Only 25% of Americans Know This Important Retirement Savings Rule
Social Security won't provide enough income for you to live comfortably during retirement. Rather, you'll need savings of your own to supplement those benefits and ensure that you can cover all of your bills.
But how much savings should you aim for?
Fidelity has long recommended closing out your career with 10 times your ending salary socked away in an IRA or 401(k) plan. And more recently, it changed it guidance to say that 10 to 12 times your last year of working income is a good goal. Yet in a recent survey, only 25% of respondents knew to aim for 10 to 12 times their final salary, and nearly 50% of all respondents thought that target should be five times one's ending salary or less.
Source Fool.com
