savings rate is sufficient to meet their retirement income goals, Fidelity Investments recently announced some guidelines for retirement savings. Although each individual’s situation will likely differ, the average worker should save at least eight times his ending salary to replace 85 percent of his pre-retirement income. To reach the eight-times level by age 67, Fidelity suggests workers should have saved their annual salary at age 35, three times that amount at age 45 and five times that amount at age 55. The maximum Social Security benefit for a worker retiring at full retirement age in 2012 was $2,513 per month; however, the estimated average monthly Social Security benefit payable in January 2012 (after the cost-of-living increase) for all retired workers was $1,229. If Social Security typically accounts for only 40 percent of retired people’s annual income, where will the rest of their funds come from? Bottom line: They will need to save more of their own money while they are still working. Inadequate savings can greatly hinder their plans for a comfortable retirement. Begin with reasonable expectations for your golden years. After that, reducing expenses before retirement and increasing their savings rate (percent income saved each year) may make a huge difference in closing any gaps. Saving for retirement shouldn’t hurt. It should be money workers can comfortably put away after all of their expenses have been paid. Contact a licensed financial professional for assistance.