Just 1% more can make a big difference

Increasing your savings by just 1% more now could mean living the retirement you want

Does your retirement dream include a spectacular vacation once a year? Eating out every night? Not worrying about money?

One way to help make your retirement “happy place” happen is to save now—even a little more. Putting just 1% more of your salary into a tax-advantaged retirement account like a 401(k) or 403(b) could make a noticeable difference in your ability to afford the retirement you want.

“The retirement savings mountain might appear imposing from a distance, but the reality is that the climb isn’t as steep as it looks,” says Jeanne Thompson, vice president of retirement insights at Fidelity. “Small steps can turn into big strides.”

How big? Let’s look at several hypothetical 401(k) investors and see what happens if they contribute just 1% more of their salary to their 401(k) until retirement at age 67.1

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Fidelity Viewpoints