How the Average Retiree’s Savings Stack Up Against the 'Ready by 62' Crowd in 2026
For those workers hoping to retire early, also known as the “ready by age 62” crowd, time is not often on their side. When it comes to preparing for early retirement, the clock really starts ticking as soon as they start that first job.
“There's a pretty meaningful gap between people who have been intentional about hitting a specific retirement age and people who sort of arrived at retirement without as clear a target,” said Taylor Kovar, a certified financial planner (CFP) and the co-founder of UseKlear.com (previously BudgetGPT). “The savings numbers tend to reflect that. People who had 62 in mind usually built their whole plan around that number, which changes how they save and invest along the way. The timeline is tighter, so there's often more urgency and more structure to how they approach it.”
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Read on for a more detailed look at the numbers and the factors behind them.
Check Out the Retirement Numbers
Below are some of the latest Federal Reserve numbers for those nearing or in retirement.
Ages 55 to 64
Median retirement savings: About $185,000
Average retirement savings: About $538,000
Ages 65 to 74
Median retirement savings: About $200,000
Average retirement savings: About $609,000
Age 75+
Median retirement savings: $130,000
Average retirement savings: $462,000
“You don't have to be a financial planner to know that these numbers are low for retirement savings,” said Brandon Gregg, a certified financial planner (CFP) and advisor with BBK Wealth Management. “Of course, this still completely relies on someone's lifestyle and spending habits, but simple calculations would show that these balances would not last long, especially if the needed income is above the typical safe number between 3% and 6% for withdrawal rates.”
A Look Behind the Numbers
Andrew Lokenauth, founder of the blog Fluent in Finance, said the gap between the average retiree’s savings stack and the ‘ready by 62’ crowd is much wider than most people expect.
“The average retiree in 2026 has somewhere around $170,000 to $200,000 saved,” he said. “At a 4% withdrawal rate, that's about $6,800 to $8,000 per year in income from savings. Add Social Security averaging around $1,700 to $1,900 per month, and you have a retirement income that covers basics but leaves little room for emergencies or healthcare surprises. It's survival, not comfort.”
Per Lokenauth, the "ready by 62" crowd is on “a different planet.” They have $800,000 to more than $1 million saved, with multiple income streams layered in like rental income, pensions and dividend investments.
“Working at Goldman and Citi, I saw both ends of this up close,” he noted. “The clients who retired at 62 with confidence weren't the highest earners. They started in their 20s, kept investing through downturns and stayed consistent for decades. The ones who struggled most waited too long to start or cashed out retirement accounts early. The gap isn't luck. It's decades of behavior.”
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