How Much Should You Have Saved by Age 55?
Target: 7x your annual salary ($455,000 on $65,000 income)
Quick Answer
By age 55, financial experts recommend having 7x your annual salary saved for retirement. On a median salary of $65,000, that is $455,000. The actual US median at this age is $200,000 — meaning most Americans are about 56% behind the target.
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Catch-Up Strategy for Age 55
Aim for 7x salary. Start planning your Social Security strategy and estimate healthcare costs. Consider delaying retirement by 1-2 years to dramatically improve your outcome.
Retirement Savings Milestones by Age
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Frequently Asked Questions
How much should I have saved for retirement by age 55?
By age 55, financial experts recommend having 7x your annual salary saved. For someone earning the median income of $65,000, that is approximately $455,000.
What is the average retirement savings at age 55?
The median retirement savings for Americans around age 55 is approximately $200,000. However, this is significantly below the recommended target of $455,000 (7x salary).
How can I catch up on retirement savings at 55?
Aim for 7x salary. Start planning your Social Security strategy and estimate healthcare costs. Consider delaying retirement by 1-2 years to dramatically improve your outcome.
How much should I save monthly at age 55?
To reach the recommended 10x salary ($650,000) by age 65, starting from the median savings of $200,000, you would need to save approximately $1,433/month assuming a 7% annual return.