Fidelity Investments suggests individuals without pensions should have approximately how many times their salary at age 67 to retire comfortably?

Fidelity Investments recommends that individuals without pensions should aim to have approximately 10 times their salary saved by the time they reach age 67 to ensure a comfortable retirement. This guideline is based on research and analysis of how much savings are typically necessary to maintain one's standard of living after retiring.

The rationale behind this figure is linked to overall retirement needs, such as covering living expenses, healthcare costs, and other financial obligations, along with sustaining a desired lifestyle without the continuous income that a salary provides. By accumulating savings equivalent to 10 times one's salary, individuals can better prepare for the financial demands of retirement, ensuring they have adequate resources to draw from during this stage of life. This figure serves as a useful benchmark, inspiring individuals to plan and save effectively for their future financial security.

This guidance is aimed primarily at helping those without pension plans, as pensions traditionally provide a steady income stream in retirement, potentially reducing the total savings needed.