If you're hoping to retire by 60, like most young people are, or even a little later in your mid-60s, you might need to up your savings.
"Most American workers aren't saving at levels that will allow them to retire fully at age 65 at their current standard of living," researchers at the Stanford Center on Longevity conclude in a 2018 report, "Seeing Our Way to Financial Security in the Age of Longevity."
After considering factors such as the rate of return on investments, salary growth, life expectancy and Social Security benefits, the researchers project that, if you want to retire at age 65 and maintain your standard of living, you need to put 10 to 17 percent of your current income into a retirement account. And that's if you start saving as early as age 25.
If you wait until 35 to start, you have to save 15 to 20 percent of your income to retire by 65. Keep in mind that this amount does not include your short-term savings, so it would be on top of any money you're putting in an emergency fund, for example.
Most employees aren't saving nearly that much, according to the report: "Based on our estimation, families age 25-64 are currently only saving a median of about 6 to 8 percent of income toward retirement."
Here's the Center's breakdown of median contribution as a percent of income in work-based retirement plans for families at different ages.