Here's How Much Saving 10% Per Year Would Give the Average American in Retirement
Estimating your retirement needs can be complicated, so it's not surprising that people look for mental shortcuts to make it easier. One of these shortcuts says you should save 10% of your annual income for retirement.Like most rules, its effectiveness depends on several factors, like your income, your life expectancy, and the kind of lifestyle you hope to have in retirement. But for most people today, 10% of their incomes might not go far enough. Here's a closer look at what saving 10% of the average person's income would actually look like by retirement.Image source: Getty Images.Continue reading
Estimating your retirement needs can be complicated, so it's not surprising that people look for mental shortcuts to make it easier. One of these shortcuts says you should save 10% of your annual income for retirement.
Like most rules, its effectiveness depends on several factors, like your income, your life expectancy, and the kind of lifestyle you hope to have in retirement. But for most people today, 10% of their incomes might not go far enough. Here's a closer look at what saving 10% of the average person's income would actually look like by retirement.
Image source: Getty Images.
