GOLDEN VALLEY, Minn. - Fidelity, the nation's largest 401k administrator, has issued new guidelines on how you should save for retirement. The numbers might catch you off guard.

Fidelity says, by the time you turn 67, you should have saved eight times your final annual salary. That's just to meet basic income needs during retirement.

How do you get there? They say by the time you're 35, you should have put away the equivalent of your annual salary. Twice that amount by the time you hit 40.

"Most 20-year-olds, 30-year-olds, until they're in their 40s, they're usually paying off debt, student loans, buying houses, cars, getting their kids situated," says financial advisor Nicole Middendorf, with ProsperWell Financial.

The point Middendorf is trying to make is, that if you don't have that amount in your retirement account, you're not alone. But, it doesn't mean that you don't need to start right now.

"The place to start is your 401k plan at work and then beyond that is the Roth IRA, and at a minimum, that's what you should be doing," says Middendorf.

How much? Nicole suggests funding your 401k up to your company's match, then fund an IRA. If you're under 50 you can put up to $5,000 a year into an IRA. If you have any remaining money, go back and max out your 401k.

Can't do all that? No problem, but it doesn't mean you shouldn't start with something, anything. And, quite frankly, she says it all comes down to priorities.

"I believe you really need to enjoy life today, but you also need to prepare and be able to enjoy life in the future. So it's really looking at what you have coming in and what you have going out, having a budget, and really living within your means and being aware," says Middendorf.

If you don't know if you're on track for retirement, she says, find out. A financial advisor can help you figure out where you are and what you need to do to reach your goals. And, she says, you don't need to make millions to have someone help you with your finances.

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