How to measure financial success
Retirement savings rate
The percentage of income you're setting aside for retirement can vary, but most financial experts say at the very least you should be putting away 10%.
If you're getting a late start on saving, or if you don't have a 401(k) with matching contributions at work, you might need to save more.
If you're not saving 10% right now, then start at a contribution level you can make and aim to increase that by 1% every six months. Hopefully, you'll be meeting your goal within a few years.
Our retirement planning calculator can help you figure out how much you need to save.
Once you've included Social Security (the calculator will allow you to do that), it may not be as much as you think.
Not sure what some of the parameters should be? Tell the calculator that you want to replace 70% of your pre-retirement income, that you want to plan for 30 years of retirement and that you expect a 7% rate of return while you're still working and 4% after you stop.