What percentage of income should I save for retirement?

Hey there! When it comes to saving for retirement, a common recommendation is to aim to save around 15% of your pre-tax income. This figure isn’t set in stone and can vary based on your age, financial goals, and when you started saving.

For example, if you earn $50,000 a year, you should try to save $7,500 annually for retirement. This percentage can increase if you start saving later in life or if you have ambitious retirement goals.

If saving 15% right now seems challenging, start with a smaller percentage and gradually increase your savings rate over time as your income grows.

Remember, the important thing is to start saving for retirement as early as possible to benefit from compound interest and grow your savings.

If you have any more questions or need further guidance on retirement savings or any other financial matter, feel free to ask. Your future self will thank you for taking steps to secure a comfortable retirement!

Feel free to share this info with anyone who might find it helpful or ask more questions on retirement planning. Saving for retirement can seem daunting, but with a solid plan in place, you can set yourself up for a secure financial future.