"T. Rowe Price's current guidance recommends about 5-7× salary by age 50, depending on retirement age and income level. Their official benchmark table suggests 5× salary by 45 years of age and 7× salary by 55 years of age. Taking the midpoint between these two, that's six times your salary saved by 50 (which is $600,000 if you're earning $100,000 a year). And while many of us are far from this benchmark, that's ok. There's still time."
"If you have an employer that will match your 401(k), maximize your contributions up to the amount your employer will match. If your employer will match up to 6% of your salary, maximize that. If you earn $75,000 a year, and you contribute 1%, that's $750 for retirement. If your employer matches that, you have $1,500 for retirement per year. If you contribute 6% and your employer matches that, that's about $6,750 in retirement per year."
T. Rowe Price guidance recommends saving roughly 5–7× salary by age 50, with official benchmarks of 5× by 45 and 7× by 55, implying about 6× by 50. That midpoint equates to $600,000 on a $100,000 salary. Many households face competing costs such as college, housing, insurance, medical bills, and eldercare that can impede saving, but there is still time to catch up. Savers should take full advantage of employer 401(k) matching and contribute at least to the match. The post was updated on October 20, 2025 to clarify benchmarks, 2025 401(k) limits, debt statistics, typical planning ages, and IRA deduction restrictions.
Read at 24/7 Wall St.
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