Quote:
Originally Posted by Sassy Squatch
My current contributions are 9% of 40 hours, which is roughly 126 per week. We don't actually have matching contributions, our employer puts in roughly 10% of our gross per week regardless of what you contribute.
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Just some general ballpark numbers people use to measure retirement savings by age. I strive to be at the top numbers for each age bracket.
Investor's Age Savings Benchmarks
30 0.5x of salary saved today
35 1x to 1.5x salary saved today
40 1.5x to 2.5x salary saved today
45 2.5x to 4x salary saved today
50 3.5x to 6x salary saved today
55 4.5x to 8x salary saved today
60 6x to 11x salary saved today
65 7.5x to 13.5x salary saved today
I always recommend people try saving between 10-15% of your income to get these numbers. You obviously have to live too but this becomes easier as you earn more through age, as long as your raises don't turn into lifestyle creep. Every raise you get requires a bump in your contribution of at least 1%.
Kudos to you thinking about it at your age. That's how you make sure you aren't working until you die.