How Much Should You Save for Retirement by Age?
Am I saving enough for retirement? It is the most common financial worry. This guide provides clear targets by age, strategies for catching up if you are behind, and FIRE benchmarks for early retirement.
Your Situation
You want to know if your current retirement savings are on track for your age and income, and what adjustments to make if you are behind.
Retirement Savings Targets by Age
Fidelity Investments recommends these multiples of your annual salary saved for retirement: 1x by age 30, 3x by 40, 6x by 50, 8x by 60, and 10x by 67 (full retirement). These assume you want to maintain your current lifestyle in retirement.
| Age | Target (× Salary) | $60K Salary | $80K Salary | $100K Salary | $150K Salary |
|---|---|---|---|---|---|
| 25 | 0.5x | $30,000 | $40,000 | $50,000 | $75,000 |
| 30 | 1x | $60,000 | $80,000 | $100,000 | $150,000 |
| 35 | 2x | $120,000 | $160,000 | $200,000 | $300,000 |
| 40 | 3x | $180,000 | $240,000 | $300,000 | $450,000 |
| 45 | 4x | $240,000 | $320,000 | $400,000 | $600,000 |
| 50 | 6x | $360,000 | $480,000 | $600,000 | $900,000 |
| 55 | 7x | $420,000 | $560,000 | $700,000 | $1,050,000 |
| 60 | 8x | $480,000 | $640,000 | $800,000 | $1,200,000 |
| 67 | 10x | $600,000 | $800,000 | $1,000,000 | $1,500,000 |
Catch-Up Strategies
If you are behind on savings, do not panic — you have options. Increase your savings rate by even 2-3% of income. Maximize employer 401k matching (free money). Take advantage of catch-up contributions ($7,500 extra for 401k after age 50). Consider delaying retirement by 2-3 years, which both increases savings time and reduces withdrawal years.
Use our retirement calculator to model different scenarios for catching up.
FIRE Movement Benchmarks
The FIRE (Financial Independence, Retire Early) movement targets saving 25x annual expenses. If you spend $50,000/year, your FIRE number is $1.25 million. Achieving this often requires savings rates of 50-70% of income and aggressive investing.
Common FIRE variants: Regular FIRE (25x expenses), Lean FIRE (25x minimal expenses, ~$25K-$40K/year), Fat FIRE (25x comfortable expenses, ~$80K-$120K/year), and Barista FIRE (partial independence supplemented by part-time work).
Action Steps
Check your current position
Compare your retirement savings to the age-based targets above.
Calculate your FIRE number
Multiply your annual expenses by 25 for your financial independence target.
FIRE Calculator →Model catch-up scenarios
See how increasing savings by $200-$500/month changes your trajectory.
Retirement Calculator →Maximize tax-advantaged accounts
Max 401k ($23,000) and IRA ($7,000) before using taxable accounts.
Compound Interest →
Social Security Strategy
Social Security can dramatically change your retirement math. The average monthly benefit in 2026 is approximately $1,907/month ($22,884/year). The decision of when to claim is one of the most impactful financial choices you will make.
Claim at 62 (Early): Permanently reduces your benefit by 25-30%. Makes sense if you have serious health concerns or need the income immediately.
Claim at Full Retirement Age (FRA): FRA is 67 for those born after 1960. You receive 100% of your earned benefit. The "default" choice for most retirees.
Delay to Age 70: Benefits grow by 8% per year beyond FRA — a guaranteed, inflation-adjusted 8% return with no market risk. If you delay from 67 to 70, your benefit grows by 24%. This often makes the most sense for married couples with one high earner.
Including Social Security in your planning reduces your required savings significantly. If you expect $2,000/month from Social Security and need $5,000/month total, you only need to fund $3,000/month ($36,000/year) from your portfolio — requiring approximately $900,000 rather than $1,500,000. Use our retirement calculator to model this.