There is no single right number, but a widely cited guideline from Fidelity gives a useful target: have about 1 times your salary saved by age 30, 3 times by 40, 6 times by 50, 8 times by 60 and 10 times by 67. It assumes you start saving around 25, set aside about 15% of income a year (including any employer match) and plan to retire near 67. Treat it as a reference point, not a verdict.
The benchmark in dollars
| Age | Salary $50,000 | Salary $75,000 | Salary $100,000 |
|---|---|---|---|
| By age 30 | 1x ($50,000) | 1x ($75,000) | 1x ($100,000) |
| By age 40 | 3x ($150,000) | 3x ($225,000) | 3x ($300,000) |
| By age 50 | 6x ($300,000) | 6x ($450,000) | 6x ($600,000) |
| By age 60 | 8x ($400,000) | 8x ($600,000) | 8x ($800,000) |
| By age 67 | 10x ($500,000) | 10x ($750,000) | 10x ($1,000,000) |
If you are behind, that is common and fixable. Many people start later, change careers or pay off debt first. The goal is to start where you are.
What a 15% savings rate looks like
For a $75,000 salary, here is what saving different percentages each year means, and what 30 years of monthly saving could grow to at an assumed 7% yearly return (not guaranteed):
| Savings rate | Per year | Per month | After 30 years at 7% |
|---|---|---|---|
| 10% | $7,500 | $625 | $762,482 |
| 15% | $11,250 | $938 | $1,143,723 |
| 20% | $15,000 | $1,250 | $1,524,964 |
How to catch up
- Capture the full employer match if your plan offers one. It is part of your pay.
- Raise your rate by 1% a year, ideally with your raises.
- Automate contributions so saving happens before spending.
- Pay off high-rate debt to free cash flow. See how to pay off debt fast.
- Choose the right account. Compare Roth and traditional IRAs.
What this does not account for
Social Security, pensions, your planned lifestyle, health costs, whether you have a partner who also saves, and inflation all change how much you need. The Retirement Calculator lets you test your own assumptions, and compound interest explains why time matters so much.
Common questions
How much should I have saved by age 30?
A widely cited guideline suggests about one times your annual salary. It is a reference point, not a rule.
How much of my income should I save for retirement?
A common guideline is about 15% a year including any employer match, but your needs may differ.
What if I am behind on retirement savings?
Start now, capture any employer match, raise your savings rate gradually and reduce high-interest debt. Progress compounds.
Do these benchmarks include Social Security?
They are savings targets and do not replace a personal plan that considers Social Security, pensions and your goals.