"Industry statistics that call for people to save anywhere from eight to 20 times their final salaries are grossly over estimating what people will need, writes Andrew Biggs. According to a calculator he developed, most people need to replace 70% of their final year's salary." Check out the calculator at: http://www.forbes.com/sites/andrewbiggs/2016/07/21/how-much-retirement/#61370d1827be
September 5, 2016
Workers need to save less for retirement than industry suggests
Many of the articles and calculators about how much to save for retirement leave workers depressed, discouraged, and dumbfounded by the amount they are 'supposed' to invest for retirement. A recent article in Forbes by Andrew Biggs suggests otherwise and provides a handy calculator to help you decide if your investments are on track.