To what extent do I need to save in order to retire? is a crucial component of retirement planning. The answer varies from person to person and mostly relies on your current salary and the kind of retirement lifestyle you want. There are several general guidelines provided by retirement experts on how much you should save: close to $1 million, 80% to 90% of your yearly pre-retirement income, and 12 times your pre-retirement wage.
Fidelity Investments advises saving 15% of your gross income starting as early as
you start working and continuing throughout your working career.
1 Answers:
To what extent do I need to save in order to retire? is a crucial component of retirement planning. The answer varies from person to person and mostly relies on your current salary and the kind of retirement lifestyle you want. There are several general guidelines provided by retirement experts on how much you should save: close to $1 million, 80% to 90% of your yearly pre-retirement income, and 12 times your pre-retirement wage.
Fidelity Investments advises saving 15% of your gross income starting as early as
you start working and continuing throughout your working career.
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