How much money should you have in your 401(k) by age 40?

While you don’t need to constantly monitor the progress of your retirement savings—especially in an investment account like a 401(k)—it’s a good idea to check back every now and then to get a sense of where you stand. But how much is this enough, especially if you are still a couple of decades or more away from retirement?

Let’s look at one guide you can use to decide if you’re doing well with your retirement savings at age 40, and what you can do if you’re falling behind.

How much should you have saved for retirement by age 40?

There is no specific dollar amount that the average person should strive for. After all, a person making $50,000 a year likely has different retirement savings needs than someone making $200,000.

Fidelity offers some income-based retirement savings recommendations for people of different ages that we can reach out to. According to Fidelity, a typical 40-year-old should strive to have three times their salaries were put aside for retirement. In other words, if you have a $100,000 salary and $300,000 in your 401(k) or other retirement accounts, you’re on the right track.

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If you’re interested, Fidelity also says you should aim for:

• Retirement savings are equal to six times 50 times your salary.
• Retirement savings are eight times your salary at 60
• Pension savings equal to 10 times your salary at retirement

Additionally, Fidelity’s recommendations apply to overall retirement savings, not just what you have in your 401(k) or employer-sponsored retirement plan. In other words, if you have money in a standard (taxable) brokerage account that you plan to use for retirement, or if you put money away in an IRA, it can be considered retirement savings for purposes of these savings goals.

Not a perfect rule of thumb

It’s important to note that Fidelity’s retirement savings targets are based on the average American who plans to retire at age 67.. Your ideal savings may be higher or lower depending on your plans and financial situation.

For example, those who have retirement plans at work instead of 401(k)s or other retirement plans may not have a ton saved up for retirement, even if they have a sufficient income stream after they leave work . . Or, if you plan to retire much earlier or later than age 67, you may want to set savings goals accordingly.

To be clear, Fidelity’s savings goals are certainly a good guide for the average American. But it is also important to consider your personal situation.

Are you behind?

If you don’t currently have three times your salary saved, don’t panic. The good news is that at 40, you still have about 25 years before reaching typical retirement age, so there’s time to catch up. Consider increasing your 401(k) contribution rate if you participate in an employer retirement plan, or you could choose a traditional IRA or Roth IRA option instead.

Whatever you decide, the fact is that you still have a lot of time and the associated long-term cumulative power on your side. The “three times your income” sentence should be used as an indicator of whether your savings plan is adequate or if you need to prioritize retirement savings a little.