Successful retirement planning is a long-term committed aspiration and many Americans are having trouble meeting their retirement goals. A late 2016 survey by Fidelity Investments showed that 74% of survey respondents knew they needed to save a minimum of 10 times their final year’s salary.
The most alarming response, the authors said, was that 25% of those surveyed felt that only two or three times their final salary was necessary for successful retirement planning. Even among 55 to 65 year olds, 19% said that only two or three times their final income was necessary for retirement.
For more on this important research, check out our article this Thursday.