How much of your income should you save for retirement?

[Joshua Farrell]

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.

 

[Sincerem]

Well , this totally depends on the individual and their lifestyle choices for me I wouldn't want to put have half of my earnings into my pension but 1/3 of it, with all the knowledge I have gained so far in investing and all the good investment ideas I would certainly be putting the other part of my income into Investment while the other for my upkeep.

 

[dfarmer2001]

I know a lot of employers offer a retirement plan (401k), however, in my personal opinion I do not like nor will I sign up for these plans. It basically goes off of the stock market, and by the time it takes me to retire, stocks are going to be junk.

 

[Robust]

For some one who is about to retired determine how much he or she will save, it all depends on he way of spending, life style and family plans. It's usually normal to save 40% to 55%.

 

[Ononivami]

Certain percentage of your income should go to pension funds because you are actually saving for your future and you are securing your future too and it is what everyone must do.

 

[Robust]

Although saving your income for retirement depends on the person, if the person is from my country he or she needs to know how much he is earning, how much the he usually spend.

 

[Holluwaphemmy]

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.

 

[Sotherefore]

This will definitely depend on your salary , but some people could make more than that if they have extra businesses along with their main source of income. Saving 25% of your monthly earnings for retirement is not a bad idea if possible.

 

[Lens]

The percentage which you would choose to save for your pension will depend on the responsibilities that you have. If you don't have much responsibility to take care of you could to save about 15%.

 

[Monster Masterpiece]

Most of these things aren't planned as you pay a tax every month from your salary to state or organization and they manage everything in your retirement salary.

 

[Setho]

If you are having a good paying job then saving up to 20% of your income towards retirement is not going to be a bad idea. It is also completely okay if you can just be able to save 5 or 10%.

 

[Smiles20]

I do not see any reason why somebody should be saving as much as 75% of his income in preparation for retirement because that is much. You are definitely going to have bills that you will need to settle right now and 25% will be small.

 

[Lens]

The percentage that you will save for your retirement will depend on the amount you are earning and it will also depend on the responsibility that you are catering for.

 

[Sotherefore]

This is completely unpredictable , it solely depends on the amount of money you are making on monthly basis. That will determine and whatever the case maybe you shouldn't live above your means so as to have some savings .

 

[Lens]

The amount that they would seem should be 10% of your income if you have removed all expenses. That will be enough for the retirement purposes because it really good to do that.

 

[Ektalakra]

According to the experts, an annual retirement saving goal of 10% to 15% is recommended. High earners generally want to hit the top of that range while low earner can typical.ly hits closer to the bottom.

 

[joy101]

Saving of money depends the kind of job you do can help you to save money for future use, the amount I received can determine the amount I can save for my future use

 

[Bookwormlux]

No need stressing one to save towards pension. It is best to Invest in great opportunities that would earn one passive income even before retirement age comes .

 

[Gandiba]

It is really difficult to save towards retirement time because there are a lot of things for one to consider and solve right now due to lots of responsibilities we need to take care of.

 

[Sotherefore]

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.