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Retirement Savings by Age: How Much Should You Have Saved?
The short answer: a widely used rule of thumb from Fidelity is to have 1× your salary saved for retirement by 30, 3× by 40, 6× by 50, 8× by 60 and 10× by 67. The table below fills in the years between, so you can see a target for your own age.
Retirement savings target by age
| Age | Target (× salary) | On a $60,000 salary |
|---|---|---|
| 25 | 0.38× | $22,800 |
| 30 | 1× | $60,000 |
| 35 | 2× | $120,000 |
| 40 | 3× | $180,000 |
| 45 | 4.5× | $270,000 |
| 50 | 6× | $360,000 |
| 55 | 7× | $420,000 |
| 60 | 8× | $480,000 |
| 65 | 9.43× | $565,800 |
Targets join Fidelity’s milestones in a straight line, starting from zero at 22, and count retirement savings only, not home equity. Pick an age for the target at every salary and what it takes to catch up.
Where the multiples come from
Fidelity built its milestones for someone who starts saving in their mid-twenties, saves about 15% of pay each year (counting any employer match), and wants to keep a similar lifestyle in retirement from age 67. If you plan to retire earlier, or to spend more than you do now, you need a higher multiple; a pension or a paid-off home can mean you need less.
If you are behind
- Capture the full employer match first. It is the highest return most people will ever get.
- Raise contributions by 1% a year, or each time you get a raise, until you reach about 15%.
- Use catch-up contributions from 50. U.S. 401(k) plans and IRAs let you put in extra each year from age 50.
- Test a later retirement age. A few extra working years add contributions, add growth, and shorten the years your savings must cover.
- Plan when to claim Social Security. Each year you wait between 62 and 70 raises your monthly check for life; the Social Security Claiming Age Calculator shows yours at every age.
Related guides
Common questions
How much should I have saved for retirement by 30?
About 1 times your yearly salary, according to Fidelity's milestones. On a $60,000 salary that is $60,000.
How much should I have saved for retirement by 40?
About 3 times your yearly salary. On a $60,000 salary that is $180,000.
How much should I have saved for retirement by 50?
About 6 times your yearly salary, rising to 8 times by 60 and 10 times by 67. On a $60,000 salary, 6 times is $360,000.
Sources
- How much do I need to retire? — Fidelity
- Retirement topics: 401(k) and profit-sharing plan contribution limits — Internal Revenue Service
- Compound Interest Calculator — U.S. Securities and Exchange Commission, Investor.gov
This guide is for informational and educational purposes only. It is not financial, medical, legal, or tax advice. Consult a qualified professional for guidance specific to your situation.
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