One of the hardest aspects of retirement planning is knowing how much money to save. You want to make sure you’ll have enough income to cover your expenses and have money left over for hobbies and entertainment. And you also need to pad your retirement budget in case things go awry, such as if your home ends up requiring extensive repairs or health issues leave you loaded with medical bills.

Now it’s not a given that you’ll retire by age 67. But if you were born in 1960 or later, 67 is full retirement age for Social Security purposes. This means that at 67, you’re entitled to your full monthly benefit based on your earnings history without any sort of reduction.

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If you’re targeting 67 as your retirement age, you may want to set a savings goal to meet by that age. And if you listen to Fidelity, they’ll tell you that you should aim to have 10 times your salary socked away by that point. But you should also know that there’s wiggle room with that advice.

A good guideline to follow, but with caution

The nice thing about Fidelity’s retirement savings advice is that it’s specific to you. Fidelity could say “go out and save $1.5 million for retirement by 67.” But if you’re someone who’s used to living on $65,000 a year, you’re in a very different boat than someone with a $350,000 salary.

So rather than give a single, specific number, what Fidelity is doing is making a recommendation based on your salary. If you earn $100,000 a year, your target should be $1 million by 67 if you decide to follow that guidance. If you earn $80,000 a year, you’re aiming for $800,000.

But while Fidelity’s suggestion is a fantastic starting point, you should know that you don’t have to follow it exactly. It may be that you’re planning a modest retirement that has you living in a small, paid-off home and spending most of your time doing local activities in your neighborhood. If so, you may not need 10 times your salary in your 401(k) or IRA.

Similarly, it may be that you’re planning to continue working 15 hours a week in retirement to both stay busy and generate income. If you expect to earn a decent hourly wage, then you may be more than fine retiring with five or six times your salary, especially if your intent to work is coupled with a fairly low-key lifestyle.

And on the flipside, it may be that you want to move to an expensive city in retirement and travel a lot overseas. In that case, it could be a good idea to aim for more than 10 times your salary so you have the options to do the things you’ve always dreamed of.

Come up with your own plan

There’s nothing wrong with seeking out savings advice in the course of your retirement planning. But if you’re going to do so, you may want to get it from a financial advisor who helps you crunch those numbers based on your individual circumstances. A financial advisor can also help you account for factors that include your investment mix in retirement, which Fidelity’s guidance doesn’t incorporate.

Remember, too, that it’s not a given that you’ll retire at age 67. You may like the idea of retiring with 10 times your salary. But if you intend to work until age 72, you don’t necessarily need to stress about hitting that mark five years earlier. Instead, look at your personal picture to come up with a plan that helps you meet your goals without causing yourself undue pressure along the way.

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