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Indestata > Personal Finance > Retirement > How Much Should I Have in Retirement Savings at 55?
Retirement

How Much Should I Have in Retirement Savings at 55?

TSP Staff By TSP Staff Last updated: May 5, 2025 7 Min Read
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At 55, many people are about 10 years from retirement and may wonder how much they should have saved to support their desired lifestyle. Comparing your savings to different benchmarks can help guide your retirement decisions. And a financial advisor can work with you to assess your progress, identify gaps and adjust your plan to stay on track.

How Much Should I Have in Retirement Savings at 55?

According to Fidelity’s retirement guidelines, a person should save about seven times their annual salary by age 55. That means if you earn $100,000 per year, your target savings should be around $700,000. These benchmarks assume retiring at 67 and keeping a similar lifestyle. The amount you should save depends on your expenses, goals and expected retirement income.

Key Factors to Consider for Your Nest Egg

When calculating the size of your nest egg, there’s no one-size-fits-all amount. The right retirement balance at age 55 will depend on several important factors:

  • Your planned retirement age. If you plan to retire early, you’ll need more saved by 55 than if you intend to work until 70.
  • Your lifestyle and spending needs. Do you envision a modest retirement or one filled with travel, hobbies and leisure? The more you plan to spend, the higher your retirement goals should be.
  • Health and expected medical costs. Medicare eligibility starts at 65, so retiring earlier may mean paying out-of-pocket for private insurance in the interim. This can be costly if you have chronic or complex medical conditions.
  • Social Security and other income sources. Your Social Security benefit will be a key part of your retirement income. If you expect to receive a pension, rental income or other earnings, your savings requirements may be lower.
  • Investment strategy and market conditions. Your retirement portfolio impacts how long your savings last. A diversified mix of equities and bonds tailored to your needs is essential for growth and stability.