Financial writer Jean Chatzky caused an uproar this week when she tweeted some advice on age-based savings benchmarks that, to some, seemed unattainable.

Are these targets realistic? Chatzky later commented that, in an era when many can’t save at all, the point of these benchmarks is to have a target to strive towards.

I’ve written before how age-based savings goals are dumb, but we look anyway. We all start out at different stages and, depending when we reach certain milestones in life, we hit our financial stride at different times.

Sure, there’s justifiable cause for concern if you’re 10 years away from retirement and haven’t saved a dime. But Millennials shouldn’t get too hung-up on some arbitrary savings benchmarks in their twenties or early thirties. Remember, it’s not how you start, it’s how you finish.

Of course, for fun, I had to take a look at my own situation. As I approach 40, the ‘rule of thumb’ says I should have three times salary saved up for retirement. Incredibly, according to my projections, I’ll have EXACTLY three times my current salary saved for retirement by the end of the year when I turn 40. How about that, Chatzky?

This Week’s Recap:

On Monday I revealed how to save more money at the pump with a new partnership between RBC and Petro-Canada.

On Wednesday Marie explained how to choose the right fund(s) for your portfolio.

Over on Rewards Cards Canada I wrote about credit card churning and my four rules for earning big rewards.

Thanks to Rob Carrick for including Marie’s post – Is your portfolio overdressed? – in his Carrick on Money newsletter this week.

Weekend Reading:

Vanguard founder Jack Bogle released an updated version of, “The Little Book of Common Sense Investing”, which, not surprisingly, contains a ton of great advice for investors.

Nobody weaves a story quite like Morgan Housel and the veteran financial writer doesn’t disappoint with this tale of compounding returns.

Another strong writer, Jonathan Clements, shares some great advice on how to improve your financial behaviour.

You’ve heard of robo-advisors, but what about a robo-planner? A new offering aims to provide standard financial planning advice without the push to purchase products.

Here are four financial planning implications for the 14 percent of the population that lives alone.

This Planet Money podcast features newly minted Nobel Prize winner Richard Thaler and his surprising side-gig.

It’s easier to limit your own mistakes than to exploit everyone else’s. Here’s how to profit from behavioural economics.

YouTube sensation Ben Felix explains why index funds aren’t going to break the market:

Canadian Couch Potato Dan Bortolotti breaks down how to choose between mutual funds and ETFs.

This financial advisor thinks everyone who wants to make a substantial change after retirement should hold a “dress rehearsal.”

Andrew Hallam shares how to retire better, with less money than you think.

Gail Vaz-Oxlade says keeping up with the Joneses can keep you back from your goals.

5 Millennial women dish on how much they make and how they spend it.

Does it make sense to pay down debt, or invest more? Studies show if you want to feel happier, increase your investments.

A MoneySense reader isn’t sure if mortgage, life or disability insurance is the right way to go. Jason Heath explains how to choose the right insurance.

Finally, a cautionary tale for would-be restaurateurs – there’s more to running a successful restaurant than just being a foodie with a dream.

Have a great weekend, everyone!

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