Don’t Know How Much to Save for Retirement? Try Some Simple Math
Don't worry—you still have time!
Andrey Popov /Shutterstock
Building a retirement fund is a slow process and the sooner you start building one, the better—you’ll probably want to start incorporating some of these habits that good money savers have into your daily routine. Luckily for you, there’s a simple mathematical path toward making sure that your nest egg is valued closer to something Fabergé instead of deviled when retirement comes, courtesy of Inc and Fidelity.
Brush up on your times tables, because Fidelity has some multiplication-based benchmarks you’re going to want to aim for on your path to retirement. Here’s how much you should have saved from age 30 to 67 (mostly) in intervals of five years apiece:
- Age 30: Have the equivalent of 1 times of your salary saved
- Age 35: Have 2 times of your salary saved
- Age 40: Have 3 times your salary saved
- Age 45: Have 4 times of your salary saved
- Age 50: Have 6 times of your salary saved
- Age 55: Have 7 times of your salary saved
- Age 60: Have 8 times of your salary saved
- Age 67: Have 10 times of your salary saved
Everyone’s retirement goals differ, but if you follow these guidelines, you’ll certainly be in OK shape. (And be sure to consider these cities for retirement—the three best U.S. cities for retirement are all in one state!)