Retirement Savings

Take Our 30-Second Retirement Challenge


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Are you saving enough
for retirement?

Get a quick snapshot of where you’re
at compared with T. Rowe Price’s
retirement savings guidelines.
Railroad track animation image Railroad track animation image Railroad track animation image Railroad track animation image Tell us 3 things to see if you're on track with our benchmarks.
Animated background image Get Started (Button) Clock animation image Clock animation image Clock animation image Clock animation image Clock animation image

Are you saving enough
for retirement?

Get a quick snapshot of where you’re
at compared with T. Rowe Price’s
retirement savings guidelines.
Railroad track animation image Railroad track animation image Railroad track animation image Railroad track animation image Tell us 3 things to estimate if you're on track with our benchmarks.
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Line graph of charting your age vs. how much you should have saved.
XX
Age
$XX,XXX
Current
annual salary
$XX,XXX
Amount already
saved for retirement
Assumptions
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Benchmarks are based on a target multiple at retirement age and a savings trajectory over time consistent with that target and the savings rate needed to achieve it. We assume the household starts saving 6% at age 25 and increases the savings rate by 1% annually until reaching the necessary savings rate. Household income grows at 5% until age 45 and 3% (the assumed inflation rate) thereafter. Investment returns before retirement are 7% before taxes, and savings grow tax deferred. The person retires at age 65 and begins withdrawing 4% of assets (a rate intended to support steady inflation-adjusted spending over a 30-year retirement). Target multiples at retirement reflect estimated spending needs in retirement (including a 5% reduction from preretirement levels); Social Security benefits (using the SSA.gov Quick Calculator assuming claiming at full retirement ages and the Social Security Administration's assumed earnings history pattern); state taxes (4% of income, excluding Social Security benefits); and federal taxes (based on rates as of January 1, 2018). While federal tax rates are scheduled to revert to pre-2018 levels after 2025, those rates are not reflected in these calculations. These benchmarks assume you'll be dependent primarily on personal savings and Social Security benefits in retirement. However, if you have other income sources (e.g., pension), you may not have to rely as much on your personal savings, so your benchmark would be lower. More detailed information, including benchmark ranges, can be viewed here.

This information is for illustrative purposes only. The material is provided for general and educational purposes only, and is not intended to provide legal, tax, or investment advice. This material does not provide fiduciary recommendations concerning investments or investment management.

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