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.