Here's How Much You Should Have Saved in Your 401(k) by 55

By Maurie Backman – Mar 30, 2026 at 3:49PM ESTKey PointsIt's a good idea to aim for 7x your salary by age 55.If you haven't managed that, all isn't lost.There are steps you can take to boost your saving later in life.One of the hardest things to do in the course of saving for retirement is figure out how much money you need. After all, when you're 35 or 43, it can be hard to get a handle on what life might cost when you're 67. But it's good to have a general sense of how much you should have saved at different ages. And age 55 is a good time to do a check in. Image source: Getty Images. At 55, you're a decade away from being eligible for Medicare. That means you may be gearing up for your final 10 years in the workforce. Investment giant Fidelity says that by age 50, you should aim to have 6x your salary saved for retirement, and by age 60, you should be sitting on 8x your salary. Using that logic, it seems like having 7x your salary saved for retirement by 55 is optimal. But if you aren't there yet, there's no need to panic. Don't discount that last decade If you're 55 earning $100,000 a year, Fidelity's logic means you should ideally have a $700,000 401(k) plan balance. If you don't, though, that doesn't automatically mean you're in trouble. One thing to keep in mind is that if you still have another decade in the workforce, whatever amount of money you've saved to date can grow. And if you continue making contributions to a retirement account, you may end up with a nice nest egg by the time your career actually ends. Let's say you've got $400,000 saved at 55, which is a nice amount of money but well below Fidelity's benchmark for a $100,000 salary. If you contribute $800 a month to your 401(k) for 10 more years, and your investments grow 8% a year, which is below the stock market's average, you could be sitting on $1 million by age 65. Meanwhile, Fidelity's advice is to have 10x your salary by age 67. So even though you may not have close to 7x your paycheck at 55, with the right investing strategy and steady contributions, you could easily close that gap. How to play catch up If you feel you're behind on retirement savings at 55, there are steps you can take to catch up. First, make sure you're not forgetting about actual catch-up contributions, which allow you to put more money into an IRA or 401(k). You can also make catch-ups in an HSA. Next, do a serious review of your spending. Chances are, you'll find some ways to cut back. If that doesn't work, look at getting a side gig. If you're in your mid-50s, you may have more time on your hands due to your kids being grown and out of the house. You can take advantage of those free hours by working a bit more, boosting your income, and putting that money away for retirement. Fidelity's guidance is just that -- advice, not gospel. So don't be too stressed if your retirement plan balance is lower than what Fidelity suggests. At the same time, it's important to assess your savings at 55 and do what you can to catch up if you feel your nest egg needs work.Read NextMar 30, 2026 •By Kailey Hagen, CFPThe Math-Free Way to Estimate Your Future Social Security BenefitMar 30, 2026 •By Kailey Hagen, CFPYou Aren't Getting the Most Out of Social Security Unless You Do These 3 ThingsMar 30, 2026 •By Maurie Backman3 Reasons Not Having a Roth IRA in Retirement Could Cost YouMar 30, 2026 •By Kailey Hagen, CFPDon't Want RMDs Inflating Your Tax Bill? 3 Things You Can Try.Mar 30, 2026 •By Kailey Hagen, CFPA Shocking Number of Americans Skip This Important Retirement Planning StepMar 30, 2026 •By Christy BieberIf You Invest $100 a Month in 2026, How Much Will You Have in Retirement?About the AuthorMaurie Backman is a contributing Motley Fool retirement and Social Security expert with more than a decade of experience writing about personal finance, investing, and retirement planning. Maurie previously worked in finance analyzing distressed companies. She studied finance at Binghamton University.TMFBookNerd