Are You Saving Enough for Retirement?

7027606047_c90c2cf992_kBy Albert Alan Aizin

It would be very helpful if there was some type of retirement yardstick to measure your progress against.  Fidelity Investments, back in 2012, came up with their version of “The Magical Number*.”  According to Fidelity, typical wage earners at age 65 should have approximately eight times their final annual pay set aside for retirement.

Fidelity also offered benchmarks to measure one’s progress along the way. By age 35, your goal is to have an amount equal to your annual pay. By age 45, three times your annual pay is a good milestone. And by age 55, one should have five times their annual salary saved for retirement.

The earlier we start planning for our retirement, the quicker we can tell the universe where we want to be by a certain age. Putting your financial and retirement goals on paper and reviewing them annually is also recommended. Hiring a qualified Financial Advisor to coach you along the way may also help you in reaching your goals.

In “The Millionaire Next Door,” Thomas T. Stanley and William D. Danko reported that affluent individuals tend to follow a lifestyle conducive to accumulating money. The seven common denominators among those who build wealth successfully are:

1. They live well below their means.
2. They allocate their time, energy and money efficiently, in ways conducive to building wealth.
3. They believe that financial independence is more important than displaying high social status.
4. Their parents did not provide economic outpatient care.
5. Their adult children are economically self-sufficient.
6. They are proficient in targeting market opportunities.
7. They chose the right occupation.

Albert Alan Aizin is owner and president of Advanced Planning Financial and Estate Services located at 18552 MacArthur Blvd., Suite 440 in Irvine. He can be reached at (949) 474-8440 or

Securities and advisory services are offered through FSC Securities Corporation, Member FINRA/SIPC and a Registered Investment Advisor.  Investment advisory services offered through The Retirement Group, LLC, a Registered Investment Advisor not affiliated with FSC Securities Corporation.  Advanced Planning Financial and Estate Services is not affiliated with FSC Securities Corporation. CA Insurance License # 0C78429, Mr. Aizin does not offer legal or tax advice.

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