WASHINGTON (WUSA9) -- Are you saving enough for your golden years? A new worldwide study suggests most adults are *not* putting away enough for retirement. CNN reports on the study commissioned by HSBC. It found more than half of the world's working population is not preparing adequately for retirement. Nearly one in five workers aren't saving anything at all. The survey found most blame the daily cost of living as the biggest reason folks can't afford to save. Among those who do save, on average, they expect retirement to last 18 years, but they believe their savings will run out after just ten years.

To figure out if you are on track, consider these guidelines that Fidelity Investments released back in September. The mutual fund company suggests that you save at least eight times your final salary to meet basic income needs in retirement.

  • By age 35, you should aim to have the equivalent of your annual salary in savings.
  • By 40, you should set a goal to save twice your salary.
  • By 50, you should save four times your salary.
  • Aim to save five times your salary by 55.
  • Six times your salary should be the goal by 60.

Here's an example: let's say you make $60,000 a year. You would need to have $240,000 in savings at age 50 to hit your retirement goals. Fidelity is the nation's largest 401(k) administrator. Its 12 million account holders had an average balance of about $73,000 at the end of June.

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