Retirement made easy: Here is the magic number

[sinkingfeeling]

http://lifeinc.today.com/_news/2012/10/05/14172439-retirement-made-easy-here-is-the-magic-number?

For the savings-challenged, Fidelity’s Number is still daunting: You will need to have saved eight times your final salary by age 67 if you want to maintain a lifestyle similar to the one you have had while working, the company's planners figure. But Fidelity says it’s easier to get to the peak if you think of it as a series of manageable milestones through life.

To reach the 8x altitude, Fidelity says, here are check-down markers for getting to the golden peak at the right time:
•1x — Reach age 35 with one times your annual salary saved.
•3x — By 45, accumulate three times your salary.
•5x — When you are 55, your savings should have risen to five times your salary.
•8x — You are there. It is age 67.

Boomers already are swelling the ranks of the retired at a rate never seen before. Each day 10,000 Americans reach age 65. As they do so they are less likely to acknowledge the "R" word: retirement. A recent Pew Research Center study found that they believe "old age" begins at 72, and on average they feel nine years younger than their true age. Far more of them plan to work full or part time to an older age than the generation that retired before them.

[Javaman]

1. Or take the Steve Martin route to becoming a millionaire...

1) first get a million dollars.

2) don't pay your taxes

3) when the IRS shows up, say, "I forgot".

[1-Old-Man]

2. Also known as the "Romney Plan" and it seems to work fabulously.

[enough]

3. Great, that should be easy. (nt)

[Marrah_G]

4. LOL yeah

I'm saving up for a card board box

[1-Old-Man]

5. I retired at age 57 with 2X annual income in savings and its been more than adequate

Notice that it is always the financial industry, the professional investors, that tells you how much of your money you will need to have to have invested with them so that you can make it.

[HughBeaumont]

6. Soooooo, in 2 years, I'm going to need over $150,000.00?

I'm going to go with "Yeah . . . THAT'S not happening".