 TITLE: How Much Money Should You Have Saved by 60? CONTENT: Just how much should you have saved by 60? The answer is completely personal—and a source of some anxiety for many non-retirees in their 60s. In a 2020 Federal Reserve Board of Governors survey released in May 2021, 87% of non-retirees in their 60s had at least some retirement savings, but only 48% felt as though those savings were on track.\nAccording to guidelines created by investment firm Fidelity, at age 60 you should have saved roughly eight times your annual salary if you plan to retire at age 67, the age at which people born after 1960 can collect full Social Security benefits. To better understand how this estimate plays out in real dollars, let's consider a hypothetical example.\nTo keep the math simple, let's say your current salary is $100,000 a year. According to Fidelity guidelines, you should have $800,000 saved up now and $1 million by 67. How do you get from $800,000 to $1 million?\n*   If you set aside 15% of your income, you'll save $105,000 in seven years (not including any interest earned) for a total of $905,000. A good start, but this doesn't get you to your goal.\n*   Invest your money with an average return of 4% and no additional contributions, and you'll have just over $1.05 million at 67.\n*   Contribute 15% and earn a conservative 1.5% annually: You'll reach $999,000+ in seven years.\nSay you're 60 today and you retire at 67. Using the figures in our example, your monthly Social Security benefits would be $2,544. (Estimate your own Social Security benefits on the Social Security site.) Plan to withdraw roughly 4% to 5% of your starting balance ($1 million) each year for additional monthly income of about $4,000. Stick to these numbers and, by Fidelity's calculation, you should stay on track financially through age 93. END