Most Americans are worried about money, especially when it comes to retirement.
A 2025 survey by Capital One and The Decision Lab found that 77% of U.S. adults feel anxious about their personal finances. A separate Allianz Life survey reveals that 64% of adults fear outliving their savings more than death itself.
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One way to deal with this anxiety is to check whether your retirement savings are on track depending on your age and income.
Analysts at financial giant T. Rowe Price published retirement savings benchmarks to aim for depending on age and salary. Having ballpark figures to aim for at different periods in life can help you understand whether you’re on track or behind and motivate you to take action.
Here’s a closer look at the figures suggested by the T. Rowe Price team.
How much you should have saved in your 30s
Your 30s are a critical time to start building momentum with your savings. On one hand, your income is probably accelerating as you start to make strides in your career. On the other hand, this is also a period that involves some of your biggest expenses, such as buying a house or starting a family. For example, the median age of a first-time homebuyer is 38, according to the National Association of Realtors.
These big-ticket expenses could make it difficult to save any of your income. However, you also have the luxury of time, which means you have multiple decades of saving, investing and compounding wealth to look forward to, so your money still has plenty of time left to grow.
T. Rowe Price suggests having 1x to 1.5x your annual income saved by your mid-to-late 30s to stay on track for retirement. That means if you earn $70,000 each year, you need at least $70,000 to $105,000 saved in financial assets to be on track for a comfortable retirement.
How much you should have saved in your 50s
The average 50-year-old probably has a more established career, a lower mortgage and adult children that don’t need as much financial assistance. In general, this is a great time to double down on your savings and investments to get to your retirement goal as early as possible.
T. Rowe Price suggests that if you have anywhere between 3.5x to 5.5x your annual income saved in your 50s, you’re on track to retire comfortably. That means if your annual income is $100,000, you need up to $550,000 saved in total assets.
Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
The team also suggests ramping up your yearly savings rate to 15% of your income or more.
“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%,” says the report. While it may be difficult to save 15% earlier in your career, it becomes more achievable, and necessary, as your income increases.
How much you should have saved in your 60s or near retirement
The average retirement age for men is 64 and for women it’s 63, according to a study by the Center for Retirement Research at Boston College. However, you may decide to leave work earlier or later than the average age depending on how much wealth you’ve managed to accumulate by your 60s.
According to T. Rowe Price, the average 60-something needs between 7.5x to 13.5x their annual salary in net assets to retire comfortably. This means if you’re earning $120,000 you may need up to $1.62 million saved in total wealth to consider leaving the workforce.
Keep in mind that these benchmarks are general rules of thumb based on a 4% withdrawal per year in retirement. Your target could be very different from T. Rowe Price’s suggestions depending on your retirement goals. If you plan to move somewhere with a different cost of living or expect to increase your spending in retirement, your savings goal may differ significantly.
If you’re behind on your retirement savings, T. Rowe suggests the following to catch up:
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Take advantage of the full company match in your workplace retirement plan, if they offer one
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Increase your savings rate over time
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Make catch-up contributions to your workplace retirement plan or IRA, if you’re over age 50
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
