Fidelity retirement journey
How many of you are on track according to Fidelity's retirement journey? I'm way behind because my annual compensation was around 50K-70K in my 30s and was on track. Then, I moved to tech and now my TC is 220K, which has suddenly moved the goalposts. Also, I'm guessing we should be using TC in this as opposed to base pay? https://www.fidelity.com/viewpoints/retirement/how-much-do-i-need-to-retire #investments #personalfinance
How much do I need to retire? - Fidelity
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Moderna treefiddy7 Nov 14, 2023
Mine says 112%. Got 700k saved up. Im.49
Oracle kic5w77n Nov 22, 2023
Last I checked my score was 105.
It's completely based on the assumption that you want to keep your salary the same in reitement as it is now. Which honestly is completely unnecessary. With that logic, you'll need to save more and more and retire at the same age or later no matter what. Why would you need the same salary in retirement as you do now if you're saving 50% right now?
Not sure which calculator you are referring to, but the Fidelity one I know about has a place to enter your expected retirement expenses with a break out of required and optional expenses.