A comfortable retirement requires saving eight year’s salary
Retirement savers need to set aside roughly eight times their annual salary in order to live comfortably if they retire at age 67, Fidelity Investments said in a report Wednesday. The Boston firm is the nation’s largest manager of 401(k) retirement assets, and is in the business of persuading people to save more. It offered a plan for arriving at the 8X plan, suggesting that workers should save an amount equal to a year’s pay by age 35. If they have three times their annual salary at age 45, and five times at age 55, they are on track.