How Much Savings Does the Typical Hudson Valley Resident Have by Age?

If you're wondering how your savings account stacks up against the rest of the Hudson Valley, we have either good or bad news for you.

It can be pretty daunting to plan for your financial future. The past couple of years have been especially hard due to inflation, war and tariffs driving up prices for everything from gas to groceries. So you've likely worried that you might be behind the curve when it comes to how much money you've been able to squirrel away.

fan of 100 U.S. dollar banknotes

For this comparison, we're using median savings rather than averages. That's important because the median represents the person right in the middle. Half of households have more in savings and the other half have less. Averages can be misleading because a relatively small number of millionaires and billionaires dramatically inflate the numbers, especially in the New York region.

The figures below combine cash savings, checking accounts and retirement savings.

Under 35

Median total savings: About $49,000

Most of that is typically in retirement accounts rather than cash. Many younger adults are just beginning to build emergency savings while taking advantage of employer 401(k) matches.

Ages 35 to 44

Median total savings: About $141,000

This is often the decade when retirement savings begin to accelerate as incomes rise and investment gains start compounding.

Ages 45 to 54

Median total savings: About $313,000

For many households, these are peak earning years. Retirement balances often make up the overwhelming majority of total savings.

Ages 55 to 64

Median total savings: About $537,000

Many New Yorkers in this age group are approaching retirement and may be making catch-up contributions to retirement accounts while paying off mortgages and other debts.

Ages 65 to 74

Median total savings: About $609,000

Many households are now living off their retirement savings rather than adding to them, although investment growth can continue to increase balances.

Age 75 and Older

Median total savings: About $462,000

It's common for balances to begin declining as retirees draw from their savings to pay for everyday living expenses.

So where do you stand?

If your combined cash and retirement savings are above the median for your age group, you're doing better than more than half of American households. If you're below, don't panic. These figures are medians, not goals, and everyone's financial journey is different depending on income, housing costs, family size and career path.