The Savings and Investing Rule of Thumb

If you’re not sure how much to save and invest for your retirement, the general rule of thumb is to save 10% of your income. Note that this assumes you have at least 30 years to save and invest the money. In other words, if you start saving late and only have a few years to retirement, you’ll have to save a lot more than 10%. Check out this article to see why time matters when it comes to retirement saving.

The easiest way to save 10% for retirement is to make it automatic — for example, via 401(k) contribution. If you don’t have this option, you can set up a transfer between your main account and your “10% saving” account.

Related Articles From Other Bloggers

• Can Our Savings Outlast This Economic Crisis? - Across the nation bankruptcies and loan defaults are becoming all too common.  Consumers who are not able to keep their commitments financially are found not just here, but in other nations as well.  The clouds of personal finance storms are everywhere: UK Report. How are our savings accounts holding up? ......
• Sunday Money Madness - Happy New Year! - Happy New Year Everybody! Let's kick off the first of this year's roundup with a bang! Credit and Debt No Debt Does Not Mean Good Credit says Credit Karma. All Financial Matters posts Bureaus Roll Out New Credit Score Formula for 2009. Finance for a Freelance Life asks Got Gift......
• Save Time, Money and Space in Over 80 Ways - If you're looking for handy gadgets, tools and various items that can save you time, money or space (or all three!) this list of more than 80 top products is just what you need. Everyone's got saving money on their minds these days. Some of us are always looking to......
• Best Place to Save Money For Kids - I recently attended a birthday for one of my kids' friends, and was blown away by the amount of cash gifts they received. Apparently, giving cash is cool again, and I was impressed by the generosity from mostly family members, but a few family friends, too. My kids occasionally receive......
• Tips and Tricks for Budgeting - Many people think that the budgeting process has to be complicated in order for it to be effective but the truth is actually quite the contrary. Once you know what the basics are when it comes to starting a budget and managing your budget, there is nothing that has to......

Get Free Email Updates
Like this article? Enter your email address and click "Subscribe" to get the latest articles sent to your email for free. Your email will only be used for this daily update and you can unsubscribe anytime.

* Subscribe to our feed now, it's free!

Related Tags
Investing, Retirement, Savings

• Banking: Money Market Rates, Small Business Loans, VA Mortgage,
• Credit Cards: Best Credit Cards, Best Business Credit Cards, Best Student Credit Cards.
• Credit Score: Build Business Credit, Credit Score, Credit Repair.

No comments yet.

Please share your comment: