A simple benchmark for whether you're on track: aim to have about 1x your income saved for retirement by 30, 3x by 40, 6x by 50, 8x by 60, and 10x or more by the time you retire. Where you actually land matters more than hitting each mark exactly, and your own number depends on your income, spending, and when you want to stop working.

Why saving for retirement matters

Eventually you won't want to work, and at some point you may not be able to. Savings are what let you stop or cut back while keeping your standard of living, covering healthcare and housing, and still doing the things you enjoy.

You can't lean entirely on Social Security. It replaces roughly 40% of the average worker's pre-retirement income, while most people need around 70% to get by. Your own savings cover the gap.

How much to have saved by age

The table below applies common savings multiples to approximate median full-time earnings by age bracket. Median earnings shift year to year and vary widely by region and field, so treat these as a starting frame and calculate your own targets from your actual income.

By age 30

Your 30s often bring a steadier income and big decisions: a partner, kids, where to settle. If you can, put 15% of pre-tax income toward retirement, counting the employer match (so if your employer matches 5%, contribute 10% yourself). At this age you can hold a stock-heavy mix, since you have decades to ride out downturns. If you're a higher earner or debt-free, push toward 20%.

The 50/30/20 rule is a workable split of take-home pay: 50% for needs, 30% for wants, 20% for savings and debt payoff.

Target: about 1x your income saved.

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By age 35

Aim for 1.5x to 2x your income. If credit card or student debt is still on the books, clear it, then redirect those payments into savings. Your emergency fund should grow now that others may depend on you. If you're behind, you may need to save 25% or more for a stretch to catch up.

By age 40

Many people in their late 30s and 40s are behind, often because of student debt, housing costs, or economic shocks. If you're short of roughly 3x your income, a few levers help: check Glassdoor or Payscale and ask for a raise if you're underpaid, add a side income, and consider whether a Roth IRA fits, since its tax-free withdrawals can help make up for lost years. This is a good point to be working with an advisor.

Target: about 3x your income.

By age 45

By 45 you're likely near peak earnings, which makes it a solid baseline for projecting the rest of your working life. Retirement starts to feel concrete, so think about where you'll live and how you'll spend your time. If you have kids and want to help with college, a 529 plan can help, but don't let it push your retirement savings below 15% of income; your kids have other funding options and you don't.

Target: about 4x your income.

By age 50

At 50 you unlock catch-up contributions. For 2026, you can add $8,000 to the $24,500 401(k) limit, for $32,500 (or $35,750 if you're between 60 and 63, using the $11,250 catch-up). IRAs allow an extra $1,100 over the $7,500 base, for $8,600. Max these out if you can.

Also consider a Health Savings Account (HSA) if you're in a qualifying high-deductible plan. Contributions are pre-tax, the balance can be invested and grows tax-free, and withdrawals for qualified medical expenses are tax- and penalty-free at any age. What changes at 65 is that non-qualified withdrawals lose the 20% penalty, though they're still taxed as income, so an HSA effectively becomes a second traditional IRA at that point.

This is also a common age to shift part of your portfolio toward lower-risk holdings.

Target: about 6x your income.

By age 60

Retirement may be close. Spending in your early 60s usually doesn't drop much, often less than 10%, so plan around that. You can claim Social Security at 62, but the benefit is permanently reduced; each month you wait, up to 70, adds to it. If you're in good health, delaying often pays off. If you see a gap between what you have and what you'll need, this is the time to cut spending hard and add to your 401(k) or IRA.

Target: about 8x your income.

By age 70+

If you waited until 70 to claim Social Security and your full retirement age is 67, your benefit is 124% of the full amount, for life. Working to 70 also means more years of maxing your 401(k) and collecting the match.

RMDs begin at age 73 if you were born between 1951 and 1959, or age 75 if you were born in 1960 or later. The years before your RMD age, especially low-income years in early retirement, are a window to convert traditional IRA money to a Roth: you pay tax on the conversion now, but future Roth withdrawals are tax-free and not subject to RMDs.

Some expenses fall by this point, a paid-off house, grown kids, no commute.

Target: 10x to 20x your income.

Frequently asked questions

What if I don't have enough saved for retirement?

Raise your 401(k) contributions if you're eligible, and open a traditional or Roth IRA to save more. Pair that with a budget review to find spending to cut, and consider selling a home and downsizing to free up equity. See how to save in your 50s if you're starting late.

How small can retirement savings start?

As small as you need it to. Putting $10 a week aside builds the habit, and once the habit sticks you can look for ways to add income and raise the amount. Keeping a budget is the tool that frees up the dollars in the first place.

When should I start drawing down my savings?

There's no single right age. Most people begin withdrawing from tax-advantaged accounts in their 60s, once the 10% early-withdrawal penalty no longer applies at 59 1/2 (traditional withdrawals are still taxed as income). Others wait until Social Security starts, anywhere from 62 to 70. Map it to your savings, your planned spending, and the trips or projects you have in mind.

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