Fidelity says 50-year-olds need $551,280 saved for retirement — the average 401(k) balance is just $215,700

While a strong stock market has boosted 401(k) balances — jumping 10.5% in Q2, according to Fidelity data — how do you know if your savings are measuring up?

For those aged 45 to 49, the average 401(k) account balance is $163,200, according to Fidelity, while for those aged 50 to 54 the average is $215,700.

Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one

Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake. Here's what it is and 3 simple steps to fix it ASAP

The tax breaks in Trump's 'big beautiful bill' expire after 2028. Here are 4 moves to make before the window closes

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.

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 .