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How Much to Save for Retirement – Are You on Track? (Infographic)

By Money Crashers

401k’s. IRAs. Roth accounts. Early-withdrawal penalties. Educating yourself about the various retirement plan options is intimidating, and figuring out how much you should be saving can be even scarier. To assist you in this essential aspect of financial planning, take a look at this infographic and determine just how much you need to be saving at any given age.

It’s also important to know the key difference between a 401k and IRA (Roth and traditional), including tax benefits, contribution limits, conversion, and eligibility age. Are you currently on track with your retirement planning? Here are some statistics that may surprise you:

  • 39% of households nearing retirement do not have a formal retirement plan.
  • Only 35% of Americans are confident they can rely on social security.
  • For a couple both 62 years old, there is a 47% chance that one of them will live to be 90. Are you prepared to live 25 years on your retirement savings?
  • Early withdrawal from retirement plans incur a 10% penalty plus taxes.

how much to save for retirement

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  • DebtRoundUp

    This is a great infographic. It makes the information about retirement so much easier to understand and deal with.

  • http://everythingfinanceblog.com/ Tushar @ Everything Finance

    Wow, great info graphic. I would say I’m on track. Although I hope that the totals are for individuals and not couples. Otherwise it might be tight.

  • Ravindra

    It seems like the subtitles under “Know Your Plans” should be “401k vs IRA” instead of “401k vs Roth IRA” as under “Conversion” section of it says “Can be converted to a Roth IRA…” that is the same type of Investment.

  • http://twitter.com/EvanJDavis Evan Davis

    What a great infographic. It really hits home the importance of saving for retirement!

  • MarthaJ

    WOW! That is a very good illustration. And, the differences made clear for 401k vs. Roth IRA, Traditional vs. Roth IRA. Seeing that, I can say I am not off-track, though a little still needs to be added to my Roth IRA.

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