Want enough money to carry you through your golden years? Then save at least 10 times your annual salary by retirement.
That's the allegedly "simple" goal that a new study exhorts Americans to pursue.
"Too few Americans are saving sufficiently to provide for themselves in old age," says the study by Lincoln Financial Group. "What is needed is a simple way to encourage and empower individuals to save."
There is a hitch: Only 11% of the retirees surveyed succeeded in becoming so-called 10-Timers.
Nevertheless, says the study, the rest of us can learn something from those fortunate enough to hit the mark.
To calculate where you stand, tally your total savings -– checking accounts, mutual funds, 401(k)s, etc. -– minus all non-mortgage debt. (Real estate is excluded in this equation.) Then, divide your net savings by your annual income.
That's the allegedly "simple" goal that a new study exhorts Americans to pursue.
"Too few Americans are saving sufficiently to provide for themselves in old age," says the study by Lincoln Financial Group. "What is needed is a simple way to encourage and empower individuals to save."
There is a hitch: Only 11% of the retirees surveyed succeeded in becoming so-called 10-Timers.
Nevertheless, says the study, the rest of us can learn something from those fortunate enough to hit the mark.
To calculate where you stand, tally your total savings -– checking accounts, mutual funds, 401(k)s, etc. -– minus all non-mortgage debt. (Real estate is excluded in this equation.) Then, divide your net savings by your annual income.
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