How much should I have saved for retirement by age?

Fidelity's benchmarks suggest saving 1x your salary by 30, 3x by 40, 6x by 50, 8x by 60, and 10x by 67. On a $75,000 salary that means $75,000 by 30, $225,000 by 40, $450,000 by 50, $600,000 by 60, and $750,000 by 67. These are benchmarks, not guarantees — your actual target depends on your planned retirement age, expected Social Security, and spending needs.

How much do I need to retire comfortably?

The most common rule is to accumulate 25 times your annual expected retirement spending (derived from the 4% safe withdrawal rate). If you expect to spend $60,000/year in retirement, you need $1,500,000. If you plan to spend $80,000, you need $2,000,000. Social Security income reduces the portfolio needed — subtract your expected annual Social Security benefit from your spending before applying the 25x multiplier.

When should I start saving for retirement?

The earlier the better — the power of compound growth makes early contributions disproportionately valuable. A 25-year-old who invests $5,000/year for 10 years and stops will have more at 65 than a 35-year-old who invests $5,000/year for 30 consecutive years, assuming 7% annual returns. If you have a 401(k) match, contribute at least enough to capture it — that is an immediate 50–100% return on your contribution.

What is the biggest retirement planning mistake?

The most costly mistake is starting too late and undersaving in your 30s and 40s. Other major mistakes: not capturing the full employer 401(k) match, withdrawing retirement funds early (losing principal, returns, and paying penalties), claiming Social Security too early (especially for the higher-earning spouse), failing to plan for healthcare costs, and holding too much cash in retirement rather than maintaining an equity allocation for inflation protection.

How do I know if I'm on track to retire?

Check your retirement savings against age benchmarks, run a retirement calculator using your projected Social Security benefit (available at SSA.gov), estimate your retirement spending, and compare your projected income (Social Security + 4% of portfolio) against that spending. If there is a gap, you have time to close it by saving more, working longer, or planning to spend less.

Retirement Planning Guide 2026: How to Plan for Retirement at Any Age

Retirement planning is not a single decision — it is a sequence of financial moves made over 30 to 40 years. The right moves at 25 compound into security at 65. The wrong moves — or no moves at all — compound into hardship. This guide covers the entire arc: how to start, how to stay on track, and how to finish.

Retirement Savings Benchmarks by Age

These benchmarks from Fidelity give a concrete target at each stage. They assume retirement at 67, consistent saving, and a mix of retirement accounts:

Age	Savings Target (Multiple of Salary)	Example: $75,000 Salary	Example: $100,000 Salary
30	1×	$75,000	$100,000
35	2×	$150,000	$200,000
40	3×	$225,000	$300,000
45	4×	$300,000	$400,000
50	6×	$450,000	$600,000
55	7×	$525,000	$700,000
60	8×	$600,000	$800,000
67	10×	$750,000	$1,000,000

These are targets, not requirements. A pension or expected Social Security income reduces the portfolio you need. Early retirement requires hitting a higher multiple sooner.

How Much Do You Need to Retire?

The 25x rule: multiply your expected annual retirement spending by 25. This gives you the portfolio needed to sustain a 4% annual withdrawal indefinitely.

Adjust for Social Security:

If you expect $24,000/year in Social Security and plan to spend $72,000/year, your portfolio only needs to cover $48,000/year. Your target becomes $48,000 × 25 = $1,200,000 — not $1,800,000.

Annual Spending	Social Security	Portfolio Must Cover	FIRE Number (25×)
$50,000	$20,000	$30,000	$750,000
$70,000	$24,000	$46,000	$1,150,000
$90,000	$30,000	$60,000	$1,500,000
$120,000	$36,000	$84,000	$2,100,000

Retirement Planning by Decade

In Your 20s

Open a Roth IRA — low income now means tax-free growth is most valuable
Contribute to your 401(k) at least up to the employer match — it’s free money
Build an emergency fund before aggressive retirement saving
Avoid student loan forbearance that delays saving

In Your 30s

Max your 401(k) and Roth IRA if possible ($23,500 + $7,000 = $30,500 in 2026)
Increase your contribution rate every time you get a raise
Start a taxable brokerage account if you’ve maxed tax-advantaged accounts
Buy adequate life and disability insurance — your income is your biggest asset

In Your 40s

Catch up if behind: prioritize retirement savings over college funding
Consider backdoor Roth IRA if income exceeds direct contribution limits
Diversify between traditional (pre-tax) and Roth accounts for tax flexibility
Run your first formal retirement projection — use SSA.gov for Social Security estimate

In Your 50s

Use catch-up contributions ($31,000 to 401(k), $8,000 to IRA in 2026)
Map out Social Security claiming strategy — delay the higher earner’s benefit
Plan healthcare from retirement to Medicare (age 65) if retiring early
Consider long-term care insurance — premiums are lower in your 50s than 60s

In Your 60s

Do Roth conversions during lower-income years before Social Security starts
Finalize Social Security timing — delaying to 70 maximizes lifetime benefits
Build a 2-year cash buffer before retirement to avoid selling in a down market
Review asset allocation — shift toward income-producing and more stable assets

The Retirement Planning Checklist

5–10 years before retirement:

Run a retirement income projection using SSA.gov and your portfolio balance
Identify the gap between projected income and planned spending
Maximize retirement account contributions including catch-up
Decide on Social Security timing strategy
Plan healthcare coverage from retirement to Medicare eligibility

1 year before retirement:

Confirm pension options (lump sum vs. annuity) if applicable
Set up Medicare enrollment for age 65 (or confirm coverage gap plan if retiring earlier)
Create a withdrawal strategy and first-year budget
Consider Roth conversions if still in a lower tax bracket
Verify beneficiary designations on all accounts

At retirement:

Begin Social Security (or confirm delayed claiming plan)
Implement withdrawal strategy (bucket, systematic, dividend)
Maintain 2–3 year cash reserve to avoid forced selling
Review and rebalance portfolio annually

Common Retirement Planning Mistakes

Undersaving in your 30s and 40s — the most expensive decade to delay
Cashing out a 401(k) when changing jobs — destroys years of compound growth
Claiming Social Security at 62 — permanently reduces lifetime benefits, especially harmful for the higher-earning spouse
Ignoring healthcare costs — Fidelity estimates a couple needs $315,000 in retirement for healthcare beyond Medicare
Holding too much cash — inflation erodes purchasing power; retirees with 20–30 year horizons still need equity exposure
Over-funding college at the expense of retirement — your child can borrow for college; you cannot borrow for retirement

All Retirement Planning Guides

Planning by Decade

Savings Milestones & Benchmarks

Retirement Age Guides

Pre-Retirement Checklists

401(k) Strategy

Data & Context

Retirement Planning Articles

Planning guides by decade

Benchmarks and savings milestones

Retiring at specific ages

Checklists and decisions

How long to save starting at different ages

See parent hub: Retirement

Written by WealthVieu

WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.

The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy