When it comes to planning and saving for retirement, there are a number of strategies, tools, and paths that you can take to prepare. Depending on age, goals, and number of dependants, retirement needs can vary from person to person. However, 20- and 30-somethings should be prepared to save much more than their parents because 77% of investment advisors suggest Gen Y-ers should aim to save $2 million for retirement, according to a survey conducted by Scottrade Advisor Services.
While opinions may vary on what an individual will really need for a comfortable retirement, we like to use the guidelines outlined in the infographic below based on a study by Fidelity Investments.
Check it out to learn where you are on your retirement journey, where you need to be, and how you can get there.