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09-24-2011, 03:52 AM
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A good rule of thumb is 10-20% of income. Contributing to a 401K will have the benefit of tax savings and tax deferred growth.
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www.Krantcents.com "Making sense of money" 
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09-24-2011, 05:56 AM
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There is a formula from one of Elizabeth Warren's books that is a good starting point.
50% of income for needs 30% of income for wants 20% of income for savings
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Steve * Despite the high cost of living, it remains very popular. * Why should I pay for my daughter's education when she already knows everything? * There are no shortcuts to anywhere worth going.
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09-24-2011, 01:24 PM
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Pay yourself first - worry about the ratio second. This tip is more for other people reading this thread who are saving nothing at all...
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Track your savings, checking, and credit accounts for free with BuckTrak
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09-24-2011, 07:40 PM
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Growing up I was taught 10% always goes to retirement 20% when you are young. Currently we save 5% towards my husband 401k equivalent and max out the roth every year. When we are dual income (we are military so we move a lot) my entire salary goes to savings.
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