A common question with no single answer is how much you should have saved for retirement by a given age. The quick answer is the set of savings benchmarks from Fidelity, which suggests having about 1 times your annual income saved by age 30, 3 times by 40, 6 times by 50, 8 times by 60, and 10 times by the time you retire at 67. So if you earn $70,000, a rough target at 40 is around $210,000, and by 50 it is about $420,000.
These multiples are guidelines, not guarantees, and the amounts people actually hold are usually lower. This guide gives the by-age targets, shows what typical households have saved according to Federal Reserve data, and explains how to close the gap if you are behind. To turn a target into a monthly savings plan, run your numbers through the Retirement Calculator.
Savings by Age: The Quick Benchmark
Fidelity's widely cited milestones express your goal as a multiple of your current salary, which keeps the target tied to your own lifestyle rather than a flat dollar figure.
- By age 30: about 1x your annual income
- By age 40: about 3x your annual income
- By age 50: about 6x your annual income
- By age 60: about 8x your annual income
- By age 67: about 10x your annual income
For example, someone earning $80,000 would aim for roughly $80,000 saved by 30, $240,000 by 40, and $800,000 by 67. The model behind these numbers assumes you save about 15% of pre-tax income each year, retire at 67, and want to replace roughly 45% of your income from savings, with Social Security and other sources covering the rest.
What People Actually Have Saved
Targets are one thing and reality is another. The Federal Reserve's 2022 Survey of Consumer Finances reports these retirement account balances by the age of the head of household, counting 401(k)s, IRAs, and similar accounts. The median is the midpoint, where half of households have more and half have less.
- Under 35: median $18,880, average $49,130
- 35 to 44: median $45,000, average $141,520
- 45 to 54: median $115,000, average $313,220
- 55 to 64: median $185,000, average $537,560
- 65 to 74: median $200,000, average $609,230
The distance between these medians and the Fidelity targets is wide, especially in the middle years. That gap is exactly why the benchmarks work best as a direction to aim rather than a verdict on whether you have fallen behind.
Average vs Median: Read the Right Number
In every age band the average sits far above the median, because a small number of large accounts pull the mean upward. For comparing yourself with a typical household, the median is the honest figure.
For example, in the 45-to-54 band the average balance is more than $313,000, but the median is $115,000. Most households in that group sit nearer the median, so quoting the average can make almost everyone feel behind. Use the median for your age as the realistic yardstick, then track your own progress against it over time.
How to Catch Up if You Are Behind
Falling short of the multiple for your age is common and fixable, and time plus a higher savings rate does most of the work.
Start by capturing any employer match in full, because that is an immediate return on the money you contribute. Then raise your savings rate by a percentage point or two whenever your pay increases, which lifts contributions without changing your take-home pay much. Workers age 50 and older can also use catch-up contributions, which allow more than the standard annual limit in a 401(k) or IRA.
The earlier you act, the more compounding does for you. A dollar saved at 30 has more than 35 years to grow before a typical retirement, while the same dollar saved at 55 has only about a decade. The 401(k) Calculator shows how a match and steady returns build a balance over time.
How Much to Save Each Month
A target balance only helps once you translate it into a monthly amount. The right number depends on your starting balance, the years until retirement, and a realistic return assumption, often around 6% to 7% before inflation.
For example, a 30-year-old aiming for a large nest egg by 67 needs a much smaller monthly contribution than a 50-year-old starting from a similar balance, because the younger saver has decades of compounding ahead. Test a few scenarios with the Roth IRA Calculator for tax-free growth, or the Investment Calculator for a taxable account, and adjust the monthly figure until the projected balance clears your by-age target. Browse the Finance hub for the full set of savings and retirement tools.
If you also own a home, our mortgage payoff statistics show where paying it down fits alongside retirement saving.
Important Note
This article reports general guidelines and population statistics from Fidelity and the Federal Reserve Survey of Consumer Finances and is for educational purposes only. It is not financial advice. The right retirement savings target depends on your income, spending, retirement age, and other sources of income, and the figures here are national benchmarks rather than goals for any individual. Speak with a qualified financial professional about your own situation.