You Should Have About 6x Your Salary Invested for Retirement by Age 50. Six Strategies to Help You Get There, Even if You're Behind
Most people aren't building enough wealth to meet their retirement goals, but there's a way to fix that issue. Professional financial planners know the savings benchmarks that typically translate to success, so you can check your progress against those guidelines. If you're not on track to have 6x your annual income in a retirement account, consider these strategies to catch back up.
There's no reliable way to build assets without saving your income, and setting a measurable goal is an important step to meeting your saving requirement. Most financial planners recommend that you retain at least 15% of your annual household income, and some professionals recommend as high as 20%.
That's not something that every family can achieve, but it's nearly impossible to build a large enough retirement account without approaching those levels. If you're already behind, then you'll need to save an even higher percentage of your income to get back on track.
Source Fool.com
