How Much Should I Save For Retirement By 40? 
How much you need to save for retirement by the time you are 40 depends of course on your desired retirement lifestyle and the amount needed to fund it . Without those details , I unable to offer you an opinion . There are online calculators available of course . However , here is a retirement worksheet to help you understand the process . I have used 6 % for illustration purposes only , it could be higher or lower and is only to give you a point of reference . Age 65 was used as the retirement age -LRB- 25 years in the future -RRB- , Again . this is for information purposes only . 1 . Annual retirement income which must be provided by savings $ _____ 2 . Amount you must save to generate income $ _____ -LRB- line 1 . X 11.55 -RRB- 3 . Amount you have already saved $ _____ 4 . Amount these savings will have grown $ _____ by the time you retire -LRB- line 3 X 4.2919 -RRB- 5 . Amount of savings still needed $ _____ -LRB- line 4 minus line 2 -RRB- 6 . Amount you need to save each year $ _____ -LRB- line 5 X .01720 -RRB- If you would like to work with a local Retirement Planner , you could start with a Google search . For example , if you search for : retirement planner Halifax or retirement planning Halifax , my name , along with several others , will come up . You can use the same method to find Retirement Planners in your community . If you have further questions , or feel that I could be of assistance , please do not hesitate to contact me . 