Here’s How Much You Should Have Saved for Retirement by Now

Business Insider
Analyzing the top news stories across the web
April 5 2014 7:52 AM

Here’s How Much You Should Have Saved for Retirement by Now

A piggy bank.
Start saving.

Photo by Justin Sullivan/Getty Images

This post originally appeared in Business Insider.

The U.S. ranked a dismal 19th in the 2014 Natixis Global Retirement Index. As it turns out, despite having one of the highest per capita incomes in the world, income inequality and health expenditures are high compared with other countries.

Moreover, the responsibility for financial security is increasingly falling on individuals who have to put money into 401(k) plans or individual retirement accounts.

Advertisement

With that in mind we pulled the "retirement savings checkpoint" from JP Morgan Asset Management's 2014 "Guide to Retirement." This guide suggests that if you're 50 years old and make $100,000 a year, you should have saved $390,000 by now, "assuming you continue annual contributions of 5 percent going forward." This is of course a rough guide, but helpful in keeping you on track for your retirement.

140324_BI_RetirementSavings

Courtesy of JP Morgan Asset Management

Mamta Badkar is a reporter at Business Insider.

  Slate Plus
Political Gabfest
Oct. 31 2014 1:29 PM You, The Gabfest, and a Hotel Room Win tickets to attend a taping of the Political Gabfest, live from David’s Chicago hotel room.