The amount of money Americans in their 30s have in their 401(k)s.

Although individuals in their 30s might not have reached their retirement savings objectives, they still have ample time to rectify the situation.

According to Northwestern Mutual's "2024 Planning and Progress" study, on average, Americans estimate needing approximately $1.46 million saved to retire comfortably. For millennials, who are mostly in their 30s, this number is slightly higher at around $1.6 million.

However, many in their 30s have much less than that saved.

According to Fidelity Investments, the median 401(k) balance for individuals in their 30s was approximately $22,100 during the first quarter of 2024.

According to Fidelity, the amount Americans have in their 401(k)s varies by age.

Numerous Americans are straining their finances to meet various expenses, potentially hindering their ability to save for retirement.

Nearly 30% of people say that paying off credit card debt and unexpected expenses are barriers to reaching their retirement goals, according to Fidelity Investments' "2024 State of Retirement Planning." Additionally, over a third of people cite the rising cost of living as an obstacle.

How to get your retirement savings on track in your 30s

If you're in your 30s and concerned about your retirement savings, the good news is that you still have time to get back on track.

Instead of solely concentrating on your account balance, which may fluctuate due to market instability and eventually increase at a compound rate, consider examining your savings rate. This refers to the percentage of your pre-tax annual income that you save for retirement annually.

If you're starting in your late 30s, you may need to increase your savings rate beyond Fidelity's recommended 15%, including your employer's match, according to Anne Lester, a retirement expert and author of "Your Best Financial Life: Save Smart Now for the Future You Want."

Starting at 39 requires more aggressive saving than starting earlier, she advises CNBC Make It.

Fidelity suggests a savings rate of 18% if you're starting at age 30 and 23% if you're beginning at age 35, with no savings saved for retirement.

To achieve the recommended savings rate, you can use auto-escalation, which automatically increases your retirement contributions by a set percentage each year. For example, you could increase your savings rate by 2 or 3 percentage points annually until you reach your desired rate.

Another way to increase your retirement savings is by mentally preparing to save a portion of any future financial windfalls, such as raises or tax refunds, advises Lester.

"By receiving raises and refunds, you can start saving for retirement without sacrificing anything you already possess, making it a relatively painless process," she explains.

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