Figuring how much you need to save for retirement is a tricky task. Numerous factors need to be considered, and even the experts can’t fully agree on how big of a nest egg you should build. Even so, there are some general guidelines that can help you gauge whether your retirement savings are on track. One of them is the multiples of income formula.

The formula below is one suggested guideline for how much of your annual income you should have saved at various ages.

  • Age 30: 1x your salary
  • Age 35: 2x
  • Age 40: 3x
  • Age 45: 4x
  • Age 50: 6x
  • Age 55: 7x
  • Age 60: 8x
  • Age 67: 10x

If you’re lagging behind these targets, look into the various ways to catch up on your retirement savings. Even if you can’t hit these goals, any improvement will leave you better prepared for retirement. Thankfully, if you’re still early into your career, much of these savings should be provided by future investment returns.

As mentioned, these numbers are only a guideline that may not closely apply to your unique situation and plans. For a more complete retirement plan and advice, consult your financial adviser.