Are you falling behind? The age-by-age breakdown of how much Americans should have saved for retirement by now
Know your savings benchmarks
But, people can feel more secure by checking if their retirement savings are on track depending on their age and income, as per the report.
Analysts at financial giant T. Rowe Price wrote about
retirement savings benchmarks
to aim for based on age and salary, reported Moneywise.
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In your 30s: Get serious about saving
According to the report, T. Rowe Price has advised having 1x to 1.5x of one's annual income saved by their mid-to-late 30s to stay on track for retirement, as it is a crucial time to start increasing savings. For example, if a person earns $70,000 each year, they need to save about $70,000 to $105,000 in financial assets to be on track for a peaceful retirement plan, as per Moneywise.
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In your 50s: Time to double down
While the analysts have recommended that a person should save 3.5x to 5.5x their annual income in their 50s to be on track to retire comfortably, reported Moneywise. For instance, if a person's annual income is $100,000, then they should save about $550,000 in total assets, according to the report.
Boost your savings rate
T. Rowe Price's team has also advised increasing one's annual savings rate to 15% of their income or more, reported Moneywise. The analysts wrote, "We found that 15% of income per year (including any employer contributions) is an appropriate savings level for many people, but higher earners should likely aim beyond 15%,' as quoted in the report.
In your 60s: Nearing the finish line
The analysts also mentioned that in the 60s, one must save 7.5x to 13.5x their annual salary in net assets to retire in a financially secure position, as per Moneywise. This means if a person is earning $120,000, then they must save at least $1.62 million in total wealth to consider leaving the workforce, reported Moneywise.
FAQs
How do I know if I'm saving enough for retirement?
Compare your current savings to the age-based benchmarks and adjust your plan accordingly.
I'm in my 30s and just starting to save, is it too late?
Start with whatever you can and aim to build toward 1 to 1.5 times your annual salary over the next few years.
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