Saving for retirement is stressful especially if you’re just a few years into your career.
For millennials in particular, it can seem like there are far more pressing financial goals to contend with — paying off student debt, buying a home, and starting a family.
Unlike other financial goals, you may not have a good sense of how much you’ll really need to save for retirement. But financial experts say it’s still worth it to estimate how much you should save now so you can reach your retirement goals later. Here are three tips to figure out how much you really need to save for a comfortable retirement:
Benchmark your savings
Plenty of benchmarks exist for retirement savings.
Traditionally, financial advisors have recommended people save at least $1 million to retire in comfort. Fidelity Investments, a large provider of retirement investment accounts, suggests workers aim to save at least eight times their ending salary by retirement.