10X Income Touted for Retirement Savings

Whenever it comes to retirement planning, a familiar (and frequently daunting) question is how a lot you should save.

As part of during National Save for Retirement Week, Lincoln Financial Group(LNC) is hosting an hourlong open forum Thursday, Oct. 20, at 12:30 p.m. ET on retirement saving on its Facebook site. Its retirement plan specialists will answer questions in real time, as well as savings targets are likely to be among the hot topics. People should aim to retire with a savings baseline of at least 10 times their yearly income, according to Lincoln Financial Group.

Anna Gauthier, strategic communications director at Lincoln Financial, will come armed to the talk with its recent Retirement Power study, a consider the savings profiles as well as behaviors of over 4,000 respondents, including in-depth analysis of a subgroup of 1,179 retirees.

According to research by Hearts & Wallets, a firm that analyzes retirement marketplace trends for the financial services industry that is cited in the study, just 11% of leading-edge baby boomers (ages 53-64) have saved at least $500,000, even though just 30% of the same group expected to have any kind of income at all from a traditional defined-benefit pension program. It also found that 50% of respondents consider retirement planning -- including how a great deal to save -- to be "difficult" to "very difficult."

Making use of the study, Lincoln is suggesting that people should aim to have a savings baseline of at least 10 times their yearly income at retirement. In greater detail, the assets-to-income metric it suggests should be calculated by dividing the sum of your current investable assets (minus nonmortgage debt) by their current yearly pretax income.


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