Enjoying a peaceful retirement without financial worries is something most people hope for. To achieve that goal, having sufficient retirement savings is essential. But how much money is considered ideal for retirement?

According to the retirement planning firm Fidelity, an individual should ideally have savings worth six times their annual income by the time they reach age 50, especially if they plan to retire at 67.

For instance, if your total annual income is Rp100 million, you should aim to save around Rp600 million, which equals six times that amount.

However, this figure is not an absolute benchmark for everyone. Nathan Sebesta, a certified financial planner and founder of Access Wealth Strategies, explains that the ideal amount of retirement savings depends on several factors — such as the age at which you plan to retire, your expected expenses during retirement, and where you intend to live after retirement.

What Should You Do If Your Savings Fall Short of the Goal?

If your current retirement savings are still far below the ideal target, Sebesta recommends lowering your income expectations for retirement. He advises focusing the next 10 to 15 years on paying off debt, reducing unnecessary expenses, and considering relocation to an area with a lower cost of living.

As a last resort, you may also need to continue working part-time after reaching retirement age.

“No one dreams of having to keep working during retirement,” Sebesta said. “But for those who started saving late and can’t make up the difference, it may be the only realistic option available.”