See how your 401(k) savings compare to Americans at every income level.

New data shows that Americans' workplace retirement account balances are increasing, but they are still not enough for a comfortable retirement, according to experts.

Vanguard's annual How America Saves report reveals that the median account balance in the U.S. has increased to $35,286 in 2023, up 29% from the previous year. This growth is attributed to a combination of market gains and ongoing contributions.

The recent Northwestern Mutual survey reveals that Americans require $1.46 million to live comfortably in retirement. However, achieving this goal will be challenging for people with lower incomes, as account balances vary widely based on income and contributions.

Here's a look at the median account balances in 2023 by income:

• Less than $15,000: $3,691
• $15,000-$29,999: $6,142
• $30,000-$49,999: $10,072
• $50,000-$74,999: $24,939
• $75,000-$99,999: $51,073
• $100,000-$149,999: $91,323
• $150,000 or more: $188,678

Vanguard's account balance totals exclude non-workplace savings such as brokerage accounts, individual stock and bond holdings, real estate investments, savings accounts, and inheritances, which means they do not provide a comprehensive view of Americans' retirement savings.

Earlier in their careers, individuals typically make and save less money, which contributes to lower balance totals.

"As people age, they often increase their retirement contributions due to increased earnings and nearing retirement age, according to Michelle Gessner, a certified financial planner in Houston. However, young individuals should not underestimate the significance of making retirement contributions early, as the time value of compound interest plays a crucial role in long-term financial security."

The more you invest, the more your money theoretically grows exponentially through compound interest.

How much you should be saving for retirement

To determine your retirement savings goal, you should consider factors such as lifestyle, income, debt, and desired retirement age. It may be beneficial to consult a financial professional to create a plan. A widely used benchmark suggests basing your goal on your income and age, as recommended by Fidelity.

• By age 30: Have 1x your annual salary saved
• By age 40: Have 3x your annual salary saved
• By age 50: Have 6x your annual salary saved
• By age  67: Have 10x your annual salary saved

Andrew Herzog, a CFP in Plano, Texas, advises that the numbers should not be taken as absolute, as most Americans face challenges in achieving these goals, particularly in their early years.

""While benchmarks are a good starting point for conversation, they don't take into account all the other factors that need to be considered for a personalized approach," Herzog remarks."

Gessner advises saving at least 10% of each paycheck for retirement, and suggests increasing contributions by one percentage point annually. She notes that this increase will be barely noticeable and easy to manage.

Saving $100 a month at a 7% annual return can result in over $100,000 in 30 years, according to Gessner. She advises starting early to maximize the benefits of saving.

If your company matches employee contributions to retirement funds, make sure to take advantage of it.

Contributing enough to receive the full matching contribution, which some financial experts refer to as "free money," is crucial, advises Gessner: "Always seize the opportunity."

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