efflandt
Senior Member
Cash: $ 80.45
Posts: 401
Joined: 25 Apr 2005
Location: Elgin, IL USA
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I have heard a general rule of thumb of 10% of your gross income. But that may assume you start as early as possible continuously, and more would be required if you get a late start or plan on retiring earlier than qualifying for social security (whatever might exist by then).
While I did put away some in IRA money over 20 years ago, I think for a long time, I may have only been contributing a small percent to my 401(k). About 10 years ago I calculated what I might need to contribute to retire real comfortably and the result seemed impossible (1/3rd of gross income). But I bought a home, studied my investment options, bumped my 401(k) contribution up to 20%, and contribute to a Roth IRA. So retirement in less than 12 years is beginning to look possible.
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