By Age 50…

You should have saved:

Four to five times your annual salary

What does that look like?

If you make $75,000/year: $300,000 – $375,000
If you make $100,000/year: $400,000 – $500,000
If you make $200,000/year: $800,000 – $1,200,000

Savings goal:

10% to 15% of your annual income

Next checkpoint:

Gradually increase your savings to 15–20% of your salary.

Tips for boosting savings:

Continue investing the “free money” of employer 401(k) matches.
Make “catch-up” contributions if you’re age 50 or older.
Tax advantage of traditional and Roth IRA contributions and tax benefits, depending on your current and future income.
Consider health savings accounts (HSAs) for even more tax benefits.

This information is for educational purposes only and is not intended as a personalized recommendation or fiduciary advice. There are different options available for your retirement plan investments. You should consider all options before deciding. Our wealth advisors can help you evaluate all of your distribution options. This material has been prepared for educational purposes only. It is not intended to provide, and should not be relied upon for, investment, accounting, legal or tax advice. For more information, visit alliancewealthadvisors.com/legal-disclosures.