A recent article in the Financial Analysts Journal suggests that Americans need to save more—not just a little more, but vastly more.

To be assured of having enough money for a comfortable retirement, they advise you to have a total of 22 times your income by the time you retire. Thus, if you make $50,000 per year, the target retirement number should be $1,100,000.

Many people today will live long lives, some to the age of 100. The need may be much bigger than normally thought.

To simplify things, you can round down 22 to 20 times your annual income for your retirement.

As for protecting your family, many financial professionals normally suggest 10 times your annual income in order to meet the insurance need for your family.

Please keep in mind that this is simply a suggestive “rule of thumb”. It’s does not by any means replace the actual need of the individual in protection or retirement. However, for those who want a simple solution, this 10/20 formula can be a handy tool.

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