As you might expect, the older people get, generally the more money they have saved. According to Fidelity Investments, by age 35, you should have saved an amount equal to your annual salary. By age 45, you should have saved three times your annual salary. At age 55, you should have five times your salary and when you retire at age 67, you should have eight times your annual pay (1).
While these guidelines don't guarantee any future financial wellness, it is sometimes helpful to have a savings goal for your future financial well-being.
As daunting as those guidelines may sound, we were wondering...
Accumulating financial wealth can be an overwhelming concept for someone just starting out. Do you have any words of wisdom or lessons you have learned that have made a difference in your own financial situation?
We'd love to read your thoughts and comments.
The INO.com Team
(1)Kadlec, Dan. "What You Should Save By 35, 45, and 55 To Be On Target." Time Business & Money. TIME.com. September 12, 2012. http://business.time.com/2012/09/21/what-you-should-save-by-35-45-and-55-to-be-on-target/