Here's How Much You Should Have Invested for Retirement at Age 67

With people living longer amid the high cost of living due to inflation, there is great debate over how much people should invest and ultimately save by the time they retire. There are many factors that come into play, including when you plan on retiring and how you want to live in retirement -- some people live frugally, and others want additional funds so they can travel or perhaps purchase a vacation property.When it comes to saving for retirement, there's more than one way to skin a cat. However, there are many financial resources out there that can guide people as they save for retirement so they can monitor their progress. Assuming you want to retire by age 67, here's how much you should have invested for retirement.According to Fidelity, people should think about their savings based on their starting salary. By the age of 30, Fidelity recommends that people have saved the equivalent of their starting salary. Fidelity then recommends people have 2x saved by 35 and 3x by age 40, etc. Ultimately, by the time people reach age 67, Fidelity recommends saving 10x your starting salary.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool