How Much Money Should I Have Saved by 40 & 50? | Equifax

Home My Personal CreditKnowledge CenterLife Stages... Life Stages Reading Time: 3 minutes Highlights In this article Highlights:The average savings for people in their 40s and 50s varies based on earnings, lifestyle and other factors. Try to set savings goals that are proportionate to your income.By the time you reach your 40s, you'll want to have around three times your annual salary saved for retirement. By age 50, you'll want to have around six times your salary saved.If you're behind on saving in your 40s and 50s, aim to pay down your debt to free up funds each month. Also, be sure to take advantage of retirement plans and high-interest savings accounts.What do your financial goals look like for your 40s and 50s? Maybe you'll be paying down your mortgage, covering a child's college tuition or looking ahead to retirement. Hopefully, you'll have spent your 20s and 30s establishing your savings. But what can you do to save more money if you feel you're falling short?Here's how to esti...