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How Much Should You Have Saved for Retirement at 60?
The short answer: by 60, aim to have about 8× your yearly salary saved for retirement. On a $60,000 salary that is $480,000. The figure comes from Fidelity’s widely used milestones (1× your salary by 30, 3× by 40, 6× by 50, 8× by 60 and 10× by 67), joined in a straight line between milestones and starting from zero at 22.
Retirement savings target at 60, by salary
| Yearly salary | Target at 60 (8×) | Next milestone: 10× by 67, at today’s salary |
|---|---|---|
| $40,000 | $320,000 | $400,000 |
| $60,000 | $480,000 | $600,000 |
| $80,000 | $640,000 | $800,000 |
| $100,000 | $800,000 | $1,000,000 |
| $150,000 | $1,200,000 | $1,500,000 |
Targets count retirement savings only (401(k), IRA and similar accounts), not home equity. Fidelity’s multiples apply to your salary at each age, so if your pay rises, so do your targets. Saving about 15% of pay each year, counting any employer match, is what Fidelity assumes keeps you on this path.
Starting from zero at 60
If you have little saved at 60, the biggest levers are working a little longer, which adds contributions and shortens the years your savings must cover, and delaying Social Security, which raises your monthly benefit for life. Catch-up contributions let you put extra into a 401(k) or IRA each year while you are still working.
What to focus on at 60
Retirement is close, so turn your savings into an income plan. A common planning rule is to withdraw about 4% of savings in the first year, and delaying Social Security raises your monthly benefit for life.
Retirement savings at other ages
Age 25 · Age 30 · Age 35 · Age 40 · Age 45 · Age 50 · Age 55 · 60 · Age 65
See every age on one page in Retirement Savings by Age.
Common questions
How much should I have saved for retirement at 60?
About 8 times your yearly salary, based on Fidelity's milestones of 1 times your salary by 30, 3 times by 40, 6 times by 50, 8 times by 60 and 10 times by 67. On a $60,000 salary that is $480,000.
Is it too late to start saving for retirement at 60?
No. At 60, working a little longer, using catch-up contributions and delaying Social Security, which raises your monthly benefit for life, can all improve your retirement income.
Does the retirement savings target include my home?
No. Fidelity's salary multiples count retirement savings such as a 401(k) or IRA, not home equity. A paid-off home lowers what you need to spend in retirement, but it is not part of the multiple.
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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