How much you should have saved for retirement right now

Joe is promoted to a manager level position by age 45. He's now bringing home $65,000 a year and should have $240,500 in his nest egg.

How to get there: You can only contribute $18,500 to your 401(k) this year. For extra savings, think about opening an IRA as another place to sock away pre-tax money for retirement. If you have a Roth IRA, you're taxed now but every penny will go straight to your pocket when you take it out in retirement.

First published December 6, 2018: 4:08 PM ET

Source: Calculations come from Charlie Farrell, CEO at Northstar Investment Advisors. Figures target a 70% to 80% pre-retirement income replacement at age 65 for an assumed 30-year retirement. It assumes Social Security will account for 20% of retirement income, a 3.5% return on investments, and a withdrawal rate between 4% and 5% annually in retirement.

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