But if we are looking at the Fidelity plan to replace 85% of your income in retirement and becoming half a millionaire then by 35 you should have saved 1 times your salary. So with an end salary of $60,000 then you would have $60,000 in your 401(k).
Oops! Most people have not saved that much by age 35.
If you don’t have $60,000 saved by your 35th birthday don’t despair. If you are able to start at age 35 and save $3,500 a year and if we assume you will earn an 8% average return, your nest egg could have over a half of million dollars ($500,000) at age 67.
To reach that million dollar amount you have to save more; $7,500 a year "
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