I’m 45 and just beginning to save for retirement seriously. I’ve heard conflicting advice about how much I should have saved by now. Some say I should have one times my annual salary, others say two times. What’s a realistic savings target for someone my age? And how can I catch up if I’m behind?

We asked Angela Fennelow, CFP, financial planner, Sun Life and CEO of Fennelow Financial Solutions Inc., to answer this one.

At 45, you’ll want to look at savings strategies that are going to maximize tax efficiencies now and in retirement to maximize growth, Ms. Fennelow said.

“The adage of paying yourself first may be simpler to implement than setting a target amount as a function of your annual income,” she added.

First, take a look at a few things: your annual income and your budget, your

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