Profitt Report: How much money do you need for retirement? Here's the breakdown by age

Photo credit: MGN

We’re told all our lives, we need to save for retirement, but how much money is enough and how do you know you’re on the right track?

“It's kind of a numbers game,” said Jason Cryderman of Great Lakes Investment Advisors in Midland.

The numbers game goes a little something like this:

“By the time you hit 30-[years-old], you should have maybe one times your salary saved,” said Cryderman.

When you’re 40-years-old, you should have three times your salary saved.

At 50-years-old, you should have six times your salary saved and at 60-years-old, eight times your salary, Cryderman said.

“When you're ready to retire you should have ten times your salary saved for retirement,” he said.

Now here’s another dilemma: is it possible you’re saving too much?

“Maybe a spouse lost a job or one of the children needed some financial help, so it might make sense at some point in time to cut back on your savings a little bit,” Cryderman said, “but you have to stay committed to increase that back up once finances are secure again.”

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