Here’s how much money Americans in their 50s have in their 401(k)s

For many Americans in their 50s, retirement is right around the corner. But they may not have enough saved up to do so comfortably.

By the time you turn 50, you should aim to have around six times your salary saved for retirement, according to Fidelity. So, if you earn $100,000, for example, ideally you should have around $600,000 sitting in your retirement savings account.

However, the reality is that most Americans in that age group haven’t reached the recommended milestone.

On average, Americans between the ages of 50 and 59 have around $189,800 in their 401(k)s, according to data from Fidelity Investments Q2 2023 Retirement Analysis provided to CNBC Make It.

But most people have less than a third of that amount saved. The median 401(k) balance for Americans in their 50s is $57,000, meaning half of 401(k) balances are lower than this amount and half are higher.

These numbers are drastically different because a handful of accounts with huge balances can pull up the average. Median account balance is considered a more accurate representation of what most people have actually saved for retirement.

Many factors may have made it difficult for someone in their 50s to have saved for retirement over the years.

People in their 50s may have children in college, taken on too much mortgage debt to pay for their homes or be taking care of ailing parents who also didn’t have enough saved for retirement, says Cathy Curtis, a certified financial planner and founder of Curtis Financial Planning. She is also a member of CNBC’s Advisor Council.

Rising costs due to inflation has also impacted people’s ability to save for retirement, regardless of age. About 25% of employed adults say they decreased their retirement contributions in 2022 because of how inflation affected their finances, according to the 2023 TIAA Institute-GFLEC Personal Finance Index. Almost 12% stopped saving completely.

But if your retirement savings aren’t at a place you’re…