I am trying to figure how how I am doing saving for retirement compared to other people in my age group. I want to find percentile rankings of retirement savings by age age group.
First, I'll answer your question. A Google search for savings by age group will turn up good results. Here are a couple:
Second, I recommend that you don't benchmark yourself relative to your peers. The average savings for 60-year-olds is woefully inadequate. For a comfortable retirement (not worry-free by any stretch) it should be several times that, at least.
Just because you're doing better than they (or your appropriate age group) is no indication whatsoever that you're saving enough.
Go through a good retirement savings calculator with conservative returns and inflation -- after going through a life expectancy calculator to see how long your money should last you -- and you'll be scared straight.
I don't think it provides actual percentile information, but ING Compare Me is pretty slick as a comparison survey against "people like you". You answer a bunch of financial questions and it tells you what percentage of people similar to you answered the same (or differently).
In addition to mbhunter's answer, you should start off by setting some goals of what sort of income you would like to achieve in your retirement (based on what you want to do in retirement — would you like to travel, eat out on a regular basis, or just take it easy and have a few hobbies) and then work backwards. Use the retirement savings and life expectancy calculators to show you how much you're going to need to put away for retirement to achieve this income. Then finally work out how you are going to go about putting the required funds aside through a combination of savings and investing.