SYRACUSE, N.Y. (WSYR-TV) - It’s one of the popular questions for financial adviser Rick Reagan.
According to Rick, a lot of that depends on your age.
Morningstar recently did an analysis of retirement savings and found that a 35 year old couple making $50,000 a year should target to save about 13% of their income for retirement.
If you’re a couple making $100,000 goes up to 16%.
Why the increase? Social security.
The more you make, the less percentage wise of your income social security replaces.
As Rick Reagan states, try and target between 13 and 17% of your savings for retirement.
Even if you can’t afford that much, try to do as much as you can.