Middle-aged Americans have just $215,700 in their 401(k)s — Fidelity says they'll need 10 times their income to retire. Are you hitting the mark?

Of course, this doesn’t take into account your retirement savings outside of a 401(k) or individual retirement account (IRA), such as brokerage accounts, other savings or real estate. Plus, your retirement will likely include Social Security and, for some Americans, a pension.

But seeing how your 401(k) balance stacks up to your peers — who’ve been working and saving as long as you have — can serve as a useful comparison.

And if you’re not hitting the mark, there are a few ways to catch up.

Retirement savings strategies

To maintain your lifestyle in retirement, Fidelity recommends saving the equivalent of your annual salary by age 30, three times your salary by age 40, six times by age 50, eight times by age 60 and 10 times by age 67.

For those aged 45-54, the median income was $91,880 in 2022, according to the Federal Reserve’s most recent Survey of Consumer Finances.

So, if you’re 50 and earn a median income of $91,880, that means — by Fidelity’s guidelines — you should have saved about $551,280 for retirement. While the average 401(k) for a 50-year-old is $215,700 (according to Fidelity’s data), you’ll also have to include other sources of retirement income into the overall equation.

A 401(k) is just one component of your retirement savings — and not all Americans have a 401(k) to begin with. Fidelity recommends saving 15% of your annual income for retirement, but that could include 401(k) employer matches, as well as IRAs, brokerage accounts and even health savings accounts.

It’s also worth considering your net worth (the value of all your assets, such as your home, savings and investments, minus your liabilities, such as debts).

“Someone who has built substantial home equity and paid down debt may have a much stronger financial position than their 401(k) balance alone suggests,” Adam Vega, a CFP and managing partner at Avance Private Wealth Management, told CNBC.

If you have a lot of high-interest debt, paying that down may be more of a priority than saving for retirement (ideally, the return on your investments should offset any interest payments).

There are other factors to consider, too, such as when you plan to retire. For example, if you’re planning to retire before your full retirement age at 67, then you’ll need to save more than 10 times your income, according to Fidelity.

How to catch up

In an ideal world, you’d start saving about 15% of your annual income for retirement in your 20s. This allows you to leverage the power of compounding, when earnings on your savings generate their own returns.

But life doesn’t always work out that way. Maybe you get laid off, maybe you decide to switch careers. Maybe you’re unemployed for a stretch of time. Despite this, if you’re in your 40s or even your 50s, you still have time to make up for lost ground — even if you do lose out on some of those compounding benefits.

Contribute what you can and try to increase that over time. Set up automatic transfers (either from your paycheck or checking account) into your retirement account, so you can ‘set it and forget it.’

One of the keys to building wealth is consistency, so automating your savings can go a long way in helping you grow your retirement savings. Many plans even offer automatic annual increases in your savings rate.

Take advantage of employer-sponsored plans like 401(k)s, traditional IRAs and Roth IRAs. If your employer offers matching contributions to your 401(k), contribute enough to get your full match. Otherwise, you’re essentially leaving money on the table.

For example, if your employer offers a dollar-for-dollar 3% match and you contribute 3% of your salary to your 401(k), then you’d be investing 6% each pay period. If you contribute 2%, then you’d only be investing 4%.

If you don’t have a workplace retirement savings account, you can still save in a traditional or Roth IRA. And self-employed individuals can save in an SEP (simplified employee pension) IRA, which allows you to contribute a higher percentage of your net earnings.

As you get older, you may have more financial obligations, like saving for your kids’ college education or taking care of elderly parents. Ideally, your income will increase as you climb the corporate ladder, but that’s not always the case.