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How much money you should save for a comfortable retirement.

• There isn’t a magic number for retirement savings. Setting aside 15% of your annual salary before taxes is a good place for many people to start, experts said.
• Starting early is key, even if it’s just a small amount. Those who start later will have to boost their savings rate.
• Invest in a tax-advantaged account like a 401(k) plan or an individual retirement account and make sure your asset allocation isn’t too conservative relative to your age.

Many Americans are anxious and confused when it comes to saving for retirement. One of those pain points: How much should households be setting aside to give themselves a good chance at financial security in older age?
More than half of Americans lack confidence in their ability to retire when they want and to sustain a comfortable life, according to a 2024 poll by the Bipartisan Policy Center.
It’s easy to see why people are unsure of themselves: Retirement savings is an inexact science.
“It’s really a hard question to answer,” said Philip Chao, a certified financial planner and founder of Experiential Wealth, based in Cabin John, Maryland. “Everyone’s answer is different,” Chao said. “There is no magic number.”
Savings rates change from person to person based on factors such as income and when they started saving. It’s also inherently impossible for anyone to know when they’ll stop working, how long they’ll live, or how financial conditions may evolve — all of which impact the value of one’s nest egg and how long it must last.
That said, there are guideposts and truisms that will give many savers a good shot at getting it right, experts said.
15% is ‘probably the right place to start’
“I think a total savings rate of 15% is probably the right place to start,” said CFP David Blanchett, head of retirement research at PGIM, the asset management arm of Prudential Financial.
The percentage is a share of savers’ annual income before taxes. It includes any money workers might get from a company 401(k) match.
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