When it comes to saving for the future, the more you can set aside, the better off you’ll be. But just how much should you aim to have in order to set yourself up for a comfortable retirement?

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According to David Bach, bestselling author of “The Automatic Millionaire” and “Smart Women Finish Rich,” a simple formula can help you determine how much you should have in retirement savings at every age.

The formula comes from retirement-plan provider Fidelity, Bach tells CNBC Make It, and is as simple as multiplying your starting salary by a factor of “X,” depending on how old you are.

Here’s the breakdown of Fidelity’s formula:

Age 30: Have the equivalent of your starting salary saved
Age 35: Have two times your salary saved
Age 40: Have three times your salary saved
Age 45: Have four times your salary saved
Age 50: Have six times your salary saved
Age 55: Have seven times your salary saved
Age 60: Have eight times your salary saved
Age 67: Have 10 times your salary saved

Keep in mind that while this is a good starting point, “it’s a generic formula,” says Bach. Depending on your lifestyle and how you want your life to look in retirement, “you might need to be saving more than that,” and “you definitely don’t need to be saving less.”

That said, if you don’t have the equivalent of your salary saved by age 30 or three times your salary by 40, don’t panic.

“If you’re looking at these charts and it’s depressing you … here’s what I can tell you: It’s never too late to start investing and the best time to start is now,” says Bach. “We’ve seen many people who look at these charts at 50 and have zero in savings — maybe they’ve gone through a divorce or they’ve lost a job or a business or the recession forced them to take a step back. Well, now you’ve just got to get back up and get going again.”

Regardless your age or financial situation, to save more, start by revisiting your 401(k) plan if you have one and “increase what you’re saving by at least 1 or 2 percent,” says Bach. “That will get you back up to these numbers that you want to be at.” Make sure you’re contributing enough to get the full 401(k) match if your company offers one. It’s essentially free money.

Then aim to work your way up to setting aside 10 to 15 percent of your income into a retirement fund, he says.

If you’re one of the many Americans without access to a 401(k), don’t stress, and don’t use that as an excuse to put off saving for retirement. You have plenty of other options, including a traditional, Roth or SEP IRA, a health savings account (HSA) or a normal investment account.

Read up on all of your options, choose an account to fund and start setting aside money for your future today.

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Here’s How To Know How Much You Should Have Saved At Every Age, Says Money Expert David Bach | CNBC Make It….(read more)

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Money Expert: How Much Should I Have In Savings?

Saving money is an essential aspect of financial planning and security, but many people often wonder how much they should have in savings. It’s a valid question, as the answer can vary from person to person depending on various factors such as income, expenses, and future goals. To find the optimal amount, it is crucial to take into consideration individual circumstances and financial objectives.

One common guideline often suggested by financial experts is the “three to six months’ worth of expenses” rule. This implies that one should have enough savings to cover their living expenses for a period of three to six months. This safety net can protect against unexpected events such as job loss, medical emergencies, or unforeseen major expenses. This rule provides a general framework to determine the minimum amount individuals should strive to save.

However, it is important to recognize that everyone’s situation is unique. Factors such as job stability, dependents, health, and debt significantly impact the recommended savings amount. For instance, individuals with a stable job and minimal responsibilities might be comfortable with a smaller emergency fund, while those with irregular income or dependents may require a larger financial cushion.

To determine an appropriate savings goal, start by assessing monthly expenses. Consider essential expenditures such as rent or mortgage payments, utilities, groceries, and healthcare costs. Once the monthly expenses have been calculated, multiply it by the desired number of months for the emergency fund. By doing so, one can estimate the target savings goal. It may take some time to reach that amount, but consistently saving a portion of income can help achieve the target.

While emergency funds are important, savings should not be limited to that purpose alone. It is also essential to save for other financial goals such as retirement, a down payment on a house, education expenses, or a dream vacation. Each of these objectives requires a different saving approach and timeline. It is crucial to prioritize these goals and allocate savings accordingly.

Moreover, it is beneficial to establish a budget to better manage expenses and attain savings targets. Tracking income and expenses can often reveal areas where spending can be reduced. Cutting unnecessary expenses can provide additional funds that can be directed towards savings, facilitating quicker progress towards financial goals.

For those new to saving, it can seem daunting to set aside a significant portion of their income. However, even small amounts can make a substantial difference over time. Starting with a realistic goal and gradually increasing the savings rate as financial stability improves is a practical approach. Automating savings by setting up direct deposits into separate savings accounts is an effective strategy to ensure consistent progress.

In conclusion, the amount of savings one should have is subjective and dependent on multiple factors. Setting aside three to six months’ worth of expenses as an emergency fund is a general guideline but may need to be adjusted based on individual circumstances. It is crucial to consider income, expenses, and future goals when determining the appropriate savings target. A combination of budgeting, saving strategies, and consistency is key to building a secure financial future.