How Much Of Your Income Should You Save

How Much Of  Your Income Should You Save

How much someone needs to save depends upon each individual’s circumstances. Typically the rule of thumb is to begin saving by allocating between 10%-20% of one’s income, however, someone in their earlier 20’s may have different requirements to ensure one has sufficient income for retirement.

“First, we need to calculate how much we need in investments to generate sufficient income to fund our living expenses. Second, we calculate how long it will take to reach this goal based on our current savings rate and assumed rate of return.” Read More

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