How To Know If Your Retirement Savings Are On Track
As you save for retirement, it's beneficial to know how much to save and whether you're on the right track. Everyone's situation is different, of course, but there are some useful retirement benchmarks that can give you a sense of how you're doing to reach your goals.
After comparing your numbers to the benchmarks, you can then work on making any necessary adjustments and then check your progress regularly.
To set your retirement savings benchmark, you need to consider two factors — how much you've already saved for retirement and your current age. Then, compare your savings against your current gross income to begin setting savings goals based on your income.