Retirement Savings Goals: How Much You Should Have at Every Age

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00:00Retirement Savings Goals. How much you should have at every age.

00:05Save one times your salary by age 30.

00:08Start saving in your 20s, aiming for one year's salary by 30.

00:12Early contributions benefit from compound interest.

00:15Aim for three times your salary by age 40.

00:19By your 40s, aim to have three times your salary saved.

00:22Prioritize retirement despite increasing family and household expenses.

00:26Build up six times your salary by age 50.

00:30Target six times your annual salary in your 50s.

00:34Take advantage of catch-up contributions during this high-earning decade.

00:37Reach eight times your salary by age 60.

00:40By 60, aim for eight times your salary.

00:44Shift to lower-risk investments and plan for health care expenses.

00:48Target 10 times your salary by age 67.

00:51At retirement age 67, have 10 times your salary saved to maintain your lifestyle for 25 to 30 years.

01:00Why these milestones matter.

01:02These benchmarks help replace 80% of your income, covering everyday costs, health care, and unexpected retirement expenses.

01:10Catch-up contributions can close the gap.

01:14After 50, utilize catch-up contributions.

01:17An extra $7,500 for 401k and $1,000 for IRA accounts annually.

01:23It's never too early or too late to start.

01:27Start saving now regardless of progress.

01:30Automate contributions, increase them with income, and avoid lifestyle inflation.