Why multiples of salary, not a dollar figure
A $1M target means very different things to someone earning $50,000 and someone earning $250,000, because retirement spending tracks pre-retirement spending. Expressing the goal as a multiple keeps the benchmark honest across incomes and automatically adjusts as you get raises.
The assumptions baked into 10×
Retiring at 67, Social Security covering a meaningful share of income, a replacement rate around 45% from savings, and a portfolio held mostly in equities for most of the accumulation period. Retiring earlier, expecting no Social Security, or holding a conservative portfolio all push the required multiple higher — 12× to 15× is not unusual for an early retirement.
If you are behind
Three levers, in order of power: increase the contribution rate (every 1% now compounds for decades), capture the full employer match if you are not already, and delay retirement by even two years — which simultaneously adds contributions, adds growth, and shortens the drawdown. The third lever is usually the strongest and the least discussed.
Catch-up contributions after 50
From age 50 the IRS allows additional catch-up contributions above the standard 401(k) and IRA limits. For someone at 4× salary at 50 aiming at 8× by 60, maxing catch-up contributions is often the difference between the two.
FAQ
How much should I have saved for retirement by 40?
Fidelity's benchmark is 3× your current salary by age 40 — $285,000 on a $95,000 salary. It assumes 15% saved annually from age 25 and retirement at 67.
Is 10× salary really enough to retire?
It is a reasonable central estimate for retiring at 67 with Social Security and average spending. It is not enough for early retirement, high healthcare costs before Medicare, or a plan that assumes no Social Security.
Does the employer match count toward the milestone?
Yes — the milestones measure total retirement savings regardless of who contributed. The match is the cheapest progress available; not capturing it in full is leaving guaranteed money behind.
What if I started saving late?
The milestone series assumes a start at 25. Starting at 35 or 40 means a higher contribution rate — often 20–25% — or a later retirement date. Run the calculator with your real age and the monthly figure needed to reach 10× is shown directly.
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Written by Sam Doshi and the RevenueLab editorial team. We don't sell the data feeds this tool is built on.
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