Set aside 10% of gross income for savings. Money Tips #3
Posted on Friday, July 10, 2009 at 12:37 amhis isn’t really a rule, according to experts, so much as a starting point. It’s hard to put a number on “the right percentage” to save because that ignores several factors, such as the return the money can earn, how long someone has to build a nest egg and the lifestyle someone wants to maintain.
If this rule gets people to save — even if they can’t afford to get all the way to 10% of income — then it’s better than nothing.
But if you follow this rule expecting it to deliver a secure retirement, you may be sorely disappointed.
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:) 