Most Older Americans Regret Not Saving for Retirement Sooner
As popular New Year’s resolutions encourage Americans to take stock of their finances, you may be feeling regretful when it comes to your retirement savings.
Don’t worry; you are not alone. An analysis released Tuesday by a national insurance company highlights that Gen Xers and baby boomers, in particular, wish they had started saving for retirement at a younger age.
About 85% of respondents age 45 or older wish they had contributed to a retirement plan sooner, according to a survey conducted by Nationwide in August.
It is one advantage that young people today have over their older counterparts. The average age at which Gen Xers and boomers started saving for retirement was 35, National said, while Gen Zers and millennials started saving younger — typically between the ages of 24 and 30.
“The new year is a natural point to reframe your financial habits,” Cathy Marasco, head of secure retirement at Nationwide, said in a statement Tuesday. “Workplace retirement plans are evolving to include more tools and protections needed to build long-term security.”
Many of these benefits were introduced by SECURE 2.0, a sweeping law that made several changes to 401(k)s, individual retirement accounts and similar retirement savings plans. Thanks to that law, automatic 401(k) enrollment is becoming the norm — and it’s part of the reason why young Americans are starting to save so quickly these days.
Deal of the Week: Get an AARP subscription for just $15 the first year
Retirement savings for a generation
While younger Americans have time — and compounded returns — on their side, boomers’ retirement account balances are still dwarfing those of other age groups.
|
Average 401(k) account balance. |
Average IRA account balance |
|
|---|---|---|
|
Gen Z (1997-2012) |
$17,000 |
$8,019 |
|
Millennium (1981-1996) |
$80,700 |
$29,410 |
|
Gen X (1965-1980) |
$217,500 |
$12,0273 |
|
Boomer (1946-1964) |
$267,900 |
$287,640 |
The figures above show average account balances as of September 2025, according to an analysis of 52 million retirement accounts at Fidelity Investments. It’s not a life saving goal per se – it’s a gut check to see how you stack up against your peers.
Overall, retirement advisors highly recommend that you save about 15% of your salary each month for retirement (including matching company contributions). Experts advise that by the time you turn 30, you should aim to save the equivalent of one year of your annual salary.
As you get older, it snowballs:
- In 40 years, save three times your annual salary.
- In your 50s, save six times your income.
- In your 60s, save eight times your income, up to ten times as you approach retirement age.
“Building this habit early — even with modest contributions — lays the foundation for decades,” said Eric Ludwig, director of the Center for Retirement Income at American College, in a statement released by Nationwide.
“The lesson is simple,” he said. “Don’t wait for the right time or the perfect amount to start saving.”
Gold Investor Kit Gift: Sign up with American Hartford Gold today and get a free investor kit, plus up to $20,000 in free silver on qualifying purchases.
More from Mali:
HSA Changes Make Millions of Americans Newly Eligible for Triple Tax Benefit
The best Roth IRAs
This is the New Reality of Retirement in 2026
