One in four 401(k) savers increased their contributions last year. This additional saving will translate into hundreds or even thousands of extra dollars of monthly income in retirement, according to calculations from Fidelity Investments. All of which highlights the value of the automatic savings increases that are offered by many, but not most, retirement plans.
Financial planners typically advise saving 15% of pay starting early in your career. If you do this, you have a good shot at retiring comfortably in your mid- to late 60s.
