But I think a better question is where do you stand relative to your goals? In this case we could look at rules of thumb based on how much of your annual income you should have saved by age. It is helpful to look at your savings relative to your income as this can help account for your lifestyle needs.

Fidelity did research that suggested savers should aim to save at least 1x their income by age 30, 3x by 40, 6x by 50, 8x by 60, and 10x by age 67. T. Rowe Price did similar research and suggests that people should have total savings of half of their salary by age 30, 1-1.5x salary by age 35, 1.5-2.5x by age 40, 2.5-4x by age 45, 3.5-5.5x by age 50, 4.5-8x by age 55, 6-10.5x by age 60, and 7.5-13x saved by age 65. Since everyone’s financial situation is unique, none of these rules of thumb are perfect, however they can serve as a good starting point to see if you are heading in the right direction.

Finding out where you stand relative to your peers, or using rules of thumb, is interesting, but it should not be the single indicator of your success. What is relevant is if you are on track to achieve the specific goals you want to achieve, which may require more (or less) in savings than a rule of thumb dictates. If you need help determining your unique savings goal, you may want to talk to a financial planner.

Ryan Repko is a Certified Financial Planner™ professional with Ruedi Wealth Management in Champaign, Illinois.