How much should you have saved for retirement by 35?

TLDR: The Federal Reserve states that at the age of 35, the average American should have about 4x their annual expenses saved up. That multiple goes down the higher your salary goes and vice versa. There are several ways you can reach your retirement objectives; however, you must take the initiative.

Making sure that you have enough money to retire comfortably is something that all Americans think about. Planning for retirement has this false stereotype that it’s something only older people are concerned with; however, this train of thought represents the exact problem. By starting to plan for your retirement early, you can alleviate the issue of not having enough money to cover your daily expenses when you retire.

A great way to begin building a solid retirement plan is by using your age as a checkpoint to see how much progress you’ve made. A good medium age is about 35 years old, and you can use it as a measuring stick to track how much progress you’ve made and how much further you need to go relating to saving a certain amount of money for your retirement.

To help you start getting on track with your retirement savings, we’re going to provide you with a detailed guide about how much money you should expect to have saved by the age of 35.

What is the average amount that a person should have saved by the age of 35? 

As per the federal reserve, it’s recommended that you save at least 4x your annual expenses by the age of 35. Achieving this goal may seem very difficult; however, with a little determination and willpower, you can reach those figures in no time. Start your retirement plan by investing in your employer’s retirement savings program, such as a 401(k) or IRA.

It’s recommended that you donate at least 15% of your entire paycheck per pay period to your retirement savings account to achieve your retirement savings goal as soon as possible. Besides your retirement savings, you need to make sure you have an emergency fund set up to cover you in the event of an unexpected event in your life.

There is one main factor that determines how much money an individual should have saved by the age of 35, that is your household income. According to the federal reserve, you should have about 4x your annual expenses saved up by the age of 35, and that number varies depending on income and age.

Here are some general rules you can use to know whether you have enough savings in your account:

    • Your next-egg savings should average about 6% annual growth during preretirement and then 5% every year.
    • Your savings should have an 80% chance of lasting about 30 years after you retire at age 65
    • Your retirement savings are about 5% of your gross pay until the time you retire, and it increases to 10% when your total household income reaches $100,000.

An excellent example of how these basic principles work is that someone making around $50,00 before retirement will have about 53% of their salary replaced with social security benefits. If your preretirement salary is approximately $250,000, social security benefits will only cover about 15% of your prior salary.

Your retirement plan should have an 80% chance of lasting about 30 years after you officially retire. There are several different methods and techniques you can use to formulate an actionable retirement saving strategy. Large banks such as J.P. Morgan Chase help its customers get on track with their retirement plan by providing advice and tips on how to invest your money.

How can I reach my savings goals much sooner? 

You can reach your savings goals a lot sooner than the age of 35 by really focusing on fine-tuning your contributions. If you’re already contributing 15% of your total income to your retirement savings plan, consider increasing that amount so that you can reach your savings goal in an accelerated manner.

Keep in mind that the more money you make, the lower the multiple of required savings becomes, which is a great way to reach your ultimate retirement savings goals sooner than expected. Use age to your advantage; the younger you get started saving, the more money you can save in a much quicker manner.

People Also Ask 

How much savings should I have at 35?

According to statical information, the average American aged 35 should have savings equal to at least 4x the number of your annual expenses.

What is the average net worth of a 35-year-old?

The average 35-year-old American has a total net worth of about $35,000. This number is according to a study conducted by the federal reserve.

How much in assets should I have at 35?

At the age of 35, you should own at least 4x your annual expenses in assets. For a person who has $30,000 in yearly costs, you should have at least $120,000 in assets at the age of 35.


This article can be a beneficial resource to help you figure out how to begin planning for your retirement. Utilize all of the information, tips, and tricks that we’ve listed throughout this write-up so that you can have a comfortable nest egg of savings by the time you’re 35yrs old with ease.

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