There are many rules of thumb about how much you need to retire comfortably, but a popular one from Fidelity says you should aim to have 10 times your income set aside by age 67. That looks different for everyone, but examining an average case can give you a rough idea of what the typical retirement costs are.
Below, we'll consider how much someone with average earnings would need to have saved by 67 to meet this and what milestones they'd want to hit along the way to know they're on track.
Image source: Getty Images.
How the 10x your income rule works for retirement savings
The average worker earned $1,251 in weekly earnings during the second quarter of 2026, according to the Bureau of Labor Statistics, giving them an annual income of about $65,000. If we multiply this by 10, that gives the average person a savings target of $650,000 by age 67 if they hope to retain their current lifestyle in retirement.
That might seem like a tall order, but you don't have to do it all on your own. Many employers offer a 401(k) match that can take some of the savings burden off your shoulders, and you'll also have investment earnings, too. Your earnings could be worth hundreds of thousands of dollars in their own right by retirement, especially if you started saving early and consistently.
Uncertainty about what your investment earnings could be worth can make it harder to know whether you're saving enough. That's why this savings strategy has built-in benchmarks along the way so you can track your progress. Fidelity recommends that you save:
- 1x your salary by age 30.
- 3x your salary by age 40.
- 6x your salary by age 50.
- 8x your salary by age 60.
Of course, this isn't always as neat as it sounds on paper. Chances are, your salary has changed over time, so you might not hit these milestones perfectly. That's OK. You likely still have time to catch up.
What to do if you're behind where you want to be
If you haven't saved as much as you'd like, the first step is to see if you can increase your savings rate. This might require you to rethink your budget a little. Make sure you claim as much of any 401(k) match that you're eligible for as possible, and try to increase your savings rate whenever you get a raise.
If that doesn't work, look into finding a better-paying job or pushing back your retirement date. The latter might not be ideal, but it gives you more time to save while also reducing the cost of your retirement. Explore a few strategies before you decide which is best for you.
