Are you saving enough of your salary to cover your retirement years? A new study finds that you should have 11 times your final working salary stowed away by age 65 for your retirement years. That total reflects beyond Social Security payments that you might expect too.
Aon Hewitt says its estimates account for inflation, estimated medical costs in retirement, and retirees who want to maintain their preretirement living standards throughout an average life expectancy (which is 87 for males and age 88 for females).
“However, the study also indicates that approximately 70 percent of full-career contributing employees are not on track to retire with adequate ﬁnancial resources.”
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