69% of Older Americans Are More Concerned About Retirement Than They Were a Year Ago
It's natural to have retirement concerns under normal circumstances, but during a pandemic, those worries can surely escalate. In fact, 69% of Americans in their 50s are more concerned about retirement today than they were a year ago, as per the May 2020 Simplywise Retirement Confidence Index. If you feel similarly, here are a few important steps to take.
Though there's no single savings target that guarantees financial security down the line, as a rule of thumb, it's good to aim to retire with 10 times your ending salary socked away in a 401(k) or IRA. If you're in your 50s and still plan to work another 10 years, you may not know exactly what your ending salary will look like. But if you're currently earning $80,000, a decade away from leaving the workforce, and expecting a 3% annual cost-of-living raise, which is pretty typical, you could be earning as much as $107,500 by the time your career comes to a close. And in that case, you'd want just over $1 million in savings.
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Source Fool.com
