Most experts suggest that you should aim to save 15% of your pretax income each year for retirement. Fidelity, for example, recommends having 1x your annual salary by age 30 and working your way up to 10x to 12x your annual salary by the time you hit retirement age.
But the real answer may not be so clear-cut.
According to Vanguard’s “How America Saves 2026” report, the average participation rate across Vanguard’s plans was 86% in 2025, an increase of 5 percentage points since 2017. However, when it comes to meeting retirement savings targets of 12% to 15%, only 51% of participants meet those thresholds.
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How to tell if you’re saving enough
The 15% rule and age-based benchmarks are both commonly used guidelines; however, your retirement savings target should be based on several personal considerations.
“I’ve found that my clients’ ideas of retirement are just as unique as they are,” said Brian Seymour, CFP® and founder of Prosperitage Wealth. “Some want to travel, some want to work part-time, and others want the freedom to make it up as they go along.
Seymour said that rather than relying on a rule based on age or income, savers can work backward from the retirement they actually want.
“Your income, your lifestyle, your retirement age, your Social Security benefits, pensions, existing assets, and spending needs all matter,” Seymour said. “Change one of those inputs, and you get a drastically different outlook on your probability of having a successful retirement.”
Age-based benchmarks can be helpful in gauging your progress, Seymour said, but they leave out some key elements that are crucial to factor into your retirement savings plan.
“I would caution readers against treating them as some financial report card. Someone earning $75,000 with a pension, modest lifestyle, and plans to work until 70 likely needs a very different amount than someone earning $300,000, spending $200,000 a year, and wanting to retire at 55,” said Seymour. “Bottom line: Your retirement number should be based on your life, not somebody else’s spreadsheet.”
Read more: How much do you really need to save for retirement?
How to catch up if you’re behind on retirement savings
Ultimately, the goal is to create a savings plan that helps you build enough in your retirement account to support yourself and the lifestyle you want to lead in your later years, while also accounting for today’s expenses, obligations, and current lifestyle.
You also want to be wary of setting a savings target that’s unrealistic or leaves you in a worse financial position in the immediate term.
Vanguard says 6% of participants made a hardship withdrawal in 2025, the largest share ever, and up from 5% in 2024. A hardship withdrawal is a withdrawal from a participant’s elective deferral account made because of an immediate and heavy financial need. Dipping into your retirement savings early could not only jeopardize your financial future but also cause the money to be treated as taxable income, making it unavailable for repayment to the account.
If you’re behind on your retirement savings, there are several ways you can work to get back on track.
Read more: How to catch up on retirement savings
Max out your employer’s match
On average, Americans saved 7.6% of their paychecks in their employer-provided retirement plan last year, so if you can’t afford to save 12% to 15% of your income for retirement, you’re not alone.
However, you may be able to get close to that total contribution if you take advantage of any employee matches available to you. Say your employer offers a 4% match on retirement contributions. Aiming to save even just 4% of your income will get you up to 8% of your annual income, and you can work toward a larger percentage as your income grows.
Take advantage of catch-up contributions
If you’re 50 or older, you’re eligible to make catch-up contributions to certain retirement accounts. This means you can contribute more than the standard annual limits, giving your accounts an added boost.
For 2026, savers 50 and older with 401(k), 403(b), 457 plans, and the federal government’s Thrift Savings Plan can make catch-up contributions up to $8,000. Those who are 60 to 63 can contribute an additional $11,250 in 2026 in lieu of the $8,000, if your plan allows.
Look for ways to boost your income
Boosting your income gives you the ability to increase your retirement contributions, which, in turn, will increase your retirement savings and help you earn more money in interest on that balance.
If you haven’t had a check-in with your manager lately, it might be time to discuss your compensation and any opportunities to be promoted. If there aren’t any current opportunities to increase your income at work, you might consider taking on a side hustle or exploring other, higher-paying opportunities that align with your financial plan.
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