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Retirement Savings by Age

How much should you have saved for retirement? Compare your savings to benchmarks and see if you're on track.

Are You On Track?

Your Retirement Readiness

Fair

Fair start. Consider increasing contributions.

Your Salary Multiple

2.7x salary

Target at age 40: 3x

Benchmark at Age 40

Excellent: $500,000+

Good: $350,000

Fair: $200,000

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How Much Should I Have Saved for Retirement by Age?

Financial experts recommend having specific savings milestones at each age. These benchmarks help ensure you're on track for a comfortable retirement.

Retirement Savings Benchmarks by Age

AgeSalary MultipleIf Earning $75kIf Earning $100k
301x salary$75,000$100,000
352x salary$150,000$200,000
403x salary$225,000$300,000
454x salary$300,000$400,000
506x salary$450,000$600,000
557x salary$525,000$700,000
608x salary$600,000$800,000
6510x salary$750,000$1,000,000

What If I'm Behind?

Don't panic! Many people are behind on retirement savings. Here are strategies to catch up:

  • Maximize employer match - Don't leave free money on the table
  • Use catch-up contributions - Extra $7,500/year in 401(k) after age 50
  • Open a Roth IRA - Additional $7,000/year ($8,000 if 50+)
  • Reduce expenses - Lower spending = more savings + lower retirement needs
  • Delay retirement - Working even 2-3 years longer dramatically helps
  • Delay Social Security - Benefits increase 8% per year from 62 to 70

The Power of Starting Early

A 25-year-old saving $500/month will have $1.4 million by age 65 (at 7% returns). A 35-year-old saving the same amount will have only $680,000. That 10-year head start is worth over $700,000!

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Frequently Asked Questions

How much should I have saved for retirement by age 30?

Most financial experts recommend having 1x your annual salary saved by 30. If you earn $60,000, aim for $60,000 in retirement accounts. Fidelity's guideline is similar. Don't panic if you're behind — you have 35+ years of compound growth ahead. Prioritize: get your full employer 401(k) match, open a Roth IRA ($7,000/year limit), and aim to save 15% of gross income. Even starting at 28 with $500/month puts you at $60,000+ by 33 with average returns.

How much should I have saved by age 40?

The benchmark is 3x your annual salary. At $80,000 income, target $240,000 in retirement savings. This is where compound interest starts accelerating — the gap between starting at 25 vs 35 becomes visible. If you're behind at 40, aggressive catch-up strategies include: maximizing 401(k) contributions, opening a backdoor Roth IRA if over income limits, investing in a taxable brokerage account, and cutting major expenses (housing, cars) to boost savings rate from 15% to 25%+.

How much should I have saved by age 50?

Target 6x your annual salary. At $100,000 income, aim for $600,000. This is when catch-up contributions become available: an extra $7,500/year in your 401(k) and $1,000/year in your IRA (2026 limits). Age 50 is critical because you have 15-17 years until traditional retirement. At this stage, review your asset allocation, consolidate old 401(k) accounts, and consider whether you need to adjust your retirement age or spending expectations based on your actual savings trajectory.

What if I'm behind on retirement savings?

Don't give up — even starting late can yield significant results. Key strategies: (1) Maximize catch-up contributions after 50 ($31,000 total in 401(k)). (2) Aggressively reduce expenses — downsizing housing alone can free up $1,000+/month. (3) Consider delaying retirement by 2-5 years — this has a powerful triple effect: more savings years, fewer withdrawal years, and higher Social Security benefits. (4) Work part-time in retirement to reduce portfolio withdrawals. (5) Pay off all high-interest debt before retirement.

Are retirement savings benchmarks accurate?

Benchmarks like "10x salary by 65" are useful starting points but have limitations. They assume average salary growth, standard retirement age, moderate spending, and exclude Social Security. Your real target depends on: where you live (cost of living varies dramatically), healthcare needs, whether you'll have a pension, your planned retirement lifestyle, and whether your home is paid off. Someone in rural Iowa needs far less than someone in San Francisco. Our calculator personalizes these benchmarks to your specific situation.

Should I prioritize paying off debt or saving for retirement?

Do both, but prioritize strategically: (1) First, get your full 401(k) employer match — that's 50-100% instant return. (2) Pay off high-interest debt (credit cards, personal loans above 7-8%). (3) Max out a Roth IRA ($7,000/year). (4) Pay off moderate-interest debt (student loans, car loans). (5) Max out 401(k) ($23,500/year). Never skip the employer match to pay debt — you're leaving free money on the table. For low-interest debt like mortgages (3-5%), continue minimum payments and invest the rest.