However, the 40s are often a point where people begin prioritizing their retirement savings because the horizon is getting much closer. Continue »According to data from the Survey of Consumer Finances released by the Federal Reserve (Fed), the average household retirement savings balance for people aged 45 to 54 is $313,220. Someone with a million saved for retirement does a lot more tugging on the average than someone with $50,000 saved. According to the same Fed survey, the median household retirement savings balance for people aged 45 to 54 with a retirement account is $185,000. You still have time to get more aggressive with your retirement savings if you're able to.