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According to the Study, which is based on the insights of the savings profiles and behaviors of almost 1,200 retirees who achieved various levels of savings in preparing for retirement, savers should aim to hit the savings benchmark of at least 10 times (10X) their income at a typical retirement age, coupled with pro-active retirement savings behaviors. To determine what 10X means to a particular saver, individuals simply multiple their annual income by 10. This score is an evolving target that adjusts as income changes throughout a lifetime, allowing people to improve their numbers incrementally as they save, and measure how they stack up relative to their peers and overall savings goals. The 10X score can help people gain perspective on the need for retirement planning.
“The 10X assets-to-income ratio is a guide that can help people determine how they can be better prepared for retirement,” said
Study Identifies Four Behaviors Contributing to Retirement Success