fidelity outlines age-based savings guidelines
Originally Posted by Khufu
8 times salary?? Retirement requirement estimates based on salary levels seem completely idiotic to me. That would mean the more you make the less likely you can retire. How could that possibly be true?
It's a hypothetical rule of thumb number based on expenses 85% of salary, and Social Security reduces that 85 more. It's also based on the worker working until full retirement age.
I think this is intended for younger and mid-career workers to focus on a benchmark to encourage early retirement savings, since there are also benchmarks for various stages.
Fidelity's retirement planning worksheets are pretty good.