Money in Your Pocket: How much should you be saving for retirement?

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.


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