Retirement Savings Benchmarks: How Much Should You Have at Every Age?
There is no single answer to how much retirement savings is enough — it depends on your income, lifestyle, goals, and timeline. But benchmarks exist to help you gauge whether you are on track, behind, or ahead of where you need to be.
Planning for retirement can feel abstract when it's decades away. The future is unpredictable, lifestyles change, and the numbers involved are enormous. But having rough benchmarks by age gives you something concrete to aim for — and an early warning system if you are falling behind.
The most commonly cited benchmarks (Fidelity method)
One of the most widely used frameworks comes from Fidelity Investments. It suggests having these multiples of your annual salary saved by each age:
- Age 30: 1× your annual salary
- Age 35: 2× your salary
- Age 40: 3× your salary
- Age 50: 6× your salary
- Age 55: 7× your salary
- Age 60: 8× your salary
- Age 67: 10× your salary
So if you earn $70,000 a year, you should aim for $70,000 saved by 30, $140,000 by 35, and $700,000 by age 67.
Why these numbers?
The benchmarks assume you will need about 80% of your pre-retirement income to maintain your lifestyle in retirement, that Social Security replaces some of that income, and that your savings grow at a historical average of 5–7% annually after inflation.
What if you're behind?
Don't panic — catching up is very possible. The IRS allows catch-up contributions to 401(k) plans once you turn 50: an additional $7,500 per year above the standard $23,000 limit (2025 limits). Reducing expenses, delaying retirement by a few years, or adjusting lifestyle expectations can all close the gap significantly.
What if you're ahead?
Keep going, but reassess your target retirement date and lifestyle goals. Being ahead of benchmarks gives you flexibility: you might be able to retire earlier, donate more, or build a larger safety margin.
The Social Security question
Social Security replaces about 40% of pre-retirement income for the average earner. Your personal benefit depends on your earnings history and the age you claim. Claiming at 62 reduces your benefit permanently. Waiting until 70 increases it by about 8% per year past your full retirement age.
Use our Retirement Calculator to model your personalized savings trajectory based on your current age, savings, monthly contributions, and expected return.
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