How to Tell if Your Retirement Savings Measures Up

By Equity Trust Staff0 Comments

For those who are lost when it comes to figuring out how much of a nest egg is sufficient for the golden years, new guidelines can shed some light on the subject.

Fidelity Investments released a metric suggesting that workers should have at least eight times their salary socked away when it’s time to retire (by age 67) in order to have an income that will cover all expenses. Many will need even more than that, they said.

To put it in perspective for younger members of the workforce, by age 35 you should have the equivalent of your salary in your retirement savings account, the Fidelity guidelines said.

Get the full rundown here.

To get more of an idea of the type of retirement account that would best help you meet your specific retirement goals, a one-on-one IRA Checkup is available. For details, call 888-382-4727.