It's a simple enough question. But the answer is complicated because there are so many variables that can shape the answer, sometimes dramatically. The answer for you will vary depending on your personal situation — your retirement age, how you intend to spend your retirement years, your health and how long you will live — that's a lot to consider!
Experts say you should have the equivalent of 8 times your age 67 salary saved by retirement. This amount, in addition to Social Security, should help insure that you will have enough for retirement. Of course, you don't save that all at once. By using the simple guide below, you can see if you're on track to get to the 8X salary you'll need at retirement. Include your TIP balance, personal savings and any other sources of income in your Current Savings amount.
|Current Age||X Salary||Target Savings||Current Savings|
If you haven't reached your current X-factor, there are some simple things you can do today:
Logon to www.netbenefits.com to access your TIP account and make contribution changes.
Call a Fidelity Workplace Planning and Guidance Consultant at 1-888-234-7300 from 8:30 am - 8:00 pm EST to review your goals and progress, and identify next steps you can take today to help ensure that you are on track for your retirement.
If you prefer, you can instant message a representative on the NetBenefits site.