Though there’s no magic savings number that guarantees financial security during retirement, as a good rule of thumb, it’s smart to close out your career with about 10 times your ending salary socked away. The reason? Social Security will only replace about 40% of the income you’re used to if you’re an average earner. If you’re a higher earner, it will replace even less. Meanwhile, most seniors need considerably more than 40% of their former paycheck to stay afloat financially, especially when we factor in healthcare expenses, which are likely to climb in retirement.

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