Retirement?

Question

How much are you saving for rertirement? What is an average amount one should save?

Answer 1

10% to 15% of your pay or around $2.5 mil when retire.

Answer 2

For me it's around $200 a month.  I plan to increase it in proportion to my next pay raise.  Every situation is different.  You might want to run an internet search for "retirement calculator."

It's also important to understand your Social Security benefits.  Review them annually as the SSA will usually send a statement explaining benefits.  

Also recognize the power of compounding interest.  Percentage increases multiply a lot faster than linear increases.