How much of your income should you save for retirement?

[Popular]

Yes.. saving up a reasonable amount is ok. But one does not have to starve his or herself to save up huge amount. You can keep a little percent from why you earn , and 20% won't be bad in itself.

 

[Syldan]

Well the Is of retirement is not an easy journey because it's for the rest of your existence. Personally I dont think there is any specific amount of money that you are required to save but save as much as you can.

 

[Robust]

Saving of your income before retirement, deeply depends on you, your plans and how much you are earning. Once you plan very well and save a beautiful percent when you are earning well, you would not suffer.

 

[Honny143]

Every person have different kind of mindset as like income sources also, in my point of view present I am facing some financial problems, whenever resolved these problems, then I think that also regarding my income.

 

[Syldan]

I think the savings should be done based on the percentage of your income generation. some earned more than others and you dont expect there savings mode to be the same. I will love to save 45% of my income for retirement.

 

[Bousine123]

One needs to save money according how he can manage him self, if I can look for ways of investing I would simply do that so that in the future I would not lack too or be broke.

 

[Gandiba]

I do not believe in savings at all. I am of the opinion that assets acquisition should be he major concern of any one who's planning for their retirement age.

 

[Potuse]

It is very compulsory for everyone to prepare for their retirement because it is a necessity. If you retire and you do not have enough money to take care of yourself, you will find yourself in a bad situation. Inorder to avoid this, you should try as much as possible to save a very minimal percentage of your income, say 5% for your retirement.

 

[Ononivami]

Saving 5% of your income will do and it is definitely the best you could do for yourself because at old age . If you have such an amount of money saved for the future , it will go a long way to helping you when you bones are no longer strong.

 

[Smiles20]

Retirement planning resources suggest 66% to 75% of final earnings as a "rule of thumb." However, many people have to adjust to a 1/4 to 1/3 drop in their income. I personally recommend no more than half of the income earned, as you get closer to the age where you can retire. That is, ofcourse, if you do not have any major debts you need to pay towards.

66% of your earnings is actually a very huge amount of money for you to save towards retirement. It is almost as if you do not have any running cost right now hahaha.

 

[Robust]

There are people that do spend a lot immediately when they retired because some of them do usually celebrate and so if you have such plan is good that you safe about 30 to 40% of your income before retirement.

 

[Ononivami]

There are some people whose monthly earning is huge that even if they save 75% , they will still have enough to take care of them till the next month. But whatever the case may be I always advise people to save at least 30 percent.

30% is way too high. Considering the economic situation of every country now, the inflation is ravaging and saving such a high amount of money will definitely affect your spendings negatively.

 

[Sotherefore]

30% is way too high. Considering the economic situation of every country now, the inflation is ravaging and saving such a high amount of money will definitely affect your spendings negatively.

If you are saving less than 30% then how are you going to organise and build a house and take care of other things in your life ? Plans and preparation is very important and at the same time you must try as much as possible to save as much as you can.

 

[Laurentta]

The amount one saves for retirement depends on the amount one earns and one's lifestyle. I personally recommend saving 25-30% of one's earning for retirement since one is saving it over a long period of time.

 

[Potuse]

The amount one saves for retirement depends on the amount one earns and one's lifestyle. I personally recommend saving 25-30% of one's earning for retirement since one is saving it over a long period of time.

For someone to save 25% of his/her income means that the amount that such person is earning is very huge. To me ,25% is way too much if you have a lot of responsibilities just like I am . I would recommend from 5% to 10% since you're saving for the future and it will take a long time.

 

[Danny4cash]

How much you will save for your retirement is dependent on the nature of job you do and also the amount you earn as a salary or wage. But if your job would give you a pension you should worry less and can save 20% of a salary but if your occupation won't be giving you after retirement levies then you should consider saving 30% as the need arises.

I agree with you because, in my opinion50 percent is too much. It's a long term investment journey so there is not need to be desperate. What is real important is consistent.

 

[Setho]

Realistically, I think it would be okay that I save 10 or 20 percent of my salary a month towards retirement so that I can be able to stay away from active service early.

 

[Ononivami]

If you are saving less than 30% then how are you going to organise and build a house and take care of other things in your life ? Plans and preparation is very important and at the same time you must try as much as possible to save as much as you can.

The money you are talking about is not for building of houses. we are talking about securing the future
it is a kind of saving for the old age so that you could have something to fall back on. It depends on the amount of income and responsibility that such person has, it is the major determinant of the percentage that you're going to save.

 

[Sotherefore]

The money you are talking about is not for building of houses. we are talking about securing the future
it is a kind of saving for the old age so that you could have something to fall back on. It depends on the amount of income and responsibility that such person has, it is the major determinant of the percentage that you're going to save.

As a family man , you have to save money to have a house or to start up a profitable business, if the amount of money you are saving is not capable of giving you this then we should look for a way of saving more money.

 

[Smiles20]

You are going to be on the safe side if you are going to be saving 10 to 15% of your monthly income but then not a lot of people can afford that to be honest and that is why you need to plan early.