Are You on Track for Retirement? Here's What to Have Saved by Every Age

When it comes to saving for retirement, most of us don't want to be preached to—we just want a clear sense of whether we're roughly on track. Are we doing okay? Should we be worried? Should we be doing more? Age-based savings milestones can be incredibly helpful here—not because they're perfect, but because they give you a reference point. Something to work toward. Something to compare against. And just as importantly, they can help spark conversations that many people avoid for too long. Whether you're just starting out or already thinking about when to retire, understanding how much you should have saved by a given age—and how that compares to what most people actually have—can give you both perspective and direction.

Savings Milestones to Aim For

Let's start with the standard advice. Financial planners often suggest saving a multiple of your annual salary by certain ages if you want to retire comfortably by your mid-60s. The most widely cited benchmarks—used by firms like Fidelity—are based on the idea that you begin saving in your mid-20s, contribute around 15% of your income (including employer matches), and invest for long-term growth. Under those assumptions, here's what you should ideally have saved at each stage of your working life…

By age 30, you should aim to have the equivalent of one year's salary saved. By 35, the target grows to 1–2× your income. At 40, 3–4×. By 45, you should have 4–5× your income saved. At 50, the benchmark grows to 5–7×. By 55, you're ideally in the 7–9× range. And by the time you reach 60, you should be closing in on 8–12×. Finally, between ages 65 and 67, most guidance suggests having 10–15× your income tucked away if you want to maintain your lifestyle in retirement. These numbers aren't one-size-fits-all, but they offer a solid framework. They're particularly useful if you're in your 30s or 40s and trying to figure out if your savings rate is actually moving the needle—or just coasting along.

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What People Are Actually Saving

The reality, of course, is quite different. Most people aren't even close to those numbers. According to recent national surveys and retirement plan data, the median retirement savings for Americans falls far short of the benchmarks. For people under 35, the median is just $18,880. In the 35–44 age group, it rises to $45,000. At ages 45–54, the median climbs to $115,000. People aged 55–64 typically have around $185,000 saved. Between 65 and 74, the number bumps up slightly to $200,000—but drops again to $130,000 after age 75.

When you stack those real-world numbers against the recommended targets, the gap is clear—and for many, a bit discouraging. But the truth is, most people face headwinds the benchmarks don't account for. Debt, stagnant wages, inflation, medical bills, childcare, aging parents, and late starts all play a role. And while the average person may be behind, they're not doomed. These benchmarks aren't there to shame you—they're there to help you course-correct while there's still time.

Real Examples That Put It Into Perspective

Take Sarah, for example. She's 30 years old, earning $60,000 a year. According to the guidelines, she should have $60,000 saved by now. She's sitting at $25,000. Not perfect, but not nothing either. Sarah didn't start saving until age 28 because she was focused on paying off student loans. Now that she's debt-free, she's contributing 15% of her income to her 401(k), including the company match, and she's set up automatic transfers to a Roth IRA. Her plan isn't just to "catch up"—it's to build a habit. Her new goal is to hit 2× her salary by the time she's 35, and she's focused on consistency more than anything else.

Now let's look at Mike. He's 45 and earns $90,000 a year. The recommended savings range for someone in his shoes is between $360,000 and $450,000. Mike has $150,000. The reason he's behind? He paused retirement contributions for nearly a decade to help put two kids through college. Now, with college expenses winding down, he's redirecting that money into his 401(k), maxing it out each year and planning to take advantage of catch-up contributions once he hits 50. He's also considering downsizing in the next few years to reduce his monthly expenses and potentially redirect that savings into retirement accounts.

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Then there's Lisa. She's 55 and earns $120,000 annually. By most benchmarks, she should have somewhere between $840,000 and $1,080,000 saved. She has $600,000. Not ideal, but she's been consistent. Life just got in the way—she weathered a layoff in her early 40s and spent several years helping care for her parents, which interrupted her ability to save aggressively. Now, she's working with a financial advisor to optimize her portfolio and ensure her investments are positioned for growth. She's also running the numbers on delaying retirement by a few years to increase her Social Security payout and let her savings stretch further.

Why the Gap Exists (and What to Do About It)

There are a thousand reasons why people fall behind: low wages, rising rents, credit card debt, layoffs, family emergencies, or simply starting late. For many, saving 15% of your income just isn't realistic every year. And sometimes, saving anything at all feels like a stretch. But that doesn't mean the situation is hopeless. In fact, most people have more control than they think—especially if they're willing to take small, consistent steps.

Start by bumping up your savings rate by just 1% a year. Set up automatic contributions so you're not relying on willpower. Revisit your expenses to see where you can free up even a little extra cash. If you're over 50, take advantage of catch-up contributions to tax-advantaged accounts. And if you're behind on your goals, consider whether working a few more years might buy you time to let your savings grow. Retirement planning isn't about perfection—it's about making intentional choices and adjusting along the way.

What It Really Means for You

There's no magic number that guarantees a secure retirement. The right savings target depends on your lifestyle, your expenses, when you plan to retire, and what other income streams you'll have. But benchmarks like these can help you ask better questions: Am I saving enough? Could I be doing more? What tradeoffs am I making now that might affect me later?

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If you're behind, don't let the benchmarks shame you. Let them guide you. The important thing isn't where you are—it's what you do next. Small changes made consistently can compound into something powerful. So wherever you're starting from, make a plan, stick with it, and revisit it often. You don't need to be perfect. You just need to keep moving.

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