Having one of these enables you to save for other goals without going into debt when life happens," wealth manager Doug Ornstein told MoneyWatch.
Financial experts advise saving 15% of every gross paycheck you make for retirement. For twentysomethings, that might be challenging.
These days, average home prices with a standard down payment mean you'll need to have saved about $80,520—a number that can vary widely depending on your location and housing preferences.
According to T. Rowe Price, having 100% to one-and-a-half times your annual income saved for retirement by age 35 is "a reasonable target."
In your 40s, your "main focus changes gears to building assets, including liquid savings," certified financial planner Laura Redfern told MoneyWatch.
By age 50, T. Rowe Price considers you to be "on track" for retirement if you have three to six times your preretirement income saved.
In your 50s, "turn up the volume" and refocus on retirement savings, advises Redfern. Re-evaluate your insurance coverage and emergency fund to ensure they cover the lifestyle you want to live.
"By age 60, you should have 5.5 to 11 times your salary saved in order to be considered on track for retirement," says T. Rowe Price.
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