If you haven’t started saving for retirement, now is the time.
Fox Business reports that Fidelity Investments, a multinational financial services corporation, is revealing the dollar amount needed to live a comfortable lifestyle. The secret is the number doesn’t exist. Fidelity’s Vice President of Workplace Investing Thought Leadership Michael Shamrell, says putting a dollar amount on retirement savings is too much pressure.
“That can seem daunting,” Shamrell said. “The last thing you want to do is put out a dollar amount that’s going to be discouraging.”
The bottom line is that Fidelity wants people to remember that saving for retirement is necessary.
Two of the most common questions advisers get surround how much money is needed to save and if a person is on track to reach that goal. The seasoned adviser explains that there are different circumstances that don’t allow an amount to be present. Contradicting reports, Shamrell says, don’t attest “for people in different geographical areas of the country where there may be different cost of living.
“The new guidelines listed by the firm hope to change things. These guidelines are applicable to you and your savings journey,” he said.
“And again, help you understand what you need to save as a multiple of your salary as opposed to just some dollar amount that’s out there that may or may not be realistic for you.”
“Don’t try to make changes to your savings strategy based on short-term events. Try to take a long-term approach and make sure that any changes you might be making are part of your long-term strategy.”
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Source: Black Enterprise