Forget 10% -- Here's Why You Should Be Saving 15% or More of Your Income for Retirement
There's a reason all working Americans need to make retirement savings a priority. Regardless of income level or projected retirement lifestyle, the typical senior can't live off Social Security alone. In fact, your Social Security benefits will only replace about 40% of your previous income, which won't cut it even under the most frugal circumstances. As such, you'll need to sock away money consistently to ensure a reasonably comfortable future.
For years, financial experts have been telling workers to set aside 10% of their incomes for retirement. And that's certainly a respectable goal. But if you really want to avoid a situation where you're strapped for cash later on, you should, in reality, be saving 15% or more of your income not just later in life, but throughout your career.
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Source: Fool.com
