How Much Should I Save for Retirement by Age?

Figuring out how much you should have saved for retirement at every stage of life can feel overwhelming. One minute, you’re paying off student loans or a mortgage. Next, someone’s telling you you should already have twice your salary saved by 35. Wait, what?

If you’ve ever found yourself wondering if you’re behind, on track, or somehow missing a secret retirement playbook, you’re not alone. The truth is, there’s no one-size-fits-all answer. But there are helpful benchmarks to give you a sense of whether your savings are keeping pace, and how to adjust if they’re not.

In this post, we’ll walk through what retirement savings might look like by age, why it changes over time, and how to make the most of wherever you are right now. No judgment. Just straight talk.

Why Your Retirement Savings Goals Change with Age

First things first: saving for retirement isn’t a set-it-and-forget-it situation. Your goals will naturally shift as your income grows, your expenses change, and your picture of retirement starts to sharpen.

When you’re younger, you’ve got time on your side, compound interest is doing a lot of heavy lifting. But as you get older, the math starts working a little differently. That’s not a bad thing. It just means your savings strategy needs to evolve with you.

And let’s not forget, everyone’s path looks a little different. Maybe you took a few years off work. Maybe you’re self-employed. Maybe your employer doesn’t offer a retirement plan. That’s all part of the puzzle. The important thing is to keep moving forward, even if you’re playing catch-up.

What Should Retirement Savings Look Like by Age?

Let’s break it down by decade. These aren’t hard rules, but general targets to help guide your savings journey.

In Your 20s: Starting Small, Thinking Big

If you’re in your 20s, retirement might feel a million miles away. You’re just getting your career off the ground, maybe paying off student loans or figuring out how to live on your own. Saving for something 40 years down the road? Not exactly top of mind.

But here’s the deal: even small contributions now can grow into something massive later, thanks to compound interest. The earlier you start, the less you have to save overall.

Goal: Try to save about 10–15% of your income, including any employer match. If you can, aim to have at least one year’s worth of salary saved by the time you hit 30.

If that feels out of reach? Just start with what you can. Every bit counts.

In Your 30s: Picking Up the Pace

Your 30s are all about building momentum. Maybe you’ve gotten a few promotions. Maybe you’ve bought a home. Maybe you’re juggling daycare costs and a career at the same time. Whatever your situation, it’s a critical decade for retirement savings.

You’re still in the sweet spot where compound growth works in your favor, but now’s the time to get serious if you haven’t already.

Goal: Aim to have about 1–2x your annual salary saved by your mid-30s, and 2–3x by the time you hit 40. It’s also a good time to increase your contributions if you get a raise, or at least bump up your savings rate each year.

In Your 40s: Making Up Ground or Staying Strong

This is often the decade when the financial squeeze hits. Kids, college planning, home repairs, aging parents, it can feel like everything’s happening all at once. And if you haven’t saved much yet? That pressure only grows.

But here’s the good news: your earning power may be at its peak, and you’ve still got a couple of decades to go. That gives you room to course-correct if needed.

Goal: Try to have 3–6 times your salary saved by your mid- to late-40s. If that number makes you break into a cold sweat, don’t panic. Focus on ramping up contributions, cutting unnecessary expenses, and staying consistent. Catch-up is possible.

In Your 50s: Crunch Time

Okay, this is where things start to feel real. Retirement isn’t some vague “someday”; it’s visible on the horizon. Whether you’re planning to retire at 62, 65, or even later, your savings in your 50s will play a major role in shaping what those years look like.

This is also when you can make catch-up contributions to your retirement accounts, which means putting away more than the standard limits. Use it if you can!

Goal: Aim to have 6–8x your salary saved by your late 50s. If you’re behind, now’s the time to reassess your expenses and retirement age expectations. The good news? You might have fewer big expenses now, mortgage nearing payoff, kids finishing school, which could free up extra cash.

In Your 60s: Ready or Not?

By now, it’s all about fine-tuning. You’re probably thinking seriously about when you’ll retire, what Social Security might cover, and how to turn your savings into an income stream.

It’s also a good time to estimate your expenses and consider how long your money needs to last. After all, people are living longer, and a retirement that lasts 20 to 30 years isn’t unusual.

Goal: Ideally, you’ll have 8–10x your salary (or more) saved by the time you retire. That may sound like a lot, but it’s meant to cover decades of living expenses without a paycheck.

So, How Do You Know Your Retirement Goal?

All these numbers are helpful, but how do you figure out what you need?

Start with this simple question: How much money do you want to live on each year in retirement?

A common rule of thumb says you’ll need about 70–80% of your pre-retirement income annually. So if you’re earning 000 a year now, you might need around 000–000 a year in retirement.

Then ask: How long will you need that income to last? Are you planning to retire at 62? 67? Later? What about inflation? Healthcare costs?

It’s a lot to think about, but even a rough estimate is better than none. Online retirement calculators can help you plug in your current savings, income, and target retirement age to get a ballpark figure. You don’t need to get it perfect, just get it started.

Boosting Your Retirement Savings, No Matter Where You Are

No matter your age, there are a few moves that can make a real difference:

• Automate your contributions. Out of sight, out of mind. Set it and forget it.
• Increase your savings with each raise. Even 1% more can add up over time.
• Max out employer-sponsored plans. Don’t leave free money (like matching) on the table.
• Open an IRA if you don’t have a 401(k). Traditional or Roth, it’s a great way to supplement your savings.
• Cut out lifestyle creep. As your income grows, don’t let your spending swallow all the gains.

Consistency beats perfection. You don’t have to make huge sacrifices, you just have to stick with it.

Common Retirement Saving Mistakes to Watch Out For

Even with the best intentions, it’s easy to fall into a few traps. Here are some common missteps, and how to sidestep them:

• Waiting too long to start. Time is your best friend when it comes to saving. Don’t wait for the “perfect” time.
• Dipping into retirement accounts early. It’s tempting, especially in emergencies, but penalties and lost growth can be brutal.
• Underestimating how much you’ll need. Many people guess too low and forget to factor in things like inflation, healthcare, and longevity.
• Relying only on Social Security. It’s a supplement, not a full replacement for retirement income.
• Ignoring your plan. Life changes, and so should your retirement strategy. Revisit your goals every year or two.

Let’s Wrap This Up

So, how much should you have saved for retirement by now? It depends on a few things, but now you’ve got a clearer picture to work with. Maybe you’re ahead of the game. Maybe you’ve got some catching up to do. Either way, the key is to take action today.

Retirement might seem far off, but the earlier and more consistently you save, the better off you’ll be when that day comes. It’s not about hitting some magic number overnight. It’s about making steady progress.

And hey, if you’re reading this, you’re already thinking ahead.