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.
While it’s never too early to start setting aside money for the future, the last 10 or so years before you retire are certainly crucial to reaching any sort of savings goals.
To retire by age 67, experts from retirement-plan provider Fidelity Investments say you should have eight times your income saved by the time you turn 60.
If you are nearing 60 (or already reached it) and no where close to that number, you’re not the only one behind. A 2020 TD Ameritrade report, which surveyed 2,000 U.S. adults ages 40 to 79 with at least $25,000 in investable assets, found that 28% of those in their sixties have less than $50,000 in retirement savings.