How much do I really need to save for retirement?

I always thought 10% of salary was the amount you need to save for retirement. I save more than that, but a retirement calculator told me I'm not saving enough. Am I on track or is retirement just an impossible dream --Jessica, Texas.

I wish I could give you a simple-but-accurate rule of thumb that could assure you're saving enough to stay on track toward a secure retirement. But I can't because there isn't one.

The 10%-of-salary figure you cite is often tossed around as a viable benchmark -- and it might be if you start saving that amount in your early 20s and stick to it faithfully over the next 40 or so years. But few of us actually adhere to that regimen. We get a late start or have years when we save less than 10% or we may even dip into our savings occasionally. To allow for more leeway in building a nest egg, many pros suggest a higher target of 15%, which is the figure cited in recent research by the Center for Retirement Research at Boston College.

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Damian J. Sylvia

Retirement Income Solutions

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Oakhurst, NJ 07755