Retirees Should Have This Much Invested by Age 65
Saving for retirement has become increasingly challenging as the cost of living rises and life expectancy increases as well. There's no one-size-fits-all approach to retirement. Some people like to live on less and are happy being able to afford the necessities, while others aspire to buy second homes and regularly travel.Regardless of your preference, it's important to identify your goals as soon as you can -- even if they will undoubtedly change over time -- so you can start working to achieve them. Knowing where you should stand at your age can be helpful as you plan for retirement. Based on available data and expert knowledge, here's how much retirees should have invested by age 65, as well as how much the average person actually has in their retirement accounts.The massive investment firm Fidelity, which oversees trillions in funds set aside for retirement, bases how much someone should save for retirement on their annual salary. Fidelity believes people should save one times their annual salary by age 30, two times their annual salary by age 35, and so forth.Continue reading
Saving for retirement has become increasingly challenging as the cost of living rises and life expectancy increases as well. There's no one-size-fits-all approach to retirement. Some people like to live on less and are happy being able to afford the necessities, while others aspire to buy second homes and regularly travel.
Regardless of your preference, it's important to identify your goals as soon as you can -- even if they will undoubtedly change over time -- so you can start working to achieve them. Knowing where you should stand at your age can be helpful as you plan for retirement. Based on available data and expert knowledge, here's how much retirees should have invested by age 65, as well as how much the average person actually has in their retirement accounts.
The massive investment firm Fidelity, which oversees trillions in funds set aside for retirement, bases how much someone should save for retirement on their annual salary. Fidelity believes people should save one times their annual salary by age 30, two times their annual salary by age 35, and so forth.
