There’s a big debate about how well Americans are saving for retirement. The major source of that debate is disagreement on how much a person ideally should save – some people claim you should have retirement savings equal to 8 times your final salary; others say 12; still others say 20. But what does this mean?
Over at Forbes I’ve tried to shed some light on this by including an interactive online calculator that lets the user analyze retirement saving needs for Americans of different income levels. You decide what kind of replacement rate different retirees need and the calculator figures out how much they need to save. The results may surprise you.
You can check out the article and calculator here.