How do you usually save 10 percent of income for retirement? Will you save money in your savings account or via individual retirement account? Would you rather invest money for your retirement or you want an automatic savings plan like 401k plans? Maybe you asked; what percent of income should i save for retirement. Is 10 percent enough to save for retirement?
If you’re an employee, you can save at least 10 percent of salary, this money will be use for retirement.
Save 10 Percent of Income for Retirement?
The suggested percentage of income to save for retirement by age is 20%, but if you want to retire early, you can increase your savings by 50%.
To balance your finances, spend 30% of your income to all the things that you want, 50% of your income to all what you need and 20% for your income. Why save 10% if you can make it 20%, 30% or 50%.
Personally, I save 50% of my income, I invest in both mutual funds and stocks. It is because I want to retire early that’s why I aggressively save and invest money.
Other people asked, what percent of your money should you save. The answer to that questions is simple. You should save money depending on your financial goal. If you want $1,000,000 and you’re just saving $100 per month, what do you think would happen? You won’t achieve your goal faster.
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