Tag: Fidelity

How much do I need to save by age?

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 OfBy Age
1x your annual salary35
2x your annual salary40
4x your annual salary50
5x your annual salary55
8x your annual salary67

Source: Fidelity issues new retirement savings guidelines and How much do you need to retire.