Oct 31, 2026

Here's How Much You Need To Retire Comfortably If You Make $64K a Year

There is no "magic number" for retirement savings. Everyone's needs are different, as are their lifestyle expectations. But there are some rules of thumb you can use as a starting point to figure out how much to aim for.

If you earn the median U.S. salary, here's what you need to know.

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How Much Retirement Savings You May Need on a $64K Salary

One rule of thumb suggested by the U.S. Department of Labor is that you should expect to need 80% of your pre-retirement income each year in retirement. Based on this rule, if you earn the median U.S. salary of $64,220 and plan to be retired for 20 years, you would need to save $1,027,520.

However, a Clever Real Estate survey found that many Americans are far behind this goal post.

Why Many Americans Fall Short of Their Retirement Goal

While the recommended amount of retirement savings for median earners is roughly $1 million, the actual current median savings is $210,000.

There are several factors contributing to this gap.

"For many workers, meeting current needs takes priority over long-term retirement savings," said Jaime Seale, data writer at Clever Real Estate. "Wages haven’t kept up with inflation and increased costs for housing, gas, groceries and other necessities don’t leave a lot left over for retirement. Some workers may even have to pause their contributions or withdraw money from their retirement accounts in times of financial hardship, which hinders growth."

Beyond rising costs, some workers simply aren't sure how much they should be saving.

"This causes many to start saving too late," Seale said.

Many Workers Underestimate How Much Retirement Costs

The survey found that retirement expectations often don't match reality.

The median amount workers expect to retire with is $515,000, which barely covers 10 years in retirement at the 80% income standard. Yet more than half of workers (52%) think they'll need their retirement savings to last at least 20 years, while a quarter (26%) think they'll need their savings to last at least 25 years.

"Without detailed calculations or professional guidance, a lot of workers end up underestimating how much they’ll need for retirement," Seale said. "[savings of] $515,000 may sound like a lot of money, but I don’t think many people realize that amount won’t get them very far over multiple decades in retirement. To make it last, many may have to vastly reduce their standard of living and give up dreams of traveling or pursuing hobbies."

Nearly Two-Thirds of Workers Feel Behind on Saving

Given those financial realities, it's perhaps no surprise that nearly two-thirds of workers (65%) say they feel behind on retirement savings.

"Economic uncertainty and persistent inflation can make workers feel like their current savings won't be enough to support them in a future with increased costs, especially with many doubting that programs like Social Security will be around to supplement their savings," Seale said. "Their perceived shortfall is even more worrisome when workers expect to spend more years in retirement because of longer life expectancies."

Others may feel like they are falling behind because of heavy debt burdens that limit their ability to save or because they lack access to employer-sponsored retirement plans or an employer match.

How To Boost Your Retirement Savings Over Time

The good news is that workers can still make progress toward closing their retirement savings gap, particularly if they start early.

"However, those who started saving later in life might not be able to close it entirely," Seale said. "The key is to start saving as soon as possible to benefit from compound growth. Invest consistently, even if it’s just a small amount and increase contributions gradually. A 1% to 2% bump can make a meaningful difference over time."

This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.

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Written by

Gabrielle Olya

Edited by

Rebekah Evans