How much should you save for retirement?

One approach is to save 10 to 15 percent of each paycheck for retirement. Fidelity suggests aiming to have eight times your annual income in an account by retirement age.

Start by aiming to have the amount of your yearly income in a retirement account by age 35, three times your yearly income by age 45, five times your yearly income by age 55 and eight times your yearly income by age 67. Another approach is to save 15 to 20 dollars for every dollar of shortfall between annual expenses and social security income. Thus, somebody who has a $20,000 yearly shortfall between expenses and social security should have $300,000 to $400,000 in retirement savings.