Here’s how those numbers break down based on age, average income and monthly expenditure, according to nationwide data. Also included are emergency savings goals for three and six months of spending.
Average retirement savings goal by age
| Age | Retirement saving goal | Emergency saving goal |
|---|---|---|
| 30 | $76,187 | $14,282 to $28,564 |
| 40 | $309,816 | $18,722 to $37,445 |
| 50 | $642,564 | $19,339 to $38,678 |
| 60 | $796,848 | $17,373 to $34,747 |
Note: Retirement savings goals are based on Fidelity’s recommendations above using data in the U.S. Bureau of Labor Statistics’ Consumer Expenditure Survey, 2019. Emergency savings goals are calculated using the average annual expenditure mean for that age group in the U.S. Bureau of Labor Statistics’ Consumer Expenditure Survey, 2019.
Link to the full article is here: https://www.bankrate.com/retirement/how-much-do-you-need-in-savings-retirement-emergency-fund/