When it comes to saving for the future, Americans aren't doing great. Those between the ages of 55 and 64 who have retirement savings have a median of $120,000 socked away, Bankrate reports in a new survey, citing data from the Federal Reserve. That's only 12 percent of the $1 million many experts recommend, and it's worth noting that even $1 million doesn't stretch as far as it used to.
So how much should Americans be earmarking for retirement in order to be sufficiently funded in their golden years? Financial services company Fidelity recommends putting away 15 percent of your income per year starting at age 25 and investing more than 50 percent of your savings over your lifetime.
"The good news is that that 15 percent also includes any employer match," Ken Hevert, senior vice president of retirement at Fidelity, previously told CNBC Make It. If you're eligible for a 5 percent match on your 401(k) plan and you contribute 5 percent of your salary to the account, you're already putting away 10 percent.
To know if you're on the right track, start by figuring out your savings rate, recommends Eric Roberge, a CFP and founder of Beyond Your Hammock. This will show you how close you are to the ideal of at least 15 to 20 percent.