If there were a specific retirement savings target that could guarantee long-term financial security, socking funds away for our golden years would be easier. But alas, that magic number doesn’t exist. Instead, it’s on us as individuals to come up with a savings figure that can lend to a worry-free retirement.
That said, there are some basic guidelines to follow. For example, it’s a good idea to close out your career with 10 times your ending salary socked away in a 401(k) or IRA. But you may not need that much money. Or, you may need more. Ask yourself these important questions to narrow that figure down.