Instead of aiming for a 'daunting' number, Fidelity advises retirement savers to have 1x your salary by age 30, 3x by 40, 6x by 50, 8x by 60 and 10x by 67.
Michael Shamrell, vice president of Fidelity's workplace investing thought leadership, shares how to best save for retirement based on your age and salary.
"That can seem daunting. The last thing you want to do is put out a dollar amount that's going to be discouraging," Michael Shamrell, vice president of Fidelity's workplace investing thought leadership, told Fox News Digital. "Fidelity wants to put out guidance that's going to encourage people to save for retirement.
Fidelity Vice President of Workplace Investing Thought Leadership Michael Shamrell told Fox News Digital their latest retirement savings guidelines emphasize a"long-term approach.". Then, it’s 3x your salary by 40, 6x by age 50, 8x by 60 and 10x by 67.
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