How Much Money to Have Saved by Age 40

Editor’s Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC will update as changes are made public.

Your 30s call for a lot of financial decisions. As you settle into your career, perhaps you see yourself applying for a mortgage on your first home or starting a family. These choices require having good credit and a bundle of savings that you hopefully started building early on in your 20s.

But as you work toward these financial milestones, it’s important to remember just how much you still need to put away for retirement that isn’t too far away. In fact, in your 30s you’re about halfway there if you want to retire by age 67.

To stay on track to retire at 67, you should have saved 3 times your income by age 40, according to retirement-plan provider Fidelity Investments. This guideline doesn’t just include cash savings, but also comprises your retirement contributions in a 401(k) and/or Roth IRA and any investments in index funds or through robo-advisers.

Unlike your 20s, you’re probably more financially stable as you head closer to 40. For this reason, it makes sense to increase your retirement contributions so you can have 3 times your income saved by your 40th birthday. Make sure you are putting away enough of your paycheck into your 401(k) account to receive any company matches; otherwise, it’s money left on the table.

You likely already have a savings account by the time you are nearing 40 years old, but it’s worth double checking to make sure you are getting the highest return on your cash sitting idly by.

High-yield savings accounts offer a better option for your savings while you work on building up your other investments, whether through your retirement account or the stock market. To find the best one for you, consider an online savings with no monthly maintenance fees and low (or no) minimum deposits and balance requirements.

The Vio Bank High Yield Online Savings Account has dropped its rate amid the economic fallout from the coronavirus pandemic (like all other savings accounts), but still offers a rate higher than most. It hovers near a 1% annual percentage yield (APY). CNBC Select ranked it the best account for earning a high APY. There is a minimum balance of $100 to open an account, and opting to get paperless billing will save you on any additional monthly charges.

If you don’t want the expense of depositing $100 to open an account, consider the Marcus by Goldman Sachs High Yield Online Savings, which CNBC Select rated the best overall. While it currently offers a lower APY than Vio, Marcus offers no fees whatsoever and easy mobile access through its new banking app. The app is simple to use and allows you to set up recurring deposits, track your savings goals and see how much interest you’ve earned this year. For savers looking for something straightforward, Marcus is the account to use when all you want to do is grow your money with zero conditions attached.