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Maximize your retirement savings

Here's what to know to make sure your savings strategy is working as hard as you are.

Saving for retirement is a marathon, not a sprint, and it's not always easy to know if you're on the right track. These guidelines can help you stay on course—or get up to speed. We recommend you save 15% of your income—including employer matching contributions—each year that you work until you retire.

 

If you're in your 20s or 30s, we recommend that you save an amount equal to your salary by age 30. But don't worry if you haven't—just get started as soon as you can.

If you're in your 40s or early 50s, saving is important because you're closer to the time when you'll need the money. We recommend you save 3 times your salary by age 40 and 6 times by 50.

If you're less than 15 years from retirement but short of your savings goal, try to increase the percentage of your income that you save because the finish line is in sight.

At any age, making—and sticking to—a budget can help you cut spending and boost saving. Investing appropriately is also essential for maximizing your retirement.