"For most people, deciding how much of their monthly income to save can be a real challenge. If you're a fan of Dave Ramsey, the answer might be right around 15% of your net take-home, but this number can vary considerably, based on your personal needs. For baby boomers, there is a real question about what percentage of their income should be put away for retirement."
"Younger individuals might be able to get away with less, but boomers shouldn't consider anything below 15% of their current income. The hope is that you can even increase this percentage to give yourself a retirement boost in your golden years. Are you ahead, or behind on retirement? SmartAsset's free tool can match you with a financial advisor in minutes to help you answer that today."
Baby boomers should generally save at least 15% of their income for retirement, and should increase savings if they are behind. Individuals who start saving later face significantly higher monthly contributions to reach target nest eggs; for example, a 50-year-old starting to save may need about $4,000 per month to reach $1.26 million by retirement according to a 2025 study. Saving only 7% of income is likely insufficient for comfortable retirement. Personal circumstances such as credit card debt, supporting children, or other obligations directly limit available monthly savings. Using a vetted financial advisor or planning tool can help set appropriate goals.
Read at 24/7 Wall St.
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