Here’s how much you should have saved and how to catch up

Roger Wohlner, GOBankingRates
Here's how much you should save at every age

There are numerous studies and theories about how much you should have saved for retirement, emergencies, necessities and other expenditures.

For example, studies by Fidelity and T. Rowe Price do a nice job of showing some retirement savings benchmarks for where you need to be, starting at age 30. Both studies stress the need to start saving early, maintain a significant level of contributions throughout your life and also to maintain an age-appropriate allocation to equities throughout.

The level of your emergency fund is far less dependent upon your age than your circumstances. In assembling an emergency fund, the common rule of thumb is three to six months' worth of living expenses.

When it comes to setting aside money for necessities, splurges and big expenditures, this is also dependent upon your circumstances more so than age. However, your circumstances are likely to change throughout the decades.

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"To figure out how much you need, use an online budgeting resource such as Mint, break out your monthly bills and figure out an overall amount," said David Bakke of personal finance website Money Crashers. "If you're falling short, try using coupons for groceries, or go without cable TV, as there are plenty of alternatives."

As for other expenditures, it's important to budget and save for those, as well. "To me, splurges and big expenditures should be saved for on a case-by-case basis, and there's really no one amount that can be determined according to one's age," said Bakke. "In order to avoid falling into credit card debt, only put a splurge on a credit card if you can pay the bill off in full by the time it comes in."

Whether you're focused on saving for retirement, emergencies or splurges, it's helpful to have a framework so you can cover your financial bases. Here are some benchmarks and tips to help you achieve your savings goals — and to see if you are on the right track.

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How much you should have saved in your 20s

In your 20s, the only way you can be behind in saving for retirement is by not contributing. The Fidelity study recommended setting aside 15 percent of your salary for retirement.

Also, contribute to your company's retirement plan if one is offered. As your salary increases, ramp up the percentage of your income that you are contributing to the plan. The benefits for savers in their 20s are huge. There is no bigger ally on the road to successfully saving for retirement than the gift of time and the benefits of compounding interest.

When saving for an emergency fund in your 20s, you might be able to get away with saving a little less, since unexpected medical expenses and job losses might not be as catastrophic as it might be for someone older, said Bakke.

"So a good guide would be to start with, say, $5,000 when you're young. And as you age, keep setting more and more aside, as you really can never have enough saved for emergencies," he said. "To catch up, reduce your monthly expenses as much as possible, and devote the surplus to your emergency fund."

As you budget, continue to keep an eye on spending requirements for necessities. If you're falling short, find ways to adjust other expenditures and cut costs so that you can meet those needs. Also, have a plan in place to set some money aside for splurges — whether it's a general fund, or for something specific.

How much you should have saved in your 30s

In your 30s, it's time to ramp up the percentage of your income that you are contributing to your company's 401k or similar retirement plan. You still have a long time to let your money compound and grow prior to your retirement.

If you feel that you are behind, get started saving for retirement in your 30s. Try to increase the percentage that you contribute to your 401k each year, and consider funding an IRA account as well. Here's what Fidelity and T. Rowe Price recommended you have saved for retirement in your 30s.

Age# times your salary to have savedSavings for someone earning $75,000
30 (Fidelity)1 times$75,000
30 (T. Rowe Price)0.5 times$37,500
35 (Fidelity)2 times$150,000
35 (T. Rowe Price)1 times$75,000

For your emergency fund, financial advisor Joseph Carbone recommended having 12 months' salary saved. He offered the savings tips he usually gives to his 30-something clients, but his advice is sound for people of any age who are trying to build an emergency fund.

"One simple trick I often recommend: Instead of purchasing the brand-new car model in the showroom, look to purchase a pre-owned or demo model," he said. "You would be amazed at how much money you can save on your monthly payment, and start saving the difference. Another recommendation for my fellow Generation X'ers is to cut the cord with cable. Sign up for Netflix, Hulu and Sling TV, and start saving the difference."

If you're having trouble meeting the costs of necessities, find ways to reduce those costs and make sure you're not overspending on unnecessary items.

The most important things to do with your money before 30

How much you should have saved in your 40s

In your 40s, you should be nearing your peak earning years — and striving to max out your contributions to your 401k. This is when college also creeps up on those of us with kids. If the choice is between saving for your retirement and saving for college, focus on the former. There are other ways to pay for college, including having your children pay a portion. There are no second chances on saving for retirement.

Age# times your salary to have savedSavings for someone earning $75,000
40 (Fidelity)3 times$225,000
40 (T. Rowe Price)2 times$150,000
45 (Fidelity)4 times$300,000
45 (T. Rowe Price)4 times$300,000

Whenever you pay out from your emergency fund, restock it to keep it at three- to 12-months' worth of your salary. Periodically review your budget to ensure you're covering the necessities like utilities, housing and other costs.

How much you should have saved in your 50s

Your 50s are your peak earning years, and you should still be striving to max out your contributions to your 401k or similar retirement plan. Ideally, you are doing other saving and investing for retirement.

If you have kids, you're probably also facing college costs. Again, you should be focused on funding your retirement rather than paying for your kids' college tuition. You might also be faced with having to care for aging parents in this time frame.

Take a serious look at your retirement plan in your 50s. If you find yourself behind, you might need to cut spending or plan on working a bit longer.

Age# times your salary to have savedSavings for someone earning $75,000
50 (Fidelity)6 times$450,000
50 (T. Rowe Price)6 times$450,000
55 (Fidelity)7 times$525,000
55 (T. Rowe Price)8 times$600,000

This is also a time when you should continue to keep your emergency fund at three to 12 months of your salary. Periodically revisit your budget to ensure you're meeting the costs of necessary expenses, and not overspending and going into debt.

jayneboo shropshire | Getty Images

How much you should have saved in your 60s

Even into your 60s, it's not too late to salvage your retirement if you are behind. This might entail working a bit longer or even part time into your retirement.

This is not the time cut back on your contributions to your retirement plans, either. It is also important to carefully time when you claim Social Security.

Age# times your salary to have savedSavings for someone earning $75,000
60 (Fidelity)8 times$600,000
60 (T. Rowe Price)10 times$750,000
67 (Fidelity)10 times$750,000
65 (T. Rowe Price)12 times$900,000

You should continue to keep money set aside for emergencies, ensure that you're still meeting your necessary costs and earmark funds for splurges, based on your circumstances.

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This article originally appeared on GoBankingRates.

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