Retirement Retirement Planning

Making $75K a Year? Here’s How Much You Should Have Saved by 60

Check if you're on track for retirement.

By Linsey Knerl , Edited by Laura Hohenstein

Updated April 15, 2026

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If you're around age 60 and unsure when you can retire, you're not alone. A Pew Research poll revealed that only 26% of U.S. adults feel confident they have enough to retire, or that they can retire at all.

Fortunately, there's no shortage of resources for creating a retirement plan. One of them is the J.P. Morgan Asset Management's Guide to Retirement, which estimates what a $75,000 earner would need to have saved by age 60.

Learn more about how this number was calculated, and how to catch up if you're behind.

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What the retirement model assumes about you

All models rely on assumptions, and J.P. Morgan's framework is no exception. Its model projections presume the following:

A target retirement age of 65
Annual gross savings of 5%
Retirement lasting 35 years (with a lifespan of 100 years)
Consistent standard of living, not a major bare-bones budget in retirement
Inflation at 2.5% per year
A strong investment mix that gets more conservative as you near retirement

The original J.P. Morgan chart only shows exact lines for $70,000 and $80,000 incomes. To tailor it to a $75,000 household, we scaled the savings targets in proportion to income and averaged between the $70K and $80K rows, then rounded to the nearest $5,000.

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What "on track" looks like at 60

Here's a chart highlighting savings goals for those making $75,000 a year. Remember, if you're in a high-cost city, $75K may feel tight. Likewise, in a lower-cost area, it may feel comfortable. Models project for the average person, so take what J.P. Morgan says as a general guideline, not a hard rule for your situation.

You can also see what it takes to ramp up to $505,000 saved by age 60. It starts with more modest savings and grows exponentially over time. That's because the amount saved isn't just from dollar-by-dollar contributions, but it also incorporates stock market and investment performance, as well as compound interest from more traditional investments.

Age	Target on $75,000 a year
25	$30,000
30	$65,000
35	$115,000
40	$175,000
45	$245,000
50	$325,000
55	$415,000
60	$505,000
65	$610,000

The age 60 milestone is important because you are likely no longer paying off student loans or trying to get into your first home. You still have time for some catch-up contributions, even while managing other responsibilities such as helping out adult children or caring for aging parents.

What if you're not on track

Ideally, we would all have more than enough to take us comfortably into retirement. But life circumstances can make that challenging. Health issues, care for older parents, childcare responsibilities, high cost-of-living regional differences, and early financial setbacks like divorce or failed business endeavors can stand in the way of a plan being executed perfectly.

A $75,000 a year earner could still catch up with a combination of different strategies and more aggressive saving behavior. Below are some catch-up moves you can make today.

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Increase your savings rate gradually

If you're 60 and behind, using the model as a percentage guide can help. Instead of focusing on a set dollar amount, such as putting away $500 a month, try raising your savings rate by 1% a year. Increase this to 10% a year over time, so the change feels manageable while still having a big impact on your final numbers.

Max out easy levers first

If you're not getting a full employer match in a 401(k) or similar plan, that's a great place to start. If you do this before anything else, you'll get an immediate boost to your savings rate for a $75,000 salary. Once you've captured that full match, you can look at using age‑50‑plus 'catch‑up' contributions in your workplace plan or IRA to push your total savings above the standard limits if you qualify.

Use tax-smart accounts

Some savers contribute more to a Roth IRA in the lower-income years and shift to a traditional IRA as income rises. Having money in both buckets gives you more flexibility in retirement. You can pull from each depending on your tax situation and income needs at the time.

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Protect your nest egg

Avoid leaks, such as 401(k) pre-retirement loans and withdrawals, when possible. Every dollar you pull out early not only triggers taxes and possible penalties if you're under 59½, but it also stops that money from compounding for the next 10, 20, or 30 years. A three to six-month emergency fund may prevent having to tap into these funds.

Work longer

If these steps aren't enough, you can adjust retirement timing or expectations instead of giving up. Many retirees leave full-time work earlier than planned, but there's another group that remains partially retired and keeps working some hours to supplement income.

This option can keep you solvent during retirement and provide life enrichment, too. Provided you find a job you genuinely enjoy, it doesn't have to be taken as a planning failure at all.

Bottom line

If you're nearing 60 and a bit off course, your next move is to pick one lever and stick with it for a while. Use the "my Social Security" retirement calculator at SSA.gov to compare benefits at different claiming ages and see how working longer or saving more could help close your gap.

Even one specific action over the next six months can change your mindset and bring some relief and even help you retire early. The retirement model isn't there to make you feel bad, but to show you how small changes can greatly impact your future.

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