This Is the Bare Minimum You Should Be Contributing to Your 401(k) Right Now

If you're wondering how much you should save in your 401(k), you're not alone. Unfortunately, that can be a complicated question that depends on your personal circumstances. So while it's hard to make generalizations on this subject, one aspect of planning is nearly universal: You should take full advantage of your employer's 401(k) match.

Financial planners recommend that people save 15% to 20% of their annual household income. There are certainly families that manage to bank enough of their earnings, but most Americans are falling well short of that recommendation. The average savings rate is only 3.8% right now, and it's generally been well under 10% historically.