How Much Should You Have Saved by Age 30, 40, 50 and 60?
Saving for retirement can feel overwhelming, especially when you see different numbers online about how much money you should have at each age. The truth is that there is no single savings number that works for everyone. Your income, lifestyle, debt, retirement age, investment strategy, and expected Social Security benefits all play a role.
Still, age-based savings benchmarks can give you a useful starting point. One widely followed guideline from Fidelity suggests aiming to have 1 times your annual income saved by age 30, 3 times by age 40, 6 times by age 50, and 8 times by age 60. Fidelity’s longer-term target is 10 times your income by age 67.
Let’s take a closer look at what these numbers mean and how you can use them to evaluate your own progress.
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How Much Should You Have Saved by 30?
By age 30, a commonly used benchmark is to have about one year’s salary saved for retirement.
For example, if you earn $60,000 per year, the benchmark would be around $60,000 in retirement savings.
That may sound like a lot, particularly if you are dealing with student loans, credit card debt, rent, or saving for your first home. Don’t panic if you haven’t reached that number. Your 20s are often a financially challenging period, and getting started is more important than being perfect.
At this stage, focus on establishing good financial habits. Contribute consistently to your workplace retirement plan, take advantage of an employer match when available, and gradually increase your savings rate as your income grows.
How Much Should You Have Saved by 40?
By age 40, Fidelity’s guideline increases to approximately 3 times your annual income.
So, someone earning $80,000 could use $240,000 as a general retirement savings target.
Your 30s can be an important decade for building wealth because your income may increase, giving you more opportunities to save and invest. At the same time, expenses can rise because of a mortgage, children, childcare, or other family responsibilities.
Try not to let lifestyle inflation consume every raise you receive. Increasing your retirement contributions whenever your salary increases can make a significant difference over time.
How Much Should You Have Saved by 50?
By age 50, the benchmark rises to around 6 times your annual income under Fidelity’s guideline.
For someone earning $100,000, that would mean approximately $600,000 in retirement savings.
Your 50s are also a good time to take a serious look at your retirement plan. If you’re behind, you still have time to make meaningful progress. Review your investment strategy, increase contributions where possible, and consider whether your expected retirement expenses match the lifestyle you want.
If you’re eligible for catch-up contributions to retirement accounts, those can also provide an additional opportunity to save more as retirement gets closer.
How Much Should You Have Saved by 60?
By age 60, Fidelity suggests having roughly 8 times your annual income saved.
For example, if you currently earn $100,000, an 8-times benchmark would be $800,000.
However, the amount you’ll actually need depends heavily on when you plan to retire and how much you expect to spend. Someone planning to work until 67 may have a very different target from someone hoping to retire at 60.
T. Rowe Price provides a broader range, suggesting approximately 6 to 11 times income by age 60, depending on factors such as income and household circumstances.
That difference illustrates an important point: retirement benchmarks are guidelines, not rules.
A Simple Retirement Savings Benchmark
Here’s a quick way to visualize the commonly cited Fidelity milestones:
| Age | General Benchmark |
|---|---|
| 30 | 1× annual income |
| 40 | 3× annual income |
| 50 | 6× annual income |
| 60 | 8× annual income |
| 67 | 10× annual income |
For example, if your annual income is $75,000, the rough benchmarks would be $75,000 by 30, $225,000 by 40, $450,000 by 50, and $600,000 by 60.
Keep in mind that these are based on assumptions and are not personalized retirement recommendations.
What If You’re Behind on Retirement Savings?
If your savings balance is below these benchmarks, don’t assume you’ve failed. Plenty of people reach their 40s or 50s and realize they need to save more.
The most important thing is to create a realistic plan and start moving in the right direction.
Start by finding out exactly how much you’re saving each month. Then look for opportunities to increase that amount. Even a small increase can become meaningful over many years because your investments have more time to potentially grow.
You can also review your biggest expenses, pay down high-interest debt, take full advantage of available employer retirement matches, and increase your contributions whenever you receive a raise.
T. Rowe Price notes that saving around 15% of income per year, including employer contributions, can be an appropriate baseline for many people, although higher earners may need to save more.
Remember: Your Number May Be Different
Age-based savings targets are helpful because they give you something to measure against, but they don’t tell the entire story.
Your ideal retirement number depends on factors such as your desired retirement age, expected spending, Social Security benefits, pension income, investment returns, healthcare costs, taxes, and whether you plan to support other family members.
Someone who plans to live a relatively modest retirement may need less than someone who wants to travel extensively and maintain a high level of spending.
The Bottom Line
So, how much should you have saved by age 30, 40, 50, and 60?
A useful starting benchmark is 1× your income by 30, 3× by 40, 6× by 50, and 8× by 60.
But don’t let these numbers discourage you if you’re behind. Your financial situation is unique, and there’s always an opportunity to improve your savings rate and retirement strategy.
The best time to start saving was years ago. The second-best time is today. Set a realistic goal, automate your contributions, invest consistently, and review your plan regularly. Small financial decisions made consistently over many years can make a much bigger difference than trying to catch up all at once.
