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Tuesday, May 29, 2007

How much is enough to save for retirement?

The CNNMoney.com article discusses the frequently used rule of thumb of saving 10% of salary every year for retirement.

As per the article, this may be good rule if the future is certain. However, this rule is not a good one due to uncertainties in life. In addition, the % that needs to be saved will vary depending on what age you start saving for retirement and the beginning balance. So if starting to save later in career, the amount you may need to save is likely to be much higher. In addition, the amount to be saved depends on your spending level in retirement and whether you plan to work in retirement (if working, is it really considered retirement?)

For complete article, check out:

CNNMoney.com: Why the 10% solution is actually 90% wrong

posted by Ruby @ 7:34 AM

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