Graphic: How Much Should You Have Saved Up for Retirement Today

The rate you save should change depending on your age and how much you earn. It’s important to save when you can and change your saving habits as you get closer to retirement. The table shown above is a savings calculator tool. This should be a guideline to help savers understand how much money they should have saved in preparation for retirement if they have been saving about five percent of their salary.

Graphic: How Much Should You Have Saved Up for Retirement Today

The table is broken into two categories; on the y axis is the age category, beginning at thirty years and ending at sixty five years, with five years intervals in between; on the x axis is salary, starting at fifty thousand dollars and ending at four hundred thousand dollars.

To use the table a person must first find the number closest to their age on the y axis and then the number which closest approximates their salary on the x axis. At the intersection of these numbers will be another number, which, when multiplied by the salary, will indicate the amount of money a person should have saved. Guides like this can be helpful tools in determining your saving rate, and accessing your current saving habits.