News Summary: Fidelity issues new savings tips
SAVINGS ADVICE: Fidelity Investments has issued a new set of guidelines that say workers should save at least eight times their final salary in order to meet basic income needs in retirement.
STAYING ON TRACK: To reach that goal, individuals should save an amount equivalent to their annual salary by age 35, twice their salary by 40, four times' salary by 50 and six times' salary by 60.
POPULAR APPROACH: Setting a savings target that's a multiple of income is an increasingly popular concept in financial planning. It is simpler than trying to achieve a certain level of assets.