Fidelity Investments has issued new savings guidelines suggesting that workers save at least eight times their final salary in order to meet basic income needs in retirement. In the set of age-based targets released Wednesday, Fidelity says employees should have the equivalent of their annual salary in savings by age 35 in order to reach the first benchmark en route to that goal.
|Save the Equivalent Of||By Age|
|1x your annual salary||35|
|2x your annual salary||40|
|4x your annual salary||50|
|5x your annual salary||55|
|8x your annual salary||67|
Source: Fidelity issues new retirement savings guidelines and How much do you need to retire.