September 8, 2023

Author: Matthew Kolenich, CPFA, AIF®, Managing Director, Institutional Consulting Group


How much will you need in retirement savings to maintain your same lifestyle during your retirement years? One of our partners, Fidelity Investments, conducted a study to identify optimal levels of retirement savings at different points along one’s retirement timeline.

We recognize there are so many unknowns surrounding retirement, but the factors Fidelity outlines and are shown below can serve as goalposts for your retirement number and savings:

  • At age 30, you should have at least your annual salary saved.
  • At age 40, you should have saved 3 times your annual income.
  • At age 50, you should have 6 times your annual income.
  • By the time you hit age 60, the goal is to have 8 times your annual income, and it should reach 10 times that amount by age 67.[1]

If the expectation is that your expenses will go down in retirement, then a lower multiple like 8 times your annual income may be more appropriate. On the flip side, if you expect your expenses to be higher (i.e., you are a world traveler) then a higher multiple like 12 times your annual income may be required.

If you are on track – Congratulations!

If you are behind or not at your nearest goal – it’s okay. On this National 401(k) Day, we encourage you to review the amount you are contributing to your retirement plan and, if you have the means, consider a pay increase for your future self.



Information provided is general in nature, is provided for informational purposes, and should not be construed as investment, tax or legal advice. These materials do not constitute an offer or recommendation to buy or sell securities. The information provided is from public sources and data available at the time the information was written. Any information provided is subject to change at any time. Clearstead disclaims any liability for any direct or incidental loss incurred by applying any of the information provided. You should consult with a professional before making any investment, tax or legal decisions.





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Clearstead is an independent financial advisory firm serving wealthy families and leading institutions across the country. As a fiduciary, it provides wealth management services and investment consulting to help clients meet their financial objectives, achieve their aspirations, and build stronger futures.




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