Retirement Savings

Take Our 30-Second Retirement Challenge


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Are you saving enough
for retirement?

Get a quick snapshot of where you’re
at compared with T. Rowe Price’s
retirement savings guidelines.
Railroad track animation image Railroad track animation image Railroad track animation image Railroad track animation image Tell us 3 things to see if you're on track with our benchmarks.
Animated background image Get Started (Button) Clock animation image Clock animation image Clock animation image Clock animation image Clock animation image

Are you saving enough
for retirement?

Get a quick snapshot of where you’re
at compared with T. Rowe Price’s
retirement savings guidelines.
Railroad track animation image Railroad track animation image Railroad track animation image Railroad track animation image Tell us 3 things to estimate if you're on track with our benchmarks.
Calculate (Button)
Line graph of charting your age vs. how much you should have saved.
XX
Age
$XX,XXX
Current
annual salary
$XX,XXX
Amount already
saved for retirement
Assumptions
Go back to graph (Button)

This graph plots retirement savings and age against a line reflecting T. Rowe Price's determination of the appropriate savings amounts for various ages that will provide adequate retirement replacement income for an individual contributing at a 15% rate throughout his or her working life. T. Rowe Price believes that a goal of 12x preretirement salary at age 65 is likely to generate retirement income of 75% of preretirement salary, including Social Security benefits. That view is based on results from the Retirement Income Calculator, a tool that uses Monte Carlo techniques to generate hypothetical projections of balances resulting from savings rates, given certain investment assumptions. In reaching our conclusion, we used "Preparing for Retirement" and tested age 65 salaries of $70,000, $100,000, and $110,000, 40 years of contributions at a 15% rate in a tax-deferred account, a retirement age of 65, and Social Security benefits for a single person beginning at age 65, and a 30 year retirement. For purposes of calculation, we assumed salary increased at 3% annually until age 65, an investment allocation of 60% stocks/30% bonds/10% short-term bonds before retirement (40% stocks/40% bonds/20% short-term bonds after age 65), and a 4% first year withdrawal rate. The tool's methodology and assumptions are explained in detail here. Results were rounded and represent hypothetical outcomes. The savings targets cannot guarantee retirement income of any specific amount and may not be applicable for those with earnings that vary widely from the tested salaries. The assumptions used may not reflect actual market conditions or your specific circumstances, do not account for plan or IRS limits, and may differ from other saving target estimates. If you use this graph to assess your own retirement savings adequacy, please be sure to take all your assets, income, and investments into consideration.

IMPORTANT: The projections or other information provided by the 30-Second Retirement Challenge regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. The information is based on assumptions. There can be no assurance that the projected or simulated results will be achieved or sustained. The information presents only a range of possible outcomes. Actual results will vary with each use and over time, and such results may be better or worse than the simulated results. Clients should be aware that the potential for loss (or gain) may be greater than demonstrated in the simulations.