How Much Money Should I Have Saved For Retirement?

Shawn Plummer

CEO, The Annuity Expert

Do I have enough money saved to retire? When it comes to saving for retirement, there is no “right” answer. Everyone’s situation is different, and what works for one person might not work for another. But that said, there are some basic guidelines you can follow to help you determine how much money you should have saved by the time you retire. Keep reading to learn more! This guide will explain how much money you need to save to retire at various ages earning various income amounts.

How Much Money Do You Need Saved To Retire?

The table below illustrates how much money you will need to be saved by age 60, 65, and 70 to generate your immediate desired annual income for life, guaranteed. We use an annuity to calculate the investment amount since they are the only retirement plan to guarantee an income for life. The starting age is on the left, and the income amount is at the top.

Age 60$952,381$1,904,762$2,857,143
Age 65$869,565$1,739,130$2,608,696
Age 70$800,000$1,600,000$2,400,000

Why Buy An Annuity?

Annuities are the only retirement plan in the United States that guarantees income, even if the funds run out. These plans help you manage your expenses from day to day and never leave you worrying about running out of money, no matter how many years go by.

Annuity Basics

Understanding Lifetime Income Riders

Estimate Your Retirement Income Payments

Take advantage of 17 different annuity calculators to generate estimates, then request a quote.

Things To Consider When Retiring

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Frequently Asked Questions

How much should I have saved for retirement by age 60?

After researching 326 annuity products from 57 insurance companies, our data calculated that $952,381 would immediately generate $50,000 annually for the rest of a person’s life starting at age 60, guaranteed. Our data calculated that $1,904,762 would immediately generate $100,000 annually for life starting at age 60. Our data calculated that $2,608,696 would immediately generate $150,000 annually for life starting at age 60.

Retirement Income Guides

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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