According to Fidelity Investments, one should have around three times your pre-tax salary saved for retirement by the time you enter your 40s. This means if you’re in your 40s and earn $60,000 annually, you should aim to have around $180,000 already saved for retirement, for example.

The fact is most people do not have that amount saved. On average, Americans between the ages of 40 and 49 have $105,500 in their 401(k)s as of the first quarter of 2023, according to Fidelity Investments data provided to CNBC Make It. However, the median account balance is much lower at $34,100, meaning half of accounts hold more money and half hold less.

Retirement will look different for everyone, and your savings goals will depend on what type of lifestyle you want to live during that period of your life.

Two tips to get on tract:

1. Focus on your retirement savings rate

2. Explore a Roth 401(k), if available

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