How Much Should You Have Saved by Age 50?
Target: 6x your annual salary ($390,000 on $65,000 income)
Quick Answer
By age 50, financial experts recommend having 6x your annual salary saved for retirement. On a median salary of $65,000, that is $390,000. The actual US median at this age is $175,000 — meaning most Americans are about 55% behind the target.
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Catch-Up Strategy for Age 50
Target 6x salary. You can now make catch-up contributions ($7,500 extra in 401(k)). Eliminate remaining debt aggressively and create a detailed retirement timeline.
Retirement Savings Milestones by Age
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Frequently Asked Questions
How much should I have saved for retirement by age 50?
By age 50, financial experts recommend having 6x your annual salary saved. For someone earning the median income of $65,000, that is approximately $390,000.
What is the average retirement savings at age 50?
The median retirement savings for Americans around age 50 is approximately $175,000. However, this is significantly below the recommended target of $390,000 (6x salary).
How can I catch up on retirement savings at 50?
Target 6x salary. You can now make catch-up contributions ($7,500 extra in 401(k)). Eliminate remaining debt aggressively and create a detailed retirement timeline.
How much should I save monthly at age 50?
To reach the recommended 10x salary ($650,000) by age 65, starting from the median savings of $175,000, you would need to save approximately $478/month assuming a 7% annual return.