Just because retirement planning involves some guesswork doesn’t mean it has to be a total mystery.

Whether you’ve been saving since your first job or you’re getting a late start, you can leverage expert-recommended strategies to gauge your progress on the road to retirement. And if you’re not quite on track, don’t sweat it — the experts we spoke to offered actionable tips to help you close the gap.

5 ways to tell if you’re on track for retirement

You might have a general idea of how much money you need to save for retirement. A few quick calculations can give you an estimate, but to truly appreciate where you stand, you’ll need to dive into the numbers.

Here’s how to get started.

1. Use the Rule of 25 to get a ballpark number

A good rule of thumb to estimate your retirement savings goal is the Rule of 25. Simply multiply your desired annual retirement income by 25. The result is roughly how much you’ll need to save before hitting retirement.

For example, if you plan to spend $50,000 a year, you’ll need about $1.25 million to make it a reality. The Rule of 25 is based on the idea that withdrawing 4% annually from your retirement savings should last you about 30 years.

While it’s not an exact science by any means — health care costs and lifestyle changes can skew the numbers, for example — the Rule of 25 can be a good starting point to figure out how much you need to save.

2. Compare your savings to Fidelity guidelines

Fidelity Investments, a behemoth in the retirement planning space, offers savings guidelines to help you determine if you’re on track.

—By age 30: Save 1x your annual salary

—By age 40: Save 3x your annual salary

—By age 50: Save 6x your annual salary

—By age 60: Save 8x your annual salary

—By age 67: Save 10x your annual salary

For example, if you earn $60,000 annually, you should aim for $600,000 in savings by age 67.

But like the Rule of 25, Fidelity’s guidelines offer a 10,000-foot look at retirement goals, and they’re not customized to your situation. Maybe you earned a low salary in your 20s, but you’re working hard in your 30s to make up for it. Use these estimates as a benchmark — but don’t get discouraged if you’re lagging behind.

3. Use an online retirement calculator

Now it’s time to zoom in a little. To get a clearer snapshot of your progress, use an online retirement calculator. These tools factor in your age, current savings, income and lifestyle goals to estimate whether you’re on track.

You’ll get a more refined estimate without crunching the numbers yourself. Bankrate’s retirement calculator even lets you input different rates of return on your investments and accounts for estimated annual salary increases.

4. Map out your retirement budget

Having a general savings goal is nice, but to avoid falling short in retirement, you’ll need more than a ballpark figure. Experts recommend creating a retirement budget to get an up-close-and-personal look at how much you’ll really need once you leave the workforce.

First, estimate how much you’ll spend per month in retirement. While some costs will increase, like health care, others will likely decrease, like dining out and commuting.

“Estimating expenses can be challenging for some people, so as a starting point, I often use your net take-home pay,” says Jeff DeLarme, a certified financial planner and president of DeLarme Wealth Management.

For example, if you receive a direct deposit of $2,500 every two weeks from work, use $5,000 as your estimated monthly spending in retirement.

“Assuming this was enough to pay the bills while working, we can use $5,000 a month as a starting budget to plan for,” says DeLarme.

Next, map out your sources of income in retirement. Social Security is the largest income stream for most retirees, but don’t neglect other inflows, such as:

—Workplace retirement accounts, like 401(k)s

—Personal retirement accounts, like a traditional or Roth IRA

—Pensions

—Annuities

—Selling your home or business

—Rental income

—Inheritance

“If there’s a gap between your expected expenses and income, you’ll have a good idea of how much you need to save,” says Mike Hunsberger, a certified financial planner and owner of Next Mission Financial Planning.

From there, you can adjust your savings and investment strategy accordingly.

5. Talk to a financial adviser

For something as important (and complex) as retirement planning, it pays to speak with a professional.

Financial advisers can analyze your savings, investments and retirement goals to create a personalized plan. Advisers use special planning software that account for more variables than an online calculator, giving you a much more precise, granular look at your financial life in retirement.

Many financial advisers can also help you optimize your tax strategy, which can potentially save you thousands of dollars over time.

Make sure the adviser you hire is a fiduciary, meaning they’re legally obligated to prioritize your interests over their own. A fiduciary won’t push investments to earn a commission or recommend products that aren’t aligned with your needs. A certified financial planner is one of the most well-recognized designations for fiduciaries.

You can use Bankrate’s adviser matching tool to find a certified financial planner in your area in minutes.

5 ways to catch up on retirement savings

Maybe you did the math and realized you’re not quite where you need to be. Don’t panic if you’re behind schedule. Here are five strategies experts recommend to help you catch up on your retirement savings.

1. Scale back your spending now and in retirement

Cutting expenses now frees up more cash to invest in your retirement accounts. Evaluate your budget and identify areas where you can cut costs, like dining out, streaming subscriptions or shopping.

Don’t rule out bigger lifestyle changes either, especially if retirement is rapidly approaching.

Housing is the biggest monthly expense for most people. Getting creative here can help amplify the amount you can sock away, says Joseph Boughan, a certified financial planner and managing member at Parkmount Financial Partners.

It can also reduce your expenses in retirement, so you may not need to save as much as before.

“Downsizing can be a great way to cut expenses,” says Boughan. “This can even free up cash if you don’t end up needing all that money for a new home.”

Moving somewhere with lower property taxes or income taxes can also help bring your retirement plan back in line.

And if you’re a renter, making tough short-term decisions, like taking on a roommate or moving to a lower cost-of-living area, can free up hundreds of dollars a month for your retirement.

“Everyone’s plan is unique, so exploring all the options is important,” Boughan says.

Joe Conroy, a certified financial planner and owner of Harford Retirement Planners, recommends taking a “retirement test drive” as you near your target date.

“Start to live on what income you think you can afford in retirement and stash all the extra income into savings and investments,” says Conroy. “If you can make it through each month, you’re ready for retirement. If you run short, then adjust your plan accordingly.”

2. Delay retirement by a year or two

Working a little longer can be a game-changer for your retirement nest egg. Not only does it give you more time to save, it also gives your investments room to grow.

“Working longer or even just part time for a few years early in retirement is one of the best ways to reduce the amount of money you need to save,” says Hunsberger.

Postponing retirement can also boost your Social Security benefits.

“You can claim as early as 62, but your benefits will be reduced significantly,” says Hunsberger.

Meanwhile, each year you delay claiming Social Security benefits beyond your full retirement age, your monthly check will increase by 8%, though this benefit maxes out at age 70. So waiting can really pay off.

3. Save more

It may seem obvious, but if you’re behind on retirement savings, you’ll need to boost your contributions as much as possible.

Here are a few ways to make saving for retirement easier:

—Increase your contribution rate: Allocate a larger portion of your paycheck to a workplace retirement plan. Even bumping up your contributions by 1% or 2% can make a huge difference down the road.

—Take advantage of your employer match: Don’t leave free money on the table. Many employers will chip in between 3 and 5% depending on your plan, so make sure you’re contributing enough to take advantage of the benefit.

—Use “unexpected” money to catch up: If you get a raise or bonus at work, funnel part of it directly into your 401(k). And if you get a refund at tax time, siphon some of it off to beef up your IRA.

4. Invest more aggressively

If you’ve been investing in low-risk, low-return investments, you may not be keeping up with inflation, let alone growing your nest egg. Reallocating part of your portfolio to stocks or low-cost growth exchange-traded funds (ETFs) is one way to get your money working harder.

Higher-risk investments like stocks carry more volatility but also offer higher potential returns. Work with a financial adviser or use a robo-adviser to strike the right balance between growth and your personal risk tolerance.

5. Take advantage of new retirement account catch-up contributions

Contribution limits for 401(k) plans and IRAs are higher for people over 50. For 2025, employees aged 50 and up who participate in most 401(k) plans or the federal government’s Thrift Savings Plan can save up to $31,000 annually, including a $7,500 catch-up contribution.

But thanks to SECURE 2.0, a sweeping retirement law, a new higher catch-up contribution limit of $11,250 applies for employees ages 60 to 63. So, if you’re in this age group, you can squirrel away a whopping $34,750 a year during the final stretch of your career.

Of course, you’ll need a big salary (think six figures) in order to take full advantage of such massive contribution limits. But if you can afford it, these catch-up allowances can put your plan back on track, especially if you struggled to save much early in your career.

Bottom line

There’s no GPS to gauge your progress on the road to retirement. If you’ve veered off course or aren’t sure where to start, begin by getting a quick estimate of how much you’ll need before mapping out a retirement budget. And if you’re behind, don’t panic — adjusting your spending, boosting your contributions and speaking with a financial adviser can help you catch up.

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