Generally speaking, you should strive to set aside $30,000–$50,000 by age 80 to provide financial flexibility for a variety of needs. More funds can certainly be set aside depending on one’s preferences, financial situation, and goals.

Suggested Savings

How much should I set aside monthly/annually at an assumed interest rate yield of 3% on my savings?

AGE SAVINGS GOAL ANNUAL SAVINGS MONTHLY SAVINGS
45 $30,000 $482.00 $40.17
45 $50,000 $803.00 $66.92
55 $30,000 $799.00 $66.58
55 $50,000 $1,331.00 $110.92
65 $30,000 $1,566.00 $130.50
65 $50,000 $2,610.00 $217.50
75 $30,000 $5,846.00 $457.17
75 $50,000 $9,143 $761.92

 

How much should I set aside monthly/annually at an assumed interest rate yield of 6% on my savings?

AGE SAVINGS GOAL ANNUAL SAVINGS MONTHLY SAVINGS
45 $30,000 $254.00 $21.17
45 $50,000 $423.00 $35.25
55 $30,000 $516.00 $43.00
55 $50,000 $860.00 $71.67
65 $30,000 $1,216.00 $101.33
65 $50,000 $2,027.00 $168.92
75 $30,000 $5,021.00 $418.42
75 $50,000 $8,368.00 $697.33