What is a healthy amount of money to have saved for retirement? Here's what goals you need to hit at every stage:
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“We aren’t trying to make people feel guilty or beat them over the head, but rules of thumb can be helpful to people to put things in perspective,” Young says. It’s important to remember these benchmarks may not work for everyone. The most imperative thing is to make sure you are assessing your financial position, planning for the future and making adjustments when needed at each stage of your life.Meghan Murphy, a vice president at Fidelity, says that by age 30 – and, ideally, in your 20s – you can do this by making sure you are taking advantage of your employer match option in your company-sponsored retirement plan.
Then, she advises making a 10-year financial plan to figure out how you can do that during this decade while also planning for down payments on a house or investing in your career .for retirement, says starting at 35, you should be saving 16% of your income each year in order to retire at age 65.At 40, you’ll want two times your current salary, and by 45, you’ll want three times your salary.
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