Financial goals by age for every decade

Retirement savings targets by age

Here’s a quick look at common money goals and retirement savings targets by age. These targets are general benchmarks and may not fit every situation.

Financial goals for your 20s

Your 20s are often about building habits. You may be starting your career, managing student loans, renting your first place or learning how to budget with a steady income. You don’t need to have everything figured out. Small, consistent steps can help create a stronger financial foundation.

Money goals to consider in your 20s

• Build a budget you can realistically follow
• Start an emergency fund
• Pay down high-interest debt, such as credit cards or personal loans
• Start contributing to a 401(k), especially if your employer offers a match
• Enroll in health insurance
• Open savings accounts for larger goals, such as a car, home or future move
• Start learning the basics of investing and retirement planning

How much to have saved in your 20s

In your 20s, the main goal is to start. A common rule of thumb is to save 20% of your pay if possible. If that amount doesn’t fit your budget yet, consider starting with a smaller amount and increasing contributions over time. Even a small recurring contribution can help you build the habit of saving for retirement.

Financial goals for your 30s

Your 30s can bring more competing priorities. You may be growing your career, buying a home, starting a family, paying down debt or trying to save more for retirement. This decade is often about building stability while protecting the progress you’ve already made.

Money goals to consider in your 30s

• Build an emergency fund with three to six months of expenses
• Pay down high-interest or non-mortgage debt
• Contribute enough to your 401(k) to receive your full employer match, if one is offered
• Build or maintain good credit ­
• Consider life insurance if others depend on your income
• Create or update a will
• Start education savings if you have children
• Plan for a home purchase if it fits your goals

How much to have saved by 30

A common retirement savings benchmark is to have about at least 1x your annual salary saved by age 30. That number can feel motivating for some people and discouraging for others. If you’re not there yet, focus on the next practical step. If you have several goals competing for your paycheck, start by listing them in order of urgency. For many people, emergency savings, high-interest debt and retirement contributions are good places to focus first.

Financial goals for your 40s

Your 40s are often a balancing decade. You may be supporting children, helping aging parents, managing a mortgage or trying to make up ground on retirement savings. This can be a good time to review your bigger financial picture and make adjustments while you still have time before retirement.

Money goals to consider in your 40s

• Increase retirement contributions when possible
• Consider individual retirement account options, such as a Roth IRA or Traditional IRA
• Review your investment mix and consider whether it still fits your timeline
• Keep emergency savings funded
• Balance college costs with retirement savings
• Talk with your parents about their financial documents and estate plans
• Pay extra toward your mortgage if it fits your broader plan

How much to have saved by 40

A common retirement savings benchmark is to have about 3x your annual salary saved by age 40. If you’re behind that target, you may be able to increase contributions gradually, revisit spending, reduce debt or adjust your retirement timeline.

Financial goals for your 50s

Your 50s can be a time to refine your plan. Retirement may feel closer, but there is still room to catch up, adjust your strategy and prepare for important decisions.

Money goals to consider in your 50s

• Use catch-up contributions if eligible
• Review your retirement savings and expected retirement income
• Look into long-term care coverage
• Review health savings account options if available
• Revisit your will and estate documents
• Check whether your investment mix still fits your timeline
• Learn more about Social Security, Medicare and other retirement benefits

How much to have saved by 50

A common retirement savings benchmark is to have about 6x your annual salary saved by age 50. If that number feels out of reach, focus on what can still move you forward. Catch-up contributions, debt reduction, health care planning and a realistic retirement timeline can all play a role.

Financial goals for your 60s

Your 60s are often about turning savings into a practical retirement plan. This may include deciding when to retire, when to take Social Security, how to manage health care costs and how to create income from your savings.

Money goals to consider in your 60s

• Decide when to take Social Security
• Enroll in Medicare when eligible
• Build a retirement income strategy
• Pay down remaining debt, including your mortgage
• Review housing needs and whether downsizing makes sense
• Finalize or update your estate plan
• Review beneficiary information on financial accounts and insurance policies
• Adjust contributions or withdrawals based on your retirement timeline

How much to have saved by 60

A common retirement savings benchmark is to have about 8x your annual salary saved by age 60 and 10x your annual salary by 67. Your actual target may vary based on your lifestyle, health, debt, location and retirement age.

Take the next step toward your financial goals

Your financial goals may change as your life changes. Consider talking with a financial professional who can help you adjust goals and strategies to your specific lifestyle.