Are You On Track For Retirement?

Retirement savings chart

 

The chart above gives an estimate of how much you should have saved for retirement as a multiple of your current salary. This is based on you current age. It assumes that you want to retire at 60 and have high confidence that your savings will outlive you, without relying on Social Security. The lower row shows what your savings rate should be as a proportion of your income if you currently have no savings and want to maintain your standard of living into retirement, as we wrote previously, America’s savings rate is currently too low, so if you need to save more based on these numbers, then you aren’t alone.

Comments

    • Yes, that’s right. Of course, many aren’t there because the American savings rate is pretty low currently. This assumes you plan to retire at 60. Retiring later is an option many are taking.

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