The Average Retirement Savings By Age
The amount needed for retirement is different for everyone. Nevertheless, there are benchmarks you can try to hit at every decade of your life. It's never too early in your career to put a plan together, but it's never too late to start, either.
This article combines a survey by Transamerica on savings by age group with investment management firm Fidelity's recommendations for what that age group should have at that point.
| Age Group | Avg Savings | Goal |
|---|---|---|
| 20-30 | $16,000 | 1x of income |
| 30-40 | $45,000 | 3x income |
| 40-50 | $63,000 | 6x income |
| 50-60 | $117,000 | 8x income |
| 60-70 | $172,000 | 10x income |
The goal column is the level of savings to achieve at the end of the decade, according to Fidelity. These figures can be used as a simple benchmark to assess where you are in relation to your peer age group, but it is important to understand that the amount needed for retirement is different for everyone. Therefore, working with your advisor to develop a comprehensive financial plan offers the best evaluation of your progress.
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