How are your savings? To be among the top 10% of retirement savers you need to:

Let’s talk about your savings. No, not in a “why don’t you save more money?” way—this isn’t a guilt trip. Instead, consider this a friendly check-in. Whether your savings are soaring or just getting started, it's natural to wonder: How can I get up to par? For those looking at the top 10% of retirement savers, these numbers will tell you exactly what is needed.

Spoiler: It's not all doom and gloom; there's always time to take action. Let's break it down.

Don't miss:

Average: Are you ahead or behind?

First, let's look at how much the average American has saved for retirement by age group. According to the 2022 Survey of Consumer Finances, here’s what’s happening:

Under 35 years old:

• Average savings: $49,130

• Median savings: $18,880

35-44 years old:

• Average savings: $141,520

• Median savings: $45,000

45-54 years old:

• Average savings: $313,220

• Median savings: $115,000

55-64 years old:

• Average savings: $537,560

• Median savings: $185,000

65-74 years old:

• Average savings: $609,230

• Median savings: $200,000

75 years and over:

• Average savings: $462,410

• Median savings: $130,000

If you exceed these averages, it's cause for celebration! But maybe you're looking at the next level - joining the top 10%. What does that look like?

See also: With more than $100 million in investment interest, this 12,000 RPM spinning battery could be the missing link in green energy — which is why early investors are flocking to the funding round before it closes

The top 10%: where are the big savers?

The top 10% of retirement savers are also in a league of their own. To join their ranks you need to meet the following conditions:

Median savings: approximately $900,000.

Average savings: approximately $1.3 million.

It's worth noting that the average is higher because some super-rich savers skew the numbers, while the median shows what most people own.

By age 50, the top 10% of savers often have more than $500,000 in savings.

By age 55, their income is typically approaching $750,000 or more.

What about “crème de la crème”? The top 1% have $2.3 million in savings. But that number jumps to $5 million when a broader definition of retirement assets is considered, according to DQYDJ data using Federal Reserve statistics.

What goals should you pursue?

Even if the top 10% feels out of reach, financial experts provide benchmarks to help you move into a comfortable retirement:

• Age 30: Save 1x your annual salary.

• Age 40: 3 times salary.

• Age 50: 6 times salary.

• Age 60: 8 times salary.

• Age 67: 10 times salary.

These milestones are not hard and fast rules – life happens. But they are a good starting point for understanding where you stand.

Trending: Many people are using retirement income calculators to check if they're keeping up - Here are the details behind the formula.

Want to increase your savings? The method is as follows

If you feel like your savings are a little low, don't stress. There are many ways to catch up:

1. Maximize retirement contributions: Contribute as much as possible to your 401(k) or IRA. If your employer offers a match, grab this free money!

2. Start saving early: The earlier you start, the better off compound interest will be for you. Don't worry if you're late – you can still catch up.

3. Take advantage of catch-up contributions: For those over age 50, you can save an additional $7,500 per year in your 401(k). Starting in 2025, individuals ages 60-63 can save up to $11,250.

4. Cut unnecessary expenses: Move your savings into a retirement fund. Small sacrifices now can lead to big victories later.

5. Diversify your investments. A combination of stocks, bonds, and other assets can balance risk and grow your savings.

It's not too late to act now

Don’t panic if you fall behind—it’s never too late to start. Whether you're playing catch-up in your 50s or just starting out in your 20s, every little bit counts. The key is to stay consistent and make smart financial choices now to help your future self.

So, how are your savings? If you're already ahead of the average, you're in a good position. If not, now is the perfect time to make a plan and take control of your financial future. Remember, saving for retirement isn’t about perfection, it’s about progress.

*This information is not financial advice and it is recommended that a financial advisor provide personalized guidance to make informed decisions.

Read next:

Next step: Transform your trading with Benzinga Edge's unique market trading ideas and tools. Click to get unique insights now This allows you to stay ahead of the curve in today's competitive market.

Get the latest stock analysis from Benzinga?

This article How to build your nest egg? What it takes to be among the top 10% of retirement savers originally appeared on Benzinga.com