The median U.S. household with retirement accounts has about $87,000 saved, while the average is roughly $333,940, according to the Federal Reserve’s most recent Survey of Consumer Finances. Those figures vary widely by age, and the gap between the average and the median shows how a small number of high-balance households pull the average upward. For most people, the median is the more useful comparison point.
National numbers only tell part of the story in Long Beach. Between the coastal setting and vibrant community, the city offers an appealing lifestyle, and it also comes with a higher cost of living than much of the country. Generic online guidance rarely accounts for California’s expenses, let alone the specifics of Long Beach.
This guide shares current average and median retirement savings by age, explains how Long Beach costs can change the math, and outlines practical steps to consider at any stage. As a financial advisor in Long Beach, Randall Wealth Management Group works with residents across Southern California who want a clearer picture of where they stand. If you would like a personalized review, you can also speak with a financial advisor in Los Angeles.
Key figures at a glance (2026):
- Median retirement savings, all ages with accounts: about $87,000. Average: about $333,940.
- Roughly 54% of U.S. households have any retirement account, and about 5% have $1 million or more.
- The average Social Security retirement benefit is about $2,071 per month in 2026.
- These figures are benchmarks for context, not goals or targets. Appropriate savings levels depend on your own situation.
Average Retirement Savings by Age (2026 Data)
The table below shows both the average (mean) and the median balance for U.S. households that hold retirement accounts, broken out by the Federal Reserve’s age brackets. Retirement accounts here include 401(k)s, 403(b)s, IRAs, and similar plans.
| Age of Household | Average (Mean) Savings | Median Savings |
|---|---|---|
| Under 35 | $49,130 | $18,880 |
| 35 to 44 | $141,520 | $45,000 |
| 45 to 54 | $313,220 | $115,000 |
| 55 to 64 | $537,560 | $185,000 |
| 65 to 74 | $609,230 | $200,000 |
| 75 and older | $462,410 | $130,000 |
| All households with accounts | $333,940 | $87,000 |
Source: Federal Reserve Survey of Consumer Finances (2022, the most recent release), reflecting households that hold retirement accounts.
A few patterns stand out. The average sits two to three times higher than the median at nearly every age, because high-balance households skew the average. Balances tend to peak in the 65 to 74 range and then decline, which reflects retirees spending down what they accumulated rather than saving less. And roughly 46% of households have no retirement account at all, so the figures above describe savers specifically.
It also helps to see these numbers next to expectations. In a 2026 Northwestern Mutual survey, Americans said on average that they believe about $1.46 million would allow them to retire comfortably, well above what most households have actually saved. The distance between belief and balance is one reason many people find it useful to compare where they stand and revisit their plan.
How Long Beach Costs Change the Picture
National averages blend together places where $300,000 buys a comfortable home with places where it does not. In Long Beach, several categories tend to run above national norms, which is worth factoring into your own planning. A financial advisor in Long Beach can help you weigh these local factors against your own budget.
Housing. Even with a paid-off mortgage, property taxes, insurance, and maintenance on a modest home can run roughly $10,000 to $15,000 a year. Renters face steeper pressure, with an average two-bedroom apartment around $2,400 to $2,800 a month, or roughly $28,800 to $33,600 a year before utilities.
Healthcare. Medicare eligibility begins at 65, which can leave a coverage gap for earlier retirees. Even with Medicare, supplemental insurance, copays, and uncovered costs often add up to roughly $6,000 to $8,000 a year, and local healthcare costs tend to run above the national average.
Taxes. California offers retirees relatively few breaks. Social Security benefits are exempt from state income tax, but other retirement income can be taxed at California’s rates. Proposition 13 limits property tax increases, which helps long-time homeowners, while more recent buyers often face higher bills. Coordinated income planning can help address how withdrawals are sequenced across account types.
Daily living. Groceries, utilities, and transportation in Long Beach tend to run meaningfully above national averages. Many couples find that a comfortable retirement here involves roughly $70,000 to $90,000 in annual income, though individual situations vary widely.
Because of these higher baseline costs, some local planners scale national benchmarks upward when they think about Long Beach specifically. The figures below show one illustrative way to picture that. They are general educational illustrations, not targets or advice.
| Age Group | National Median Savings | Long Beach Adjusted Target |
|---|---|---|
| 30s | $45,000 | $70,000 |
| 40s | $93,000 | $140,000 |
| 50s | $160,000 | $240,000 |
| 60s | $182,000 | $275,000 |
Common Savings Guidelines by Age
Beyond the actual balances above, many planners reference salary-multiple guidelines as a quick way to picture progress. One widely cited framework suggests aiming for roughly:
- 1x your salary by age 30
- 3x by 40
- 6x by 50
- 8x by 60
- 10x by 67
These are general rules of thumb, not personalized advice, and higher-cost areas can shift how people think about them. Two hypothetical examples illustrate the idea:
Carlos (age 42, hypothetical) works in healthcare administration and earns $95,000. The salary-multiple guideline would put him near $285,000. Given Long Beach costs, some planners might discuss a higher figure, closer to $380,000, as an illustration rather than a fixed target.
Jennifer (age 55, hypothetical) is a small business owner earning $120,000. The guideline would suggest around $720,000. For Long Beach specifically, a planner might illustrate a higher figure, closer to $900,000, again as a discussion point rather than a requirement.
These examples are hypothetical and for illustration only. They do not represent any specific person or a guaranteed result. Reviewing your own numbers, ideally alongside your broader plan and investment management approach, gives a clearer picture than any single rule of thumb.
Retirement Savings Questions Long Beach Residents Ask
Am I too far behind to catch up?
Not necessarily. Starting early helps, and many people also accelerate savings in their 50s and 60s. Catch-up contributions can help: in 2026, workers 50 and older can add $8,000 in a 401(k) and $1,100 in an IRA, and those ages 60 to 63 can add an $11,250 super catch-up in a 401(k). Reviewing your investment approach and, for some, working an extra year or two are other options to consider. Our retirement planning team can walk through what fits your situation.
What if health issues force an early retirement?
This is one reason emergency savings and disability coverage are common parts of a plan. Many Long Beach residents choose to keep roughly 6 to 12 months of expenses in accessible savings, separate from retirement accounts, and review disability coverage periodically.
How do I balance paying off debt and saving for retirement?
A common approach focuses first on high-interest debt such as credit cards, then builds a balanced plan. Even while paying down moderate-interest debt like a mortgage, capturing the full employer match in a workplace plan, when one is offered, is a frequent priority because it adds employer dollars to your own.
Will Social Security be enough on its own?
For many Long Beach residents, likely not on its own. The average Social Security retirement benefit is about $2,071 per month in 2026, which locally may cover roughly the rent on a one-bedroom apartment and little else. Social Security is designed to replace only about 40% of pre-retirement income for an average earner, while many planners suggest aiming to replace about 70% to 80% from all sources combined. Our Social Security analysis can help you think through claiming timing.
How can I make up for lost time?
Options many people consider include prioritizing tax-advantaged accounts, then taxable investments, trimming current expenses to raise savings, delaying retirement by a couple of years, exploring part-time work in early retirement, or downsizing a home. A retirement plan rollover can also simplify old accounts so they are easier to manage.
Common Retirement Savings Pitfalls for Long Beach Residents
Underestimating housing costs. Housing expenses do not always fall in retirement. In Long Beach, maintenance, property taxes, and age-in-place modifications can push them higher over time.
Overlooking inflation. At 3% inflation, prices double in about 24 years. Healthcare costs often rise faster than general inflation, which makes medical expenses a growing consideration for retirees.
Holding too much cash. Emergency funds serve a clear purpose, but large balances in low-yield accounts can lose purchasing power to inflation over time.
Helping adult children at the expense of your own plan. Supporting adult children is a personal choice, and it is worth remembering that children can often borrow for education or housing, while there is no comparable loan for retirement.
Setting tax planning aside. California’s tax rates make tax-aware withdrawal sequencing an important consideration for Long Beach retirees. Coordinating it with your estate planning keeps the broader plan aligned.
Steps Long Beach Residents Can Consider Now
Whatever your age or balance, these steps may help strengthen your retirement outlook:
- Raise your savings rate by 1% to 2% a year. Small, gradual increases compound over time and are easy to barely notice in a paycheck.
- Review your investment allocation. A mix that aligns with your time horizon and comfort with risk is a common goal. Some portfolios are more aggressive or more conservative than a person intends.
- Use tax-advantaged accounts. Contributing enough to capture any employer match is a frequent starting point, and Roth options may suit some savers who qualify.
- Think through a Social Security strategy. For many couples, claiming timing can meaningfully affect lifetime benefits.
- Plan for potential long-term care. With nursing home costs in the Long Beach area often exceeding $100,000 a year, having a plan for this possibility is worth considering.
- Keep your estate plan current. California’s probate process can be costly and slow, so up-to-date documents can help your heirs.
You can model different scenarios with our retirement calculators or explore our full range of wealth management services for more detail on each area.
Frequently Asked Questions
What is the average retirement savings by age?
Among U.S. households with retirement accounts, the average balance is about $49,130 under 35, $141,520 for ages 35 to 44, $313,220 for 45 to 54, $537,560 for 55 to 64, and $609,230 for 65 to 74, according to the Federal Reserve Survey of Consumer Finances. Averages run well above medians because high-balance households pull them up.
What is the median retirement savings in the United States?
The median for households with retirement accounts is about $87,000 overall, ranging from roughly $18,880 under 35 to $200,000 for ages 65 to 74. The median is generally a more representative figure than the average for a typical household.
How much do most people have saved by 60?
For households ages 55 to 64 with retirement accounts, the median is about $185,000 and the average is about $537,560. These are benchmarks for context rather than goals, since the amount that fits any person depends on their income, expenses, and plans.
How much does it take to retire in Long Beach?
It varies by household, but many couples find that a comfortable retirement in Long Beach involves roughly $70,000 to $90,000 in annual income from all sources combined, given local housing, healthcare, and tax costs. A personalized review can estimate a figure based on your own expenses.
Is Social Security enough to retire on in California?
For many people, likely not on its own. The average benefit is about $2,071 per month in 2026 and replaces only about 40% of pre-retirement income for an average earner, while many planners suggest aiming to replace 70% to 80% from all sources.
What percentage of Americans have $1 million saved for retirement?
About 5% of U.S. households have $1 million or more in retirement accounts, based on the 2022 Federal Reserve data. Only around 54% of households have any retirement account at all.
How can I catch up on retirement savings after 50?
Catch-up contributions are one option. In 2026, workers 50 and older can add $8,000 in a 401(k) and $1,100 in an IRA, and those ages 60 to 63 can add an $11,250 super catch-up in a 401(k). Raising your savings rate, reviewing your allocation, and coordinating tax strategy are other common steps.
Working With a Local Advisor
Financial planning is about more than numbers. It is about understanding how those numbers apply to your specific situation and location. Working with a local financial advisor in Long Beach means working with someone familiar with the regional housing market, California tax rules, and local healthcare costs that national calculators often miss.
Randall Wealth Management Group has served Long Beach residents for more than 30 years, and we work with clients across the region, including Orange County, Torrance, Huntington Beach, Pasadena, and Santa Clarita. Nearby, we also work as a financial advisor in Los Angeles for clients in that area. Whether you want to know how you compare, are working to catch up, or want to refine what you have already built, a personalized retirement assessment can add clarity and direction.
Your Retirement Is Not a Guessing Game
Understanding where you stand compared with national averages and Long Beach costs puts you in a better position to make informed decisions. Whether you are ahead of the benchmarks or working to catch up, clear reference points make the path forward easier to picture.
The most useful step is often the one you take today. Even modest adjustments to your savings rate, investment approach, or timeline can add up over the years. And support is available if you would like a second set of eyes on your plan. For a personalized assessment, contact our team at (562) 552-3367 or visit our contact page, and you can also read more in our resource library or connect with a financial advisor in Los Angeles.
