In the Federal Reserve’s latest identified Survey of Consumer Finances, families in the top 10% by usual income had a mean of $913,300 in combined IRA and defined-contribution retirement balances. That figure is not a savings target or a typical household balance: it covers account-holding families whose reference person was 35–64, and it is measured in 2022 dollars.
What does “top 10%” mean in this comparison?
It means the top decile of families ranked by usual income, not the top 10% by net worth or by retirement-account balance. The figures come from the Board of Governors of the Federal Reserve System’s 2023 report based on the 2022 Survey of Consumer Finances (SCF). The SCF page lists 2022 as its latest wave: Federal Reserve Survey of Consumer Finances.
The balance comparison is narrower than all U.S. households. It includes families whose reference person was age 35–64 and who held an IRA or a defined-contribution plan, such as a 401(k). The reported amounts are conditional means—averages among those account-holding families—not medians, percentile cutoffs, or recommended amounts to save. They are expressed in 2022 dollars, so they are a dated benchmark rather than a current account snapshot.
How much does the top 10% have saved for retirement?
The Federal Reserve reported the following mean combined IRA and defined-contribution balances by usual-income group for account-holding families with a reference person aged 35–64:
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| Usual-income group | Mean combined balance |
|---|---|
| Top 10% | $913,300 |
| 50th–89.9th percentile | $226,700 |
| Bottom half | $54,700 |
Source for all three figures: Board of Governors of the Federal Reserve System, 2023, based on the 2022 SCF; families with an IRA or defined-contribution plan, reference person aged 35–64; amounts in 2022 dollars. See the Federal Reserve’s 2019–2022 SCF report.
The top-decile mean is substantially higher, but it does not show what a particular family needs for retirement. A mean can be pulled upward by households with especially large balances, and the figures exclude families without one of the specified account types. The comparison also does not establish why balances differ or show that any single savings tactic caused the gap.
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What do the figures say about participation and balances?
The Federal Reserve reports that retirement-plan participation increased from 2019 to 2022 across usual-income groups, while conditional account balances remained very different. Participation and the amount accumulated are separate measures: having access to or participating in a plan is not the same as having built a particular balance. The SCF comparison does not show that participation alone explains the balance differences.
The Federal Reserve also notes that the decline in the bottom-half conditional mean from 2019 to 2022 was partly associated with changes in the age composition of the group and a shift in participation. That is a reminder that group averages can change as the people in each group—and the account holders included in the calculation—change.
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What strategies can you investigate in your own plan?
The income-group comparison is descriptive; it does not identify an optimal savings rate, account order, investment mix, or product. Use it as context, then check the plan terms and household circumstances that actually apply to you.
Confirm access and participation
Find out whether your employer offers a retirement plan, whether you are eligible, and what steps are needed to enroll. Participation is one piece of the picture, but the Federal Reserve’s data do not say that enrolling by itself will produce a particular balance.
Read the employer match rules
Some plans match employee contributions, but the amount and conditions depend on the plan. Check your benefits portal or summary plan description for the match formula, contribution cap, eligibility rules, and vesting schedule. IRS guidance explains that matching contributions are plan-specific: IRS retirement topics: Matching contributions. Do not assume a universal match rate or that every contribution is matched.
Compare your contributions with the applicable limits
For 2026, the IRS set the employee elective-deferral limit at $24,500 for most 401(k), 403(b), governmental 457 plans, and the federal Thrift Savings Plan. The IRS announcement says the limit rose from $23,500 for 2025; it was issued as IR-2025-111 on November 13, 2025: IRS 2026 retirement-plan limit announcement.
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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallThe 2026 IRA contribution limit is $7,500. Income, workplace-plan coverage, tax filing circumstances, and other rules affect eligibility and whether a contribution is deductible. The IRS also lists catch-up limits that vary by age and plan type. These figures are legal ceilings, not recommended contribution targets, and the limits for different accounts do not necessarily translate into a suitable household plan. See the IRS announcement for the 2026 limits and related details.
Set the numbers against your household finances
What is manageable depends on your cash flow, debt, emergency reserves, age, income, tax position, employer benefits, and any pension rights. The cited Federal Reserve and IRS sources do not prescribe an individualized savings rate or an ideal sequence for contributions. Consider those personal trade-offs rather than treating the top-decile average as a goal you should match.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Are these typical balances or a published retirement target?
No. They are conditional means for account-holding families in a defined age range, not medians for all households. The Federal Reserve comparison does not publish a top-decile savings target or prove that a particular strategy gets someone into that income or balance group.
A separate measure illustrates why perceived progress should not be confused with balances: in the 2022 Survey of Household Economics and Decisionmaking (SHED), 31% of non-retirees said their retirement savings plan was on track, down from 40% in 2021. This is self-reported confidence, not an account-balance statistic or a readiness calculation against a universal standard. See the Federal Reserve SHED survey page.
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The Federal Reserve describes possible benefits of plan participation in its 2019–2022 SCF report: “Participation in retirement plans can both increase families’ net worth and provide extra financial security during retirement through a guaranteed income in retirement, lower taxes on savings, increased compensation (via employer contributions), or all of the above.” These are potential benefits, not a claim that participation alone accounts for the group differences.
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