How Much Should You Have Saved for Retirement at 60?
Retirement savings target at age 60: 8x salary. See benchmarks by salary, compare to national averages, and get your catch-up plan.
At age 60, you should have approximately 8x salary saved for retirement. On a $75,000 salary, that means a target of $600,000. The national median retirement savings for Americans aged 60-64 is approximately $250,000. If you're ahead — great, you're building a strong foundation. If you're behind, this guide shows you exactly how to catch up.
How Much Should You Have Saved at 60?
How much should you have saved for retirement at 60? See whether you are on track at age 60, how much to save by 60, and how to catch up if behind.
| Your Salary | Target at 60 | Monthly to Catch Up* |
|---|---|---|
| $40,000 | $320,000 | $3,810/mo |
| $50,000 | $400,000 | $4,762/mo |
| $60,000 | $480,000 | $5,714/mo |
| $75,000 | $600,000 | $7,143/mo |
| $80,000 | $640,000 | $7,619/mo |
| $100,000 | $800,000 | $9,524/mo |
| $120,000 | $960,000 | $11,429/mo |
| $150,000 | $1,200,000 | $14,286/mo |
*Monthly savings needed to reach target by age 67, assuming 0% current savings and 7% annual returns. Your actual number depends on current balance.
Calculate your exact gap and timeline with our Retirement Calculator or check age-specific targets with our Retirement by Age Calculator.
Where You Stand vs. Average Americans
The median retirement savings for Americans in their early 60s is approximately $250,000. While financial planners recommend 8x salary, the reality is most Americans are significantly behind these benchmarks.
At this stage, the focus should be on maximizing what you can save in the remaining years while also optimizing your Social Security strategy and reducing expenses to align with realistic retirement income.
Action Plan for Age 60
Retirement planning becomes concrete. Estimate your actual expenses, understand your Social Security benefits, review your asset allocation for appropriate risk, and consider healthcare costs before Medicare eligibility at 65.
Key priorities at 60:
Consider delaying Social Security if possible. Each year you delay past 62 (up to 70) increases your benefit by approximately 7-8%. For a couple, having the higher earner delay can significantly increase survivor benefits.
Retirement Savings by Age: The Full Timeline
Full Retirement Calculator → | Retirement Income Calculator →