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Retirement Saving for retirement - questions about pensions and pension schemes, 401k's, public and private company pensions, and other saving schemes.

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  #1  
Old 11-01-2012, 01:44 PM
2bWed 2bWed is offline
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Default How much to put away from each pay check?

About what percentage of each pay check should someone be putting away or saving or investing for their retirement?

I am just starting out with this and wondering what I should budget for...thanks!
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Old 11-01-2012, 11:34 PM
Fredy Atwater Fredy Atwater is offline
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Default Re: How much to put away from each pay check?

The most that you can without going nuts.
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Old 11-05-2012, 04:54 PM
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Default Re: How much to put away from each pay check?

The answer is: it depends. The more you can sock away, the better you may be off later in life when it comes time to retire. The younger you are (if you are in your 20's or 30's), the less you may need to set aside. It also depends on your other goals (children's education, vacation, paying down debt, paying off your home, etc).

It used to be a good rule of thumb that a normal savings rate was about 10%, but given the realized investment returns by investors over the past decade+ have been low as well as the potential concerns with the sustainability of Social Security, the figure may be closer to 15-20+% in reality.

It would be important to seek a competent financial advisor to help you with the question of how much you need to save, to help you periodically review your scenario each year to see that you are on track, and to see if any modifications may be needed.

There are a lot of different ways to save for retirement (IRAs, 401(k)s, regular savings, regular investment account, etc.), so it depends on what you have access to. It can make sense to maximize your contributions to your 401(K) to take advantage of any employer matching first and then contribute to an IRA (if you are able given the income limits).

Hope this helps!
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Old 11-08-2012, 11:22 PM
Shailacooke Shailacooke is offline
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Default Re: How much to put away from each pay check?

Ideally, you should save 10% of your paycheck and you can budget the rest for your expenses.
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Old 11-09-2012, 04:45 AM
AlbertDisuza11 AlbertDisuza11 is offline
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Default Re: How much to put away from each pay check?

It all depends upon individual needs- like what is your income each month and how many dependents are there who rely on your income. If you can save more than 10% of your income then it is considered good and ideal for your future. But the more you save the better.
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Old 11-10-2012, 11:27 AM
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Default Re: How much to put away from each pay check?

Quote:
Originally Posted by AlbertDisuza11 View Post
If you can save more than 10% of your income then it is considered good and ideal for your future. But the more you save the better.
While I generally agree that the more the merrier when it comes to saving, it is important to evaluate what your goals are (paying for retirement, traveling, children's education - public or private) and what you would need to save to accomplish those goals. There is such a thing as sacrificing TOO much today in the hopes of a better future, so it is important to find a healthy balance between both current needs and future goals.
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Old 02-16-2013, 01:56 PM
MoneyTools123 MoneyTools123 is offline
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Default Re: How much to put away from each pay check?

As much as you can.
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Old 02-17-2013, 10:14 AM
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VanReb VanReb is offline
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Default Re: How much to put away from each pay check?

20% if not more. It's not an easy figure, but it will really pay off during an emergency.
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Old 02-28-2013, 11:50 AM
JenBramhall JenBramhall is offline
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Default Re: How much to put away from each pay check?

As much as you can afford to!
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Old 01-30-2020, 03:26 PM
SunnyMay SunnyMay is offline
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Default Re: How much to put away from each pay check?

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