See whether your retirement savings are on track for your age. Compare what you have with popular salary-multiple benchmarks (1× salary by 30, 3× by 40, 6× by 50, 8× by 60, 10× by 67) and with real median savings by age, then find the monthly saving needed to reach your goal.
Last updated:
years
$
$
401(k), IRA and other retirement accounts
$
Include employer match; assumed to rise with your salary
years
× salary
10× final salary is a common rule of thumb
%/yr
%/yr
Enter your values to see the result.
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How to use the Retirement Savings by Age Calculator
Enter your age, salary and retirement savings (401(k), IRA and similar accounts).
Add your monthly contribution including any employer match.
Set your retirement age and goal; 10× your final salary is a common target.
Adjust the return and salary growth to your own expectations.
Press Compare my savings to see your multiple, the benchmark, the median for your age and the monthly saving needed.
Retirement savings benchmarks by age
The salary-multiple guideline expresses savings as a multiple of your current salary, so it works at any income level. The calculator interpolates between these points for your exact age:
Age
Savings benchmark
Example at $75,000 salary
30
1× salary
$75,000
35
2× salary
$150,000
40
3× salary
$225,000
45
4× salary
$300,000
50
6× salary
$450,000
55
7× salary
$525,000
60
8× salary
$600,000
67
10× salary
$750,000
If you set a different goal (say 12× salary), every benchmark is scaled by the same factor (12 ÷ 10).
Median retirement savings by age (2022)
From the Federal Reserve Survey of Consumer Finances 2022, for families with retirement accounts (401(k), IRA, Keogh and similar), by age of the family head:
Age
Median
Mean (average)
Under 35
$18,880
$49,130
35–44
$45,000
$141,520
45–54
$115,000
$313,220
55–64
$185,000
$537,560
65–74
$200,000
$609,230
75 and over
$130,000
$462,410
The survey runs every three years; figures are in 2022 dollars and exclude families with no retirement account.
How the monthly saving is calculated
Your goal is goal multiple × final salary, where final salary = salary × (1 + salary growth)years. Current savings grow at the expected return: S × (1 + r)years. The remaining gap is divided by the future value of $1 a month that rises with your salary each year, giving the monthly amount to save starting now.
Frequently asked questions
How much should I have saved for retirement by age?
A widely used guideline from a large retirement plan provider suggests about 1× your salary by 30, 2× by 35, 3× by 40, 4× by 45, 6× by 50, 7× by 55, 8× by 60 and 10× by 67. It assumes you save around 15% of pay from your mid-20s and want to keep a similar lifestyle in retirement.
What is the median retirement savings by age?
According to the Federal Reserve's 2022 Survey of Consumer Finances, the median retirement account balance among families that have one was about $18,880 for heads under 35, $45,000 for 35 to 44, $115,000 for 45 to 54, $185,000 for 55 to 64, $200,000 for 65 to 74 and $130,000 for 75 and over.
Why is the average so much higher than the median?
A relatively small number of very large balances pull the average (mean) up. The median is the middle family, so it is usually a better picture of what a typical household has. For ages 55 to 64 the 2022 mean was about $537,560 against a median of $185,000.
What if I am behind the benchmark?
Many people are. Raising your contribution rate, capturing the full employer match, using catch-up contributions after 50, working a few years longer or delaying Social Security can all close the gap. The calculator shows the monthly amount that would get you to your goal.
Is 10× salary enough to retire?
It is a rule of thumb that, combined with Social Security, aims to replace a large part of pre-retirement income. You may need more if you retire early, expect high healthcare costs or have no pension, and less if you have a pension or plan to spend less.
What return should I assume?
Long-term balanced portfolios are often modeled at 5% to 7% a year before inflation. A lower return is more conservative. Because salary growth is also included, using a return about 3 points above salary growth is a reasonable middle case.
Are all the tools on FreeToolCabin tested for quality and accuracy?
Yes! Every tool on our site undergoes automated Q/A testing in real browser environments to ensure high precision, correct output, and zero errors. If you happen to spot a bug or have a suggestion, please contact us at [email protected] and our team will review it right away.