What percentage of my salary should I put away for retirement

[Zephyr]

What percentage of my salary should I put away for retirement? What do you do?

[Canadian]

I would say as much as you can, but in my opinion one should save at least 10% of their gross salary. How much you put toward retirement will of course depend on many things, like your current age, your current savings, what standard of living would you need when you retire, etc.

[investor]

10% is good but when you have 2 kids, mortgage and 2 leased cars I don't know if you can manage 10%, more like 5% or nothing... Our house is part of our retirement plan

[trent]

Originally Posted by investor

10% is good but when you have 2 kids, mortgage and 2 leased cars I don't know if you can manage 10%, more like 5% or nothing... Our house is part of our retirement plan

If you count on house appreciation in Canada in the next few years, you will be disappointed. A house can be a part of a retirement plan, as long as it's fully paid, because it will provide shelter in your retirement years. A house is a place where you live and raise your family, not an investment.

[Steven]

I'm aiming to save 15% of my gross income, but this is close to impossible. On a very good month I might do it, but usually I end up saving 8%-10% monthly.

[Canadian]

Originally Posted by Steven

I'm aiming to save 15% of my gross income, but this is close to impossible. On a very good month I might do it, but usually I end up saving 8%-10% monthly.

15% of gross income is an admirable goal, but is hard to achieve. I'm happy when I save around 10% of my earnings.

[bullish]

Originally Posted by Steven

I'm aiming to save 15% of my gross income, but this is close to impossible. On a very good month I might do it, but usually I end up saving 8%-10% monthly.

Whoa, 15% of gross salary, you must be rich . I can hardly save anything, but I'm not too worried about that.

[trent]

Originally Posted by bullish

Whoa, 15% of gross salary, you must be rich . I can hardly save anything, but I'm not too worried about that.

Of course you are not worried, because you are plainly ignorant. If you lose your job and have to rely on non-existent savings than you might start worrying a little.

[Canadian]

Yes, in such economic times everybody should have 6 months of expenses in emergency savings. Having less than that seems dangerous and irresponsible to me.

[trent]

If you can, save more than 6 months of living expenses. The way the things are going with the Canadian economy and job markets, you might need it.