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How Much Money Should You Save For Retirement By Age?

Find out how much money you should be saving in your 20s, 30s, 40s, 50s, and 60s for retirement. Get 7 helpful tips to save money.
April 18, 2024

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People from all age groups often wonder how much money they should have in the bank to retire comfortably. But based on your age, responsibilities and liabilities, there are savings benchmarks that you could refer to. 

These benchmarks for retirement savings by age can help you get from where you are to where you should ideally be. Naturally, you will need efficient money saving strategies to get to this ideal retirement savings figure.

Savings Amount For Retirement By Age

The savings amount for retirement in your 20s, 30s, 40s, 50s, and 60s will vary based on your goals, financial condition, and other such factors. 

However, this benchmark could be an ideal comparison metric:


Retirement Savings Goal (x annual salary)

Average Salary


As much as possible














Note: The figures mentioned above are estimates and will vary from person to person based on multiple factors.

Planning your savings for retirement at a young age has its benefits. When you’re in your 20s, you can save more and invest aggressively due to minimal responsibilities and liabilities. 

But this is a double-edged sword. Statistically, working professionals earn less in their 20s compared to their 50s. The average salary for working professionals in their 20s in India is ₹619,000 and for professionals in their 50s, it is ₹3,360,300. 

7 Best Money Saving Tips For A Comfortable Retirement

1. Create A Budget

At the start of each month, pull out that unused diary or an excel sheet and plan your expenses. The 50/30/20 rule could be useful for this. 

What Is The 50/30/20 Rule?

1. Spend 50% of your income on needs: Rent, groceries, upkeep, subscriptions, fees, and other such essentials.   

2. 30% on wants: Movies, clothes, a new music system, fancy dinner, and other such personal expenses.

3. 20% on savings: Allocate a portion of this for retirement. Invest in options like mutual funds, Indian stocks, US stocks, National Pension Scheme based on advice from a Wealth Coach.

If you’re young, you might be able to invest aggressively in options that can help you manage your post-retirement expenses. Speak to a Wealth Coach to find out the perfect savings strategy for a comfortable post-retirement life.

2. Pay Yourself First 

This should be non-negotiable. Most people struggle with saving money from their salary because they fall into the trap of spending first before paying themselves. Move 20% of your income into savings and investments as soon as you get your salary.

3. Set Up An Automatic Transfer

Digital wallets and even bank accounts have auto-debit features that you can use to transfer money to a savings account. If you’re investing in stocks or mutual funds, you can set up a NACH auto-debit to invest in SIPs. Use this to your advantage and let automation work its magic.

4. Keep A Track Of Your Spending

It’s important to assess your spending habits. One way to do this is to maintain an excel sheet or a notebook to review your spending. 

  • Pay attention to your daily expenses
  • Review your budget Vs money spent at the end of each month

The best way to create a healthy financial habit is to invest. If you’re left with surplus cash at the end of each month, speak to a wealth coach to invest that money in a stock or fund. 

This will help your money grow as opposed to lying dormant in a bank account. Or worse, being wasted on decaf coffee. 

Did you know that you can invest in Starbucks stock for the price of a latte using Cube?

5. Steer Clear Of Debt

Do not spend more than you can afford. For starters, this will help you maintain a healthy financial lifestyle where you can save, spend and splurge diligently. 

When you take out debt, you are borrowing money from your future self. You could instead invest this money in assets that can create wealth for the future.  

Even if you do take out debt in the form of a loan, don't use your savings to pay for the EMI. Automate your debits instead to remain on track. 

6. Don't Spend On Depreciating Assets

The goal, as you become older, should be to have a high net worth. The car you drive or the expensive phone you own add nothing to your net worth. These assets lose value with each passing month. 

The best way to increase your net worth is to invest in appreciating assets such as US stocks, Indian stocks, bonds, mutual funds, gold, and others. 

Asset Type

Investment Value in 2010

Investment Value in 2020

Goog Stock



Luxury Sedan



Speak to a wealth coach to invest in assets that can increase your net worth.

7. Save ₹10 for every ₹1000

This is a classic tip from Cube Wealth's founder & CEO, Satyen Kothari. The logic is simple: add ₹10 to your savings for every ₹1000 you spend on depreciating assets or gifts. 


Value-based investing and goal-driven portfolio allocation is a must at a young age to generate enough wealth for post-retirement emergencies and expenses. 

Download Cube For Free to start investing in the best assets for post-retirement expenses.

Watch this video to know how to start investing

Priya Bansal
Curious about personal finance and all things money. Can either find me reading a book or dancing to a tune.

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