Ep. 380: How Much You Should Have Saved for Retirement

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On this episode of the Pete the Planner Show, Peter and Damian remember they don’t speak Spanish!

Don’t forget! HEY MONEY is your new secret weapon for advice in your personal finances.

No time to listen? BUMMER. Here’s some of what happened:

Show Notes:

Main Question:

    • How much should I have saved based on how old I am in relation to my retirement portfolio?
      • Damian: This is a very common question; especially the younger a person is. They’re more focused on a benchmark or guideline to see where they are on “track.”
    • Based on an article by Michael Batnik responding to a Fidelity infographic, at Age 30, Fidelity says you should have the equivalent of 1 year’s income in your retirement plan.
    • At Age 40: you should have 3x your current income set aside in retirement funds.
    • At Age 50: you should have 6x your current income set aside in retirement funds to know that you are on track.
    • At Age 60: you should have 8x your current income set aside in retirement funds.
    • At Age 67: you should have 10x your current income set aside in retirement funds.

Follow Up:

    • “Michael Batnik didn’t believe this was realistic until looking at the data. He found that this is actually realistic if you start in your early 20s. Also, this falls apart if you have huge pay jumps through the years, largely due to lifestyle creep.

Tune in for the featured segment. The segments in this episode are INTERESTING. It’s pretty different from many of our educations. Click PLAY below for the full show.

While you’re here, check out Hey Money to give your personal finances a facelift.

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