Fidelity Issues New Retirement Savings Guidelines - Spokane, North Idaho News & Weather KHQ.com

Fidelity Issues New Retirement Savings Guidelines

SEATTLETIMES.COM - 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.

To stay on pace, individuals should then plan to have saved twice their salary by 40, four times' salary by 50, five times by 55 and six times by 60.

Under that scenario, then, someone with a $60,000 salary would need to have $240,000 in savings at age 50 to be on track.

Although many will need more, especially at higher pay levels, saving eight times' income by age 67 should provide most workers with roughly 85 percent of their pre-retirement income in retirement, according to Fidelity. click here to read more

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