Notice: We are currently experiencing intermittent connectivity issues.  Online Banking and Mobile Banking are currently unavailable. Thank you for your patience as we work diligently to resolve this issue.
Notice: Campbell Branch is currently closed due to building maintenance. We apologize for the inconvenience and appreciate your understanding.
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Notice: Our Gilroy branch is currently experiencing intermittent connectivity issues. Thank you for your patience as we work diligently to resolve this issue.
System Maintenance: On Thursday, February 15th, we’ll be performing a scheduled maintenance starting at 10 p.m. PST and ending at 2 a.m. PST on Friday, February 16th. During this time, Phone Banking will not be available. Thank you for your patience as we update our systems to better serve you.
We’re experiencing technical difficulties with our phone system. We apologize for the inconvenience.
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County Federal will never call, email or text you to ask for information. Questions? Dial us directly at 800-282-6212 - we’re happy to help.
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All County Federal offices and branches will be closed on May 27th, in observance of Memorial Day.
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Are you impacted by the severe weather? Contact us today to apply for our Emergency Relief Loan.

Retirement Savings By Age

Retirement Savings by Age: A Planning Guide

Published: March 11, 2019

Retirement Savings By Age: A Planning Guide

How much retirement savings should you have by the age of 30? How about 50? There’s no simple answer to this. Most often, the amount you need to save depends on how you plan to live your life during retirement. The type of investments you choose plays a role in this, too. If you are like many others, though, you just are not sure what your retirement savings should be at this point.

It’s always best to talk to your retirement planning professionals at your credit union to create a customized plan. However, there are a few considerations to keep in mind.

How Much Do You Need?

There are a variety of rules and guidelines out there regarding retirement savings. Here are a few ideas to help you get started.

  • Use your salary as a guideline. By the time you are 30, try to have at least your annual salary saved for retirement. By the time you are 40, aim to have three times your current salary. And, when you reach 50, aim for six times that salary. Your goal is to have 10 times the amount of your annual salary put away by the time you retire.
  • Work with your retirement savings team to learn what your nest egg will grow each year. Looking for at least a six percent average annual growth rate, for example, can help you see enough growth depending on your age.
  • Another basic tool is to simply save as much as possible. Saving at least 10 percent of your annual income every year until you reach retirement age is one option. You may wish to bump this up if you are over the age of 40.

It’s impossible to have a specific figure. It is always best to work closely with your retirement planning team at your credit union to create a more balanced projection based on your income, age, and retirement goals.

Looking for Retirement Solutions?

Let Santa Clara County Federal Credit Union help you. Our team works closely with you to understand your needs and to create a customized retirement solution for you.

To learn more about County Federal and our retirement savings options, click here.

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.
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