Retirement savings takes decades to build up to have enough to live off of in your golden years. You want to be sure that you are on track for your goals, no matter what age you are at. The key to retirement savings is to start early. Trying to play catch up is not easy! Retirement savings utilizes time to build a return over decades so your money compounds. While it is tough to figure out if you are reaching the proper milestones, it’s not impossible. Keep reading for 401(k) goals based on age ranges so you can make sure you are on the right track to have a stable retirement savings.

Ages 20 to 29 

In your early 20s, you are just finishing up your education and reaching full time employment. Do not be fooled; you need to start saving for retirement as soon as possible. While you are balancing student loan debt, still try to put aside money for your retirement savings. Take advantage of any retirement benefits your employer offers, especially 401(k) matching. Your 401(k) balance should average around $15,000 in this age range.

Ages 30 to 39 

At this point in age, you are beginning to receive promotions and higher level jobs with pay increases. You are also now ready to buy a home, have kids, and put more effort into your investment portfolio. If you have had several jobs at this point, you may want to look into a 401(k) rollover to combine your several 401(k) accounts. Your 401(k) balance should be around the $50,000 mark.

Ages 40 to 49

The average balance for a 40 to 49 years old is $120,000. Clearly there has been a major increase in the account balance from the previous age range. This is attributed to being in the peak earning years for men and women. Women’s peak is around 39 years old and men’s peak is about 48 years old.

Ages 50 to 59

People who are 50 years or old now have the ability to contribute another $6,000 per year to their 401(k) accounts, which is helpful for people trying to play catch-up. The average 401(k) balance is $203,000. This dramatic increase makes sense for this age range since they have the ability to contribute extra to their retirement savings.

Ages 60 to 69 

At this point, you are able to start withdrawing from 401(k) accounts since the benchmark is 59 and ½ years old. Many do not retire until the age of 65. There is a small increase from the previous age range, with the average balance being $229,000. This is caused by people starting to withdraw from their retirement savings accounts.

Speak with a financial professional to make sure you are on track for your retirement goals, no matter your age. It is never too early to begin thinking about your retirement goals and savings.