How Much Should You Really Have Saved for Retirement by Age 60?

There's no one-size-fits-all way to determine how much you need to save for retirement. In addition to your current age, there are several variables that can change things, including your income level, saving and spending habits, and your planned age of retirement.For example, someone who plans to retire at 62 can assess their situation at age 60 in a completely different way than someone who aims to work until 70 and still has a decade left to save and invest.Having said that, there are some good general guidelines, and they can vary slightly depending on who you ask. For example, Fidelity says that you should have eight times your salary saved for retirement by the time you turn 60. Mutual fund leader T. Rowe Price gives a range of six to 11 times your salary. And if you hire a financial planner, he or she may have their own preferred rule of thumb.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool