If your household brings in $300k per year, this is how much you should have saved by your mid-40s

Saving for retirement is most effective when started early, especially for high earners, as accumulating wealth over time leads to greater financial security in retirement.

To achieve a comfortable retirement, an individual earning $300,000 annually should target around $1.33 million by age 45, requiring a 15% pre-tax contribution and earning 6% on investments.

If you find yourself behind on retirement savings, the best course of action is to increase your contributions above 15%, considering your current financial situation.

Assuming a 28% effective tax rate and a consistent investment strategy, maintaining a 6% annual portfolio return is essential for sustaining your retirement lifestyle.

Read at 24/7 Wall St.