Here's How Much You Should Have Invested for Retirement at Age 60
The milestone amount is lofty, but still achievable. It's also not too late to catch up if you're behind.
How do you know you're saving enough for retirement? Often it's difficult to know the exact amount for sure until after you stop working and start living on your savings. But there are ways of roughly knowing whether you're on track.
Let's see how much a 60-year-old should have invested for retirement.
How much income will you need in retirement? For most people, maintaining the standard of living enjoyed during their working years is a reasonable, achievable retirement goal. To do that, however, most estimates suggest you only need to replace about 80% of your work-based income. Said another way, simply working at a job can consume on the order of 20% of your salary.
