According to a new survey from The Employee Benefit Research Institute, 7 out of 10 Americans feel confident about retiring comfortably. As inflation continues to grow and Americans feel wary about retiring, it becomes paramount to start planning as soon as possible.
Retirement Daily Editor and Publisher Robert Powell joins Wealth! to give insight into what Americans can do to set themselves up to eventually retire comfortably.
"One is to think about how much money you need to accumulate relative to your salary. So companies like Fidelity, T. Rowe Price, Lincoln, others have said maybe what you need is somewhere between ten to twelve times your final year’s salary set aside in your nest egg in order to fund your desired standard of living," Powell explains. "The other folks say another rule of thumb would be to look to replace 75 to maybe 80% of your pre-retirement income in retirement as a way to make sure you have the same standard of living. I think those are great places to start."
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