Am I Saving Enough for Retirement?
Find out in seconds. Enter four numbers and see where you stand compared to age-based benchmarks -- then build a detailed plan that accounts for taxes, healthcare, Social Security, and more.
Quick retirement check
4 numbers, 5 seconds. See where you stand.
Savings Benchmarks by Age
These benchmarks show how much you should have saved as a multiple of your annual salary. Based on widely-cited guidelines assuming a 15% savings rate and retirement at 67.
| Age | Target Savings | Example ($55K salary) |
|---|---|---|
| 30 | 1x salary | $55,000 |
| 35 | 2x salary | $110,000 |
| 40 | 3x salary | $165,000 |
| 45 | 4x salary | $220,000 |
| 50 | 6x salary | $330,000 |
| 55 | 7x salary | $385,000 |
| 60 | 8x salary | $440,000 |
| 67 | 10x salary | $550,000 |
Benchmarks based on a 15% savings rate starting at age 25 with retirement at 67. Your actual target depends on spending, healthcare costs, Social Security, and investment returns.
Factors That Affect How Much You Need
Benchmarks are a starting point. These six factors determine whether you actually need more or less than the standard guidelines suggest.
Your spending in retirement
The single biggest driver of how much you need. Most planners assume 70-80% of pre-retirement income, but your number depends on your lifestyle, where you live, and whether your mortgage is paid off.
Healthcare costs
If you retire before 65, you need to cover health insurance out of pocket until Medicare kicks in. Even after 65, Medicare premiums, supplemental coverage, and out-of-pocket costs can run $5,000-$10,000+ per year per person.
Social Security benefits
Social Security replaces roughly 30-40% of pre-retirement income for most workers. When you claim (between 62 and 70) dramatically affects your monthly benefit -- delaying from 62 to 70 can increase your benefit by over 75%.
Inflation
At 3% inflation, prices double roughly every 24 years. A comfortable $60,000 annual budget today becomes $120,000 in 2050. Your savings need to grow faster than inflation to maintain purchasing power.
Longevity
A 65-year-old today has roughly a 50% chance of living past 85 and a 25% chance of reaching 92. Planning only to average life expectancy means a coin-flip chance of running out of money.
Taxes on withdrawals
Money in traditional 401(k) and IRA accounts is taxed when you withdraw it. A $1 million portfolio might only be worth $750,000 after taxes. Roth conversions and withdrawal sequencing can save tens of thousands.
What To Do If You're Behind
Being behind on retirement savings is common -- and fixable. These strategies can help close the gap, especially if you have 10 or more years until retirement.
Increase your savings rate
Even a 2-3% increase in your savings rate can make a significant difference over 10-20 years. Automate contributions so the money moves before you see it.
Max out tax-advantaged accounts
In 2026, you can contribute up to $23,500 to a 401(k) ($31,000 if you're 50+) and $7,000 to an IRA ($8,000 if 50+). HSAs add another $4,300 ($5,550 for families).
Delay retirement by a year or two
Each year you delay retirement means one more year of saving, one more year of investment growth, one fewer year of withdrawals, and a higher Social Security benefit. The math is powerful.
Optimize Social Security timing
Claiming at 62 vs. 70 can mean a difference of $1,000+ per month for the rest of your life. For couples, coordinating claiming strategies matters even more.
Reduce investment fees
A 1% difference in fees on a $500,000 portfolio costs you $5,000 per year. Low-cost index funds can save you tens of thousands over a retirement horizon.
Plan your tax strategy
Roth conversions in lower-income years, tax-loss harvesting, and strategic withdrawal sequencing can save you tens of thousands in taxes across retirement.
Ready to build a real plan?
The quick check above gives you a starting point. The full planner models taxes, healthcare, Social Security timing, Roth conversions, and more -- with year-by-year projections.
Frequently Asked Questions
Am I saving enough for retirement?
It depends on your age, income, current savings, expected Social Security benefits, and retirement spending. As a general benchmark, aim to have 1x your salary saved by 30, 3x by 40, 6x by 50, and 10x by 67. Use a retirement calculator to model your specific situation.
How much should I save each month for retirement?
Financial planners commonly recommend saving 15% of your gross income for retirement, including any employer match. If you started late, you may need to save 20-25%. The exact amount depends on your age, current savings, and retirement goals.
How do I know if I have enough to retire?
You need enough savings to cover the gap between your annual spending and your guaranteed income (Social Security, pensions) for 25-30+ years. The 4% rule suggests you need 25 times your annual spending shortfall. A detailed retirement plan that models taxes, healthcare, inflation, and investment returns gives a more accurate picture.
What if I started saving for retirement late?
It is never too late to start. Catch-up contributions ($7,500 extra in 401k after 50), delaying retirement by even 1-2 years, optimizing Social Security timing, and reducing spending can all close the gap. A detailed plan helps you see exactly where you stand and what levers you can pull.
How much does the average American have saved for retirement?
According to Federal Reserve data, the median retirement account balance for families aged 55-64 is roughly $185,000. However, averages are skewed by high savers -- many people have significantly less. What matters is whether your specific savings, combined with Social Security and other income, will cover your specific spending needs.
Is the 4% rule still valid?
The 4% rule (withdrawing 4% of your portfolio in year one, then adjusting for inflation) was designed for a 30-year retirement with a traditional stock/bond portfolio. It remains a reasonable starting point, but your actual safe withdrawal rate depends on your asset allocation, retirement length, tax situation, and flexibility to adjust spending.
Want to go deeper? Read our Complete Guide to Retirement Planning or explore the Retirement Planning hub.