A financial expert's decade-by-decade guide to saving enough to retire on time

"Experts agree: You have to save many times your salary to retire in your 60s. A financial educator broke down the ideal amount of money you should have saved at each decade of your life to make that a reality. Consumer credit agency Equifax recommends that you have eight times your salary in a 401(k) or IRA and regular savings and checking accounts by age 60 to retire."

"Financial services firm Fidelity Investments recommends saving 10 times your salary by age 67 if you hope to retire and maintain the same lifestyle. To achieve this, you should have saved 15% of your income each year since you were 25, including any employer contributions, and invested over 50% of your savings in stocks. Simran Kaur, the host of the "Friends That Invest" podcast and a Forbes 30 under 30 honoree in 2023, used this model"

In the 20s, have one to six months of living expenses saved, build disciplined money habits, start investing, and at minimum match employer 401(k) contributions. In the 30s, hold about the equivalent of one year’s salary in retirement accounts, savings, or investments, prioritize clearing high-interest "bad" debt, and avoid major lifestyle inflation. Equifax recommends eight times salary by age 60. Fidelity recommends saving ten times salary by age 67, achieved by saving roughly 15% of income annually from age 25 including employer contributions and investing over 50% of savings in stocks.

Read at Business Insider