April 4, 2021

Here’s how much Americans in their 40s have in their 401(k) accounts

The earlier you start saving for retirement, the better. Many people put off saving for…

The earlier you start saving for retirement, the better.

Many people put off saving for retirement early in their careers because of how distant in the future retirement seems, but experts say that starting to save early can make a huge difference in how much you end up with.

To help you know if you’re on track, retirement-plan provider Fidelity set benchmarks for how much you should have saved at every age. By 40, Fidelity recommends having three times your salary put away.

If you earn $50,000 a year, you should aim to have $150,000 in retirement savings by the time you are 40. If your annual salary is $100,000 a year, you should aim to have $300,000 saved.

How much do 40-year-olds actually have in retirement savings?

How much should you have saved for retirement?