Outdated Retirement Rules You Should Reconsider

I have a love-hate relationship with financial rules of thumb.

This post originally appeared onMoneyning.

In particular,saving for retirementseems to be a subject that attracts these “rules.”

Here are three retirement rules that no longer apply, followed by what you should be doing instead.

Unfortunately, there’s also plenty wrong with this guideline.

Evilfound out, much to his chagrin).

According to Certified Financial PlannerMickey Cargile:

Less than 5 percent of our population has $1 million.

Saving8x your ending salaryis a reasonable goal for any worker.

This is absolutely true when the market is doing well.

confirm you’re following the guidelines that work best for you.

Photos byKim Love,John Spade&401(K) 2012.