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Will You Have 10 Times Your Current Salary Saved By The Time You Retire?

January 16, 2024

Will you have 10 times your current salary saved by the time you retire?

That’s how much a 2023 study by Fidelity says you’ll need to retire and maintain your current lifestyle, assuming you retire at 67.

How do you know if you’re on track? Aim to save at least three times your salary by age 40, six times by 50, and eight times by 60, Fidelity says.

The assumptions for this analysis:

➡️ You save 15% of your income annually at age 25 (including any employer match).

➡️ You invest more than 50% into stocks over your lifetime. Stocks are represented by the Standard & Poor’s 500 stock index, an unmanaged index that represents the overall U.S. stock market. Past performance does not guarantee future results. Individuals cannot invest directly in an index.

Your personal savings goal may differ based on various factors, but these guidelines can provide insights to help you assess your progress.

Working with a financial professional is one factor to consider as you pursue your vision of retirement.