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How much of your income should you save for retirement?

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.
This is exactly why i said at first that the amount one saves up for retirement depends on one's earning and lifestyle. A person with an average earning and an average lifestyle can save up to 25% of his or her earning. Whereas, a person with an average earning and a big lifestyle cannot save up to that amount.
 
This is exactly why i said at first that the amount one saves up for retirement depends on one's earning and lifestyle. A person with an average earning and an average lifestyle can save up to 25% of his or her earning. Whereas, a person with an average earning and a big lifestyle cannot save up to that amount.
You have a point there! if you have high taste for so many things, then it probably will be very difficult for you to save a reasonable amount of the money that you have and for the future . It is quite good for us to spend wisely and not spend randomly.
 
You have a point there! if you have high taste for so many things, then it probably will be very difficult for you to save a reasonable amount of the money that you have and for the future . It is quite good for us to spend wisely and not spend randomly.
Yeah, no matter the amount one earns, be it little, average or much, one should develop the habit of saving for hard times because it will not be every time things will be rosy. One should also try to limit unnecessary spending.
 
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.
The money that you save for your retirement is not for building of houses . It seems you are getting the thread all mixed up . If you're saving for your retirement you are not saving to build a house but you are saving to safeguard your future. Nevertheless, the amount that is collected as pension from the government is not for anything else other than eating..
 
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.
Yes, certain percentage of salary should save for future. And there's no need to save 50 percent of salary, except if you don't start saving early. If you save 10 percent of your salary for 30 years that should enough as retirement benefits.
 
Yeah, no matter the amount one earns, be it little, average or much, one should develop the habit of saving for hard times because it will not be every time things will be rosy. One should also try to limit unnecessary spending.
It is very good to save because of unforeseen occurrences. Savings is attribute to imbibe in everybody,..it will be highly needed Whenever there is emergency.
 
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.
Well to me it is bad for some one to be saving at least 30 percent of his income because it is out of that your savings that you will be able to settle most of your long time plans like buying a house or a family.
 
The money that you save for your retirement is not for building of houses . It seems you are getting the thread all mixed up . If you're saving for your retirement you are not saving to build a house but you are saving to safeguard your future. Nevertheless, the amount that is collected as pension from the government is not for anything else other than eating..
Oh yea. I was mixing up the whole thing. If I have to start saving for pension , the most important thing I will do is to try to save as much as possible and I can even decide to start up a business after I have retired depending on how strong I am.
 
Yes, certain percentage of salary should save for future. And there's no need to save 50 percent of salary, except if you don't start saving early. If you save 10 percent of your salary for 30 years that should enough as retirement benefits.
10% is not that bad because you are saving for the future , but by the time you're saving huge percentage for the future, it is going to tell on your responsibilities which is not what you may want to happen.
 
The amount or percentage of income to be save for your retirement depends on the amount of money you do receive as your salary, though it is not bad to save at least 10 to 30% off your income.
 
It is very good to save because of unforeseen occurrences. Savings is attribute to imbibe in everybody,..it will be highly needed Whenever there is emergency.
We often save in case of an emergency or because of unforeseen occurrences like you said. Funny enough, some people are so wealthy that never have to make use of their savings to solve their financial issues. All the same, it's good to save whether one is wealthy or not.
 
We often save in case of an emergency or because of unforeseen occurrences like you said. Funny enough, some people are so wealthy that never have to make use of their savings to solve their financial issues. All the same, it's good to save whether one is wealthy or not.
That is another interesting point, because someone who has lot of money in his account, doesn't need to save any percentage again for retirement because he already has enough.
 
That is another interesting point, because someone who has lot of money in his account, doesn't need to save any percentage again for retirement because he already has enough.
I don't totally agree with you. Having enough money in one's account, doesn't mean one shouldn't save. Anything could come up and the money in one's account would be could to solve the problem while the savings would be a back up plan.
 
I don't totally agree with you. Having enough money in one's account, doesn't mean one shouldn't save. Anything could come up and the money in one's account would be could to solve the problem while the savings would be a back up plan.
Saving is an amount that you're not willing to touch because you are taking it for unforeseen occurrence. It is highly important for everyone to inculcate the habit of saving so that you will have something to fall on whenever calamity loom.
 
We have peculiar goals/ objectives and they have an effect on how we manage our finances.
Saving 50% would you a lot of good especially at your last decade of work
 
Saving is an amount that you're not willing to touch because you are taking it for unforeseen occurrence. It is highly important for everyone to inculcate the habit of saving so that you will have something to fall on whenever calamity loom.
Very correct. When one saves a particular amount, one should always have it in mind that the money is for future use or unforeseen circumstances, to avoid one from spending from one's saving when it is not necessary.
 
Very correct. When one saves a particular amount, one should always have it in mind that the money is for future use or unforeseen circumstances, to avoid one from spending from one's saving when it is not necessary.
Saving is definitely meant to solve problems that are unexpected. This is definitely the essence of saving because it will allow you scale through some problems that come unexpectedly.
 
Tc
Saving is definitely meant to solve problems that are unexpected. This is definitely the essence of saving because it will allow you scale through some problems that come unexpectedly.
I guess this is part of the reasons why most rich people find it difficult to save. They believe that they would ever have any financial problems to scale through, which is a wrong mentality because anything can happen to anyone.
 
Tc
I guess this is part of the reasons why most rich people find it difficult to save. They believe that they would ever have any financial problems to scale through, which is a wrong mentality because anything can happen to anyone.
Saving is very important even if you are rich it is very necessary for you to save because of unforeseen occurrences. Saving does not exclude wealthy people.
 
Saving is very important even if you are rich it is very necessary for you to save because of unforeseen occurrences. Saving does not exclude wealthy people.
Very true, most rich people fail to realize that saving does not exclude rich people. They often feel that they would always remain wealthy and they do not see it important to save.
 

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