How much do you need saved when you retire? It depends on where you live.
If you’re saving for retirement in Japan or the United Kingdom, we have good news for you. You need only accumulate seven times your final salary to fund your desired standard of living in retirement, according to Fidelity Investments, which recently released rules of thumb on retirement savings guidelines for workers in six major countries and regions.
By contrast, if you’re saving for your golden years in the U.S., Germany or Canada, you’d need 10 times your final salary in your nest egg and if you work in Hong Kong, you’d need 12 times your final salary set aside, according to Meghan Murphy, vice president, Thought Leadership at Fidelity Investments.
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