If you are receiving unsolicited phone calls from an entity pretending to be ACCC (a trusted non-profit credit counseling agency), please be assured that ACCC’s policy is NEVER to contact you unless you’ve explicitly requested us to call you. Also be cautious of emails from an unusual or unfamiliar domain. ACCC’s domain extension is @consumercredit.com, and any emails using a different extension should be treated with suspicion.

×

ACCC’s Client Login allows current clients to access their program information, including the due date, program benefits, and other documents.

Select a Client Login below based on the service that you are currently enrolled in:

Debt Management Program

Client Login

Bankruptcy

Pre-Bankruptcy Client

Post-Bankruptcy Client

Not yet a client, but looking to get started?

ACCC offers debt relief options to individuals and families that are suffering from stress related to credit card debt by providing effective credit counseling, helping to consolidate debt, and advising on debt management.

Get Started

Wait!

You are now leaving the Consumer Credit website and are going to a website that is not operated by ACCC. We are not responsible for the content or availability of linked sites.

Are you sure you want to leave?

No, return me to the previous page.

Yes

Stay on Track for Retirement: What Fidelity Investments Thinks You Should Be Saving

Fidelity Investments has recently come up with a set of guidelines and benchmarks to insure you are on track to meet your income needs for retirement. In a post written back in March, I wrote about the importance of saving for retirement as soon as you get your first job. The guidelines that Fidelity has come up with drive that point home even more! According to James M. MacDonald, president of Workplace Investing at Fidelity Investments, “The two factors that have the greatest impact on retirement savings over time are starting early and saving consistently”. Here is a breakdown of Fidelity’s Age-Based Savings Guidelines.

If debt prevents you from saving for retirement, contact ACCC for advice.

If debt prevents you from saving for retirement, contact ACCC for advice.

The ultimate goal is to have eight times your annual pay when you retire at age 67. To do so you should try to hit the following targets:

  • At age 35, you should have saved an amount equal to your annual salary.
  • At age 45, you should have saved three times your annual salary.
  • At 55, you should have five times your salary.

Hitting these targets is not an easy feat. Fidelity assumes you will begin saving for retirement by the age of 25 and you will continue to save, without any interruption until age 67. And that you start with an annual salary contribution equal to 6% of you pay. You then must increase your contribution by 1% each year until you are saving 12% of your annual income. They also assume that your employer matches you 50% up to 6% of your pay and your portfolio grows 5.5% per year. Social Security is also factored in.

Are you thinking what I’m thinking? Well I’m thinking “yikes!” But, don’t get discouraged. These guidelines are just that, guidelines. They are a rule of thumb that looks great on paper but in reality it would mean you start saving at 25 (which unfortunately is very uncommon in today’s economy) and save for 42 years with no breaks in income.

If you are not on track with Fidelity’s guidelines it is okay. These guidelines and all the other retirement savings guidelines out there should be used as a tool to see where you stand. They should not discourage you; they should be used to help you understand what you can and should be striving for when it comes to retirement savings.

If you’re struggling to pay off debt, ACCC can help. Schedule a free credit counseling session with us today. 

ABOUT AUTHOR / Madison

Madison is a Marketing Communications & Programs Associate at ACCC. She is excited to share her tips on saving money and being financially responsible here on the Talking Cents blog!

View all author posts →

creditU

Your Ultimate Money Management App

Meet CreditU, the ultimate one-stop debt and financial management app! See your full financial overview, including debts, income, expenses, and savings.

CreditU Apple App Store
Dev Tool:

Request: blog/stay-on-track-for-retirement-what-fidelity-investments-thinks-you-should-be-saving-10
Matched Rewrite Rule: blog/([^/]+)/?$
Matched Rewrite Query: post_type=post&name=stay-on-track-for-retirement-what-fidelity-investments-thinks-you-should-be-saving-10
Loaded Template: single.php