Are Your Retirement Savings on Track?

October 10, 2026

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5 min read

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Figuring out if you are on track for retirement is a notoriously complicated calculation, but there are quick litmus tests that can give you a general sense of where you stand. This episode of the Motley Fool Hidden Gems Investing Podcast, hosted by Robert Brokamp, walks through the most common age-based savings benchmarks, explains the key factors that make them too high or too low for your specific situation, and offers practical guidance on using online calculators for a more personalized assessment.

The Quick Litmus Test: Age-Based Savings Benchmarks

Several major financial services firms publish guidelines that express retirement savings as a multiple of your gross household income. Brokamp averaged the benchmarks from six firms—Ally Bank, American Century, Bank of America, Fidelity, Schwab, and T. Rowe Price—to create a single, simplified target. The averages are as follows: by age 30, you should have saved about 0.9 times your annual salary; by age 40, 2.8 times; by age 50, 5.2 times; and by age 60, 7.9 times. For those planning to retire at age 65, the target jumps to 10.1 times your income, while for a retirement age of 67, it drops slightly to 9.8 times.

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What you'll learn

1 (00:02) **Introduction: The Retirement Checkup Question** - Robert Brocamp introduces the episode's central question: how to tell if your retirement savings are on track.
2 (00:50) **Age-Based Savings Benchmarks: The Quick Litmus Test** - Robert presents averaged savings benchmarks from six major financial firms (Ally, American Century, Bank of America, Fidelity, Schwab, T. Rowe Price).
3 (01:01) **Crucial Caveat: Understanding the Benchmarks' Limitations** - Robert stresses that these are broad guidelines based on specific assumptions that may not fit your situation.
4 (03:09) **Factor 1: Other Sources of Income and Wealth** - The benchmarks ignore additional resources beyond Social Security and a portfolio.
5 (03:55) **Factor 2: Marital Status and Economies of Scale** - Single people generally need to save more than married people.
6 (04:22) **Factor 3: Income Level and Social Security Replacement** - Higher earners need to save more because Social Security replaces a smaller percentage of their pre-retirement income.
7 (05:24) **Factor 4: The Future of Social Security** - The benchmarks assume full promised benefits, but the trust fund faces a depletion date around 2032.

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Show Notes

Do the amounts in your IRAs and 401(k)s have you on to path to financial independence? Host Robert Brokamp explains how to get answers to that question.
Topics covered:
-Benchmarks provided by financial-services firms
-Factors that will determine whether you need to save more or less than the benchmarks
-Latest thinking on safe withdrawal rates in retirement
-Retirement calculators to consider
Host: Robert Brokamp, CFP®
Engineer: Bart Shannon

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