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.
- If you are close to transitioning to retirement, check our Retirement Planning Guide.
- If you are not close to transitioning to retirement, check out our Guaranteed Retirement Income Guide.
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 | $50k | $100k | $150k |
|---|---|---|---|
| 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
Things To Consider When Retiring
- If you can’t afford to lose money, invest your savings without the risk.
- Inflation is rising whether you like it or not. So plan accordingly or decrease your lifestyle.
- Per the U.S. Department of Health and Human Services, you have a 70% chance of going into a Nursing Home, Assisted Living Facility, or Home Health Care. So buy long-term care insurance now.
- There is a 100% chance you will die, buy affordable life insurance, or at the minimum, burial insurance for funeral expenses.
Find Out How Much Money You Need Saved For Retirement
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
- How Much Money Do You Need To Retire With $200,000 A Year In Income?
- How Much Money Do You Need To Retire With $50,000 a Year In Income?
- How Much Money Do You Need To Retire With $100,000 a Year In Income?
- How Much Should I Have Saved For Retirement At Age 40?
- How Much Money Does A Couple Need For Retirement?
- How To Double Your Retirement Savings Without The Risk