Is It Enough to Save 15% of Your Income for Retirement?

income for your retirement

When it comes to saving for retirement, how much is enough? As a starting point, many experts recommend that you save at least 15% of your income for retirement. One of the loudest personal finance voices out there, Dave Ramsey, recommends saving 15% of your income for retirement as part of Step 4 in his seven baby steps to financial peace.

But what if you got a late start in your financial journey? The later you start to save, the less time your money has to compound and work for you to build wealth. And if retirement is close, it’s probably wise to move your money into less risky, lower performing investments. You’ll earn a lower return, but you’ll preserve more of your capital so your money is there when you need it.

Is saving 15% of your income for retirement always enough to live a comfortable lifestyle in your . . . → Read More: Is It Enough to Save 15% of Your Income for Retirement?