re: Money in savings at different ages

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50 year old making $80,000 = $800,000 goal

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age divided by 20 should be your goal until your are 35, then the divisible factor should be 10, then at 50, the factor should be 5.

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Your salary times your age divided by 20 should be your goal until your are 35, then the divisible factor should be 10, then at 50, the factor should be 5.

25 year old making $30,000 = $37,500 goal
35 year old making $60,000 = $210,000 goal
50 year old making $80,000 = $800,000 goal

This is all savings vehicles, including retirement accounts

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For example, by age 35, Fidelity suggests that you should have saved 1X your current salary, then 3X by 45, and 5X by 55. “Setting up clear goals linked to your salary can help simplify your planning, and help you determine if you are on track throughout your working life,” says Fidelity Executive Vice President John Sweeney. “Having such guideposts is particularly important in today’s workplace, where layoffs, job switching, longer life expectancy, and escalating health care costs can complicate your efforts to save for retirement.”

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