Planning Ahead

Saving For Retirement

How much should I save for retirement?

In order to retire by age 65 with enough money to have a comparable standard of living to what you have currently, you will need to save the following amounts.

Your Age Percent of Salary to Save from Your Income
20 to 29 10% to 15%
20 to 39 15% to 25%
40 to 44 25% to 35%
45 37%
46 41%
47 44%
48 48%
49 53%
50 and older 58% or more

The sooner you begin planning for retirement, the better off you will be. If you wait too long, you will have to stash away a huge percentage of your income before you retire in order to live comfortably in your golden years.


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