You Need to Save Four Times Your Annual Income to Retire

About 36 percent of Americans have a nest egg of less than a thousand dollars and 60 percent have less than $25,000 saved, which means working people may not be saving enough to retire prosperously in their golden years. MainStreet's Juliette Fairley takes you through an important rule of thumb when it comes to making your retirement last beyond 25 years.

Related Videos


  • Retirement Planning: Don't Let Your Standard of Living Outrun Your Savings

    Instead of focusing on how much of your income you save, focus instead on how much of your raises you spend, says financial planning expert Michael Kitces.

  • Roth Advantage May Be Bigger Than You Thought

    Even if your tax bracket doesn't change, using a Roth can mean 20 percent or more aftertax income in retirement versus a Traditional IRA, says T. Rowe Price senior financial planner Christine Fahlund.

  • 5 Steps for Retirement Savings to Retirement Income

    Warren, a Wells Fargo advisor, explains in detail strategies surrounding developing retirement income.

  • Millennials Need to Save More, Spend Less

    Millennials aren't saving enough for retirement. Ameriprise's Suzanna deBaca weighs in.

  • The Pros and Cons of 4 Retirement Income Approaches

    Morningstar's Christine Benz sizes up an income-only approach, a pure total-return method, a hybrid technique, and a simple one-fund strategy.

  • Why Saving for Retirement Is More Important Than Ever

    Retirement savings statistics are usually pretty depressing. For instance,a recent study from the National Institute on Retirement Security foundthat the median retirement account balance across all age groups is$3,000, and for those nearest to retirement, the median is only slightlyhigher, at $12,000. To add insult to injury, companies have quietly beenshifting their benefits packages for years now, making those paltrysavings account balances even more troubling when it comes to youngerworkers.

  • Save Early and Often to Reduce Retirement Stress

    Only 72 percent of working Americans are contributing to their retirement accounts even though 93 percent know they should be saving, according to a Capital One ShareBuilder survey. Capital One Sharebuilder President Dan Greenshields says that financial stress is keeping 75 percent of Americans awake at night, especially those saving for their kids' college.

  • How Married Couples Can Maximize Social Security Income

    Single-earner households, dual-income families, and same-sex couples can all benefit from these lucrative Social Security strategies for spouses, as outlined by retirement expert Mary Beth Franklin.

  • How to Give Your Retirement Plan a Big Payoff

    Want to improve your retirement plan's payoff? Increasing your employee contribution is simpler, and less costly, than you think. Smart401k president Scott Holsopple offers retirement investment tips on MoneyBeat.

  • How to Calculate How Much You Need for Retirement

    Kiplinger's David Muhlbaum explains how to calculate how much money you'll need to retire.

  • Time to Broaden Horizons for Retirement Income

    Given that markets are operating in uncharted territory today, allocating to asset classes that probably weren't traditionally found in retirement portfolios may be appropriate, says Windham Capital Management CIO Lucas Turton.

  • Income Tax Fundamentals -- Itemized and Standard Income Tax Deductions

    http://turbotax.intuit.com Let’s take the mystery out of standard and itemized income tax deductions. In this episode of TurboTax Tax Fundamentals, we explore tax brackets and the difference between itemized and standard income tax deductions so you can find out which is best for you and how you might save some money on your taxes.

Other Advice Videos


  • How to Give Better Advice When People Ask You For Help

    In Chapter 11 of 16 in his 2014 Capture Your Flag interview, product management executive Ramsey Pryor answers "How Have You Learned to Give Better Advice When People Ask You for Help?" With time, Pryor learns to give less prescriptive advice. He learns from his children to give advice is more to be a sounding board and help others make a decision rather than to make a decision for others. Pryor is a product management executive at IBM focused on cloud-based collaboration.

  • 6 Celebrated Women Offer Advice to Their 20-Year Old Selves

    What advice would you give your 20-year-old self? asked Real Simple.

  • Rachel Lehmann-Haupt on Seeking Advice From Working Mom Friends

    In Chapter 17 of 17 in her 2014 Capture Your Flag interview, author and small business owner Rachel Lehmann-Haupt answers "At This Moment in Your Life, Where Are You Seeking Advice and Coaching?" Lehmann-Haupt shares how she gathers working mom friends she respects to help her shape next steps in her life as a working mom. She finds her friends understand her needs as someone trying to be a good mom and strike the right work-life balance in an aspiring career. Rachel Lehmann-Haupt is a writer.

  • Getting Advice for Making Big Decisions in Your 30s

    In Chapter 23 of 23 in his 2014 Capture Your Flag interview, business strategist Bryan Law answers "At This Point in Your Life, Where Are You Seeking Advice and Coaching?" Now in his thirties, Law shares how he gets advice from a network of people to make more informed decisions. From teacher mentors from Georgetown to an inspiring Angolan friend to his parents to his spouse, Law finds willing people to support him as he faces key life decisions.

  • Louise Langheier on Two Ways to Give Better Career Advice

    In Chapter 7 of 21 in her 2014 Capture Your Flag interview, social entrepreneur Louise Langheier answers "How Have You Learned to Give Better Advice When People Ask You For Help?" Langheier shares two ways she has learned to give better advice. The first is honing in on the specific question the person seeking advice is really trying to answer. The second is appreciating the learning experience that comes with being asked to give advice.

  • Rihanna's Creative Director Got Career Advice From a Horse

    Think of the best career advice you ever received. Who gave it to you? Your mom? Your mentor? Ahem, your favorite website? Well, Ciarra Pardo, best known as Rihanna's creative director, got her best advice ever from her horse.

  • Conrad Doucette on Giving Better Advice When Asked for Help

    In Chapter 17 of 17 in his 2013 Capture Your Flag interview, musician and digital strategist Conrad Doucette answers "How Have You Learned to Give Better Advice When People Ask You For Help?" Doucette puts himself in the shoes of the person asking for advice. In his younger years he would have dispensed advice based on his point of view rather than the perspective of the person asking for advice. Conrad Doucette is a Brooklyn musician and the drummer for the band Takka Takka.

  • Most Advisers Aren't Afraid of "Robo" Advice

    Online investment services aren't just for young clients and low-balance accounts; "robo" advice can help any wealth advisory firm grow, says Bernie Clark, the head of Schwab Adviser Services. "Robo" advice is complementary and an opportunity, Mr. Clark says.