Should you have twice your income saved up by 35? - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

Should you have twice your income saved up by 35?


Eau Claire (WQOW)- How much do you hope to have saved up for retirement by age 35?

What a new study suggests, may have you alarmed. 

According to Fidelity Investments , you should have double your annual salary saved by age 35, if you plan on retiring by 67. 

Wednesday, we reached out to some local financial advisors to find out if that's true, and got conflicting answers. 

"That's a good one to abide by. I always come back to at what point you get done with school and you get your first full time job, if you can attempt to put away between 10 and 15 percent of your income that will allow you to accumulate about 10 times your annual income by the time you retire," said Adam Mohr a private wealth advisor with River Prairie Wealth Partners. 

"I would say that having twice your salary at age 35 is unrealistic," said Mitchell Sinz a financial advisor at Investment Management Associates. 

Sinz said with student debt, and people getting married shortly after college, it makes reaching that goal challenging. 

For more financial tips to reaching your retirement goals you can click here and here.

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