You're beating the average retirement saver if you have more than this

You might not be as far off from the average as you might think.

It's normal to want to know how you stack up financially against others, especially when it comes to retirement savings. There are so many variables in retirement planning that it's hard to know what target you should be aiming for, and it can be comforting to know you're not drastically behind others.

However, knowing where you stand relative to the typical saver may not tell you everything you need to know. Here's a closer look at how much the average retirement saver has and what that does and doesn't say about where you stand.

The median retirement savings balance as of 2022 was $87,000, according to the Federal Reserve. The average was notably higher at $333,940, but the median is usually a better indicator of where the typical saver is at. Averages are easily skewed by a few high earners.

If we break things down by age, we see a predictable trend: Older generations tend to have more savings than younger ones, at least until they start living off that money. The following table breaks down the median savings by age range:

Data source: Federal Reserve.