How much should a 65 year old have in savings?

Because people with higher incomes will receive a smaller share of their income when they retire from Social Security, they generally need more assets relative to their income. We estimate that most people who want to retire around age 65 should aim for assets that amount to between seven and 13 and a half times their gross pre-retirement income. A general rule of thumb is to save 15% of your annual earnings. In a perfect world, savings would begin in your 20s and would last throughout your working life.

Many Americans in their 20s start their careers with initial paychecks. It may seem too early to think about retirement, especially if you're paying off student loans. Buying a home and starting a family are common events in the lives of 30-year-old Americans. Not only are these changes costly, but they also distract attention from saving for retirement.

And many Americans in their 30s are still paying student loans. Because the importance of saving for retirement is enormous, we've put together lists of IRA brokers and Roth IRAs so you can find the best places to create these retirement accounts.