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The Business of Savings
How much of your salary should you save for retirement?
This may very well be the most important question to answer and one we work to help folks with all the time. With social security and concerns about tax and healthcare increases, answering “how much do I need to save” is becoming more critical for Americans.
While there is no one right answer for everyone, there are some good rules of thumb to get on the right track as you determine what makes sense. The most common rule of thumb is to accumulate 8 to 10 times your annual income by the time you hit retirement. This generally requires putting away 10-15% of your salary. Starting at 10% makes sense for a lot of people. If your company matches contributions in your 401(k), that can help get you much closer to the 15% level and put you in even better shape down the road.
Unsure what to invest in? Give this post a read too.