The past few years have not been good to people's retirement savings. Personal finance columnist Gail MarksJarvis joins The Daily Circuit Friday to talk about what people can do to build that savings back up. She is now out with an updated version of her best-selling book "Saving for Retirement."
Recommendations from The New York Times:
Fidelity Investments has recommended that most workers should strive to save at least eight times their final salary before they retire to adequately prepare for retirement. (Saving that amount puts you on track to replace 85 percent of your salary, Fidelity says.)
Now, the investment firm is suggesting earlier milestones to help you get to that eight times goal by the time you're 67.
Namely, Fidelity suggests workers should aim to save about one times their salary at age 35, three times at age 45 and five times at age 55.
So if you're 45 and you're making $50,000 a year, you should have put away $150,000.
Have you saved enough for retirement? Comment on the blog.