ANSWER: False.

Assuming you intend to retire at age 67, aim to accumulate savings equal to 8 to 10 times your annual salary. Together with Social Security benefits, that should be enough to replace about 85% of your preretirement income.

If you have other sources of income, such as a traditional pension or a part-time job, or if you plan to significantly reduce your spending in retirement, then you can get by with saving less.

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