When it comes to retirement planning, that’s the boring advice we’ve been told ad nauseam. And, even though we might be tired of hearing it, saving is indispensable if you want to live comfortably in retirement.
According to Fidelity Investments, by the age of 67, you should have 10 times your income saved for retirement. Based on the U.S. Bureau of Labor Statistics’ median American earnings data, this comes out to $544,440 in savings. However, most experts will recommend that you have at least a cool million bucks set aside.
If you’re just starting out, or behind, that figure seems insurmountable—especially when you’re struggling just to make ends meet.
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