According to a new report from planners Fidelity Investments, the amount an individual should have saved for retirement is at least eight times his or her last yearly salary.<\/p>\n
For example, if you earn a salary of $100,000 in your last employment year before you retire, there should be $800,000 or more stashed away to ensure your retirement years are enjoyed at roughly the same lifestyle level as in pre-retirement. The new estimate suggests you cover 85 percent of your pre-retirement income via savings to retire at age 67, and plan to live to the age of 92. Previous savings guidelines by Fidelity suggested a savings goal of much as 10 times your yearly salary by retirement, but critics found that too unworkable for most individuals.<\/p>\n
However, for individual with pensions, it may be financially feasible to save somewhat less than the advised multiple of eight. Workers facing retirement with the cushion of (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" According to a new report from planners Fidelity Investments, the amount an individual should have saved for retirement is at least eight times his or her last yearly salary. For example, if you earn a salary of $100,000 in your…<\/span><\/p>\n