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
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
| Age | Salary Multiple | If Earning $75k | If Earning $100k |
|---|---|---|---|
| 30 | 1x salary | $75,000 | $100,000 |
| 35 | 2x salary | $150,000 | $200,000 |
| 40 | 3x salary | $225,000 | $300,000 |
| 45 | 4x salary | $300,000 | $400,000 |
| 50 | 6x salary | $450,000 | $600,000 |
| 55 | 7x salary | $525,000 | $700,000 |
| 60 | 8x salary | $600,000 | $800,000 |
| 65 | 10x 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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