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Fidelity Adjusts Retirement Savings Benchmarks for Longer Lifespans

The advice anchors long-term security in specific age-based savings goals to address the challenge of 30-year retirements.

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Overview

  • Fidelity now recommends that workers begin saving 15% of income at age 25, amass one year's salary by age 30 and build at least ten times their final income by age 67.
  • Catch-up contributions after age 50 include a $1,000 IRA top-up and new super catch-up options for workplace plans under SECURE 2.0.
  • Fidelity research shows two-thirds of Americans prefer a phased retirement approach, combining part-time work or passion projects with traditional retirement income.
  • Rita Assaf recommends covering essential living costs with guaranteed sources such as pensions, Social Security or annuities while funding discretionary expenses from retirement savings.
  • Savers are urged to claim full employer 401(k) matching contributions and use tax-advantaged health savings accounts to safeguard against rising medical expenses.