By age 50, retirement-plan provider Fidelity recommends having at least six times your salary in savings in order to retire comfortably at age 67. By age 55, it recommends having seven times your salary.
Most 50-something Americans aren't>How much should I be saving for retirement?
There's no way to give a blanket answer to the question of how much you should be saving for retirement. It's highly personal and depends on many factors. But for people in their 50s, it's important to take advantage of their peak earning years.
Fidelity recommends saving 15%, and that amount includes contributions from your paycheck as well as any contributions from your company.
If you can't save 15% right away, "make sure that you're saving at least enough to get the full match that your employer offers," says Katie Taylor, vice president of thought leadership at Fidelity Investments. Then, "make a commitment to yourself that you're going to increase your contribution by 1-2% every year until you get there," she says, adding:
