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  #1  
Old 12-12-2008, 03:07 PM
Zephyr Zephyr is offline
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Default What percentage of my salary should I put away for retirement

What percentage of my salary should I put away for retirement? What do you do?
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  #2  
Old 12-15-2008, 02:19 PM
Canadian Canadian is offline
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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.
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Last edited by Canadian; 12-15-2008 at 02:36 PM.
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  #3  
Old 12-16-2008, 04:07 PM
investor investor is offline
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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
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  #4  
Old 01-05-2009, 04:45 PM
trent trent is offline
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Originally Posted by investor View Post
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.
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  #5  
Old 01-06-2009, 04:15 PM
Steven Steven is offline
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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.
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  #6  
Old 01-06-2009, 04:26 PM
Canadian Canadian is offline
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Originally Posted by Steven View Post
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.
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Old 01-08-2009, 03:21 PM
bullish bullish is offline
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Originally Posted by Steven View Post
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.
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Old 01-09-2009, 04:25 PM
trent trent is offline
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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.
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Old 01-12-2009, 03:03 PM
Canadian Canadian is offline
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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.
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  #10  
Old 01-13-2009, 05:48 PM
trent trent is offline
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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.
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