Key To Successful Retirement: Save 10 Times Your Salary, Expert Says

PHILADELPHIA (CBS) – Lincoln Financial Group has a new way to help you set goals for retirement savings.  It’s easy to remember, but maybe not so easy to do.

Lincoln Financial surveyed thousands of retirees who identify themselves as successful.  The numbers were crunched and, voila! “Through that research we found out a couple things and one was this new savings metric which is what we call the Lincoln Power Score,” says Lincoln VP Tom McGirr. “Really as a baseline, we recommend that retirement savers aim to accumulate savings of at least 10 times their final income at retirement.”

Tom McGirr, a Lincoln VP, says the survey also identified four winning tactics: get professional advice, use it to make a plan, join your 401(k) or 403(b) and put any windfalls toward retirement.  What was people’s biggest mistake?

“They don’t save enough, generally speaking.  The good news, however, is it adds up quickly or it can add up quickly so it’s really about staying focused and committed, and then again taking advantage of those power-saving years you may have throughout your career.”

Like the post-kids-in-college pay raise you might enjoy. To see how ready you are, go to

Reported by John Ostakovich, KYW Newsradio 1060

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One Comment

  1. Bob Richards says:

    Telling people the logical things to do to prepare for retirement will never work because the limitation is psychological as this post illustrates on preparing for retirement

  2. Magdalena Cooper-de Neuze says:

    Great article and focus for a client but it is not holistic…it only focuses on old age and not also on disability and death. Probably someone needs to prepare an article which inlcudes all 3 …esspecialy since all 3 life events require guaranteed lifetime income or annuity – this is the reason we save for these events. What do you think?

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