About two-thirds of American adults are concerned about not having enough money for retirement.
According to personal finance site NerdWallet, which surveyed 2,000 U.S. adults in June 2018, "only 32 percent of Americans say they're confident they'll have enough money saved for retirement by their desired retirement age based on their current rate of savings."
How do you know how much money is enough to last through your golden years? The answer is highly personal and depends on your lifestyle and spending habits, but there are a few basic guidelines to follow if you want to retire comfortably.
For starters, many experts, including co-founder of AE Wealth Management David Bach, say that if you set aside at least 10 percent of your income, you'll set yourself up to be fine. More is better: Bach adds that if you want to retire "rich," save 15 to 20 percent and, if you want to retire early, save 20 percent or more.
According to retirement-plan provider Fidelity Investments, a good rule of thumb is to have 10 times your final salary in savings if you want to retire by age 67. Fidelity also suggests a timeline to use in order to get to that magic number:
Determining how much you'll need all boils down to what you want your future lifestyle to look like and how much it will cost to fund it. Tony Robbins, best-selling author of "Money: Master the Game, " factors that into his simple, two-step formula for finding your "magic number":
Once you have a number in mind, you can start working towards reaching that goal.
No matter how you choose to save, the most important step is to open at least one account.
Next, follow these three steps so your money can grow over time:
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