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Kip Tips

What It Will Take to Replace Lost Savings

From Kiplinger's Retirement Report

To replace money lost in a 401(k) account in 2008, Hewitt Associates says a typical 55-year-old employee with a current average 401(k) savings rate of 10% of pay will need to save an additional 12% each year until age 65 or work for two more years. 

In comparison, the average 40-year-old with a current savings rate of 7% must work one more year or save an extra 1% per year until age 65.

To figure out how many years it will take you to get back the money you lost in the market meltdown, try our Recoup Your Savings calculator.