By Age 60…

You should have saved:

Six to eight times your annual salary

What does that look like?

If you make $75,000/year: $450,000 – $600,000
If you make $100,000/year: $600,000 – $800,000
If you make $200,000/year: $1,200,000 – $1,600,000

Savings goal:

20+% of your annual income

Next checkpoint:

Gradually increase your savings if you’re still working.

Tips for boosting savings:

Keep contributing! Even if you can withdraw from retirement plans and IRAs at age 59½, try to avoid it.
Maximize Social Security benefits by working longer and increasing your wages.
Look for extra money from raises, bonuses, tax refunds, inheritance or settlements to further pad your savings.

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.

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