Savings rates for a secure retirement

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The price of procrastination
In the table below are the recommended savings rates for individuals based on age, income level and accumulated savings.

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For instance, if you're 50 years old, earning $60,000 and have saved zilch so far, you need to start setting aside 26.2 percent of your pay.

Ouch -- that's what happens when you procrastinate! But if you have $200,000 stockpiled in your retirement plan, then your savings rate is a manageable 13.4 percent (0.64 percent x 20 = 12.8 percent. 26.2 percent - 12.8 percent = 13.4 percent). That's much better!

Find your age and income level to determine your appropriate savings rate. For each $10,000 you have in accumulated savings, subtract the number in the fourth column from the savings rate.

New national savings rates

Age	Income	Savings rate	Deduction for each $10,000
25	$20,000	5.8%	1.6%
25	$40,000	8.2	0.78
25	$60,000	10.0	0.55
25	$80,000	11.2	0.40
30	$20,000	7.0	1.65
30	$40,000	10.0	0.79
30	$60,000	11.8	0.54
30	$80,000	13.6	0.42
35	$20,000	8.6	1.75
35	$40,000	12.2	0.86
35	$60,000	14.6	0.55
35	$80,000	16.4	0.43
35	$100,000	17.6	0.34
40	$20,000	10.2	1.67
40	$40,000	14.8	0.86
40	$60,000	17.6	0.57
40	$80,000	19.8	0.42
40	$100,000	21.4	0.35
45	$20,000	12.4	1.76
45	$40,000	18.0	0.90
45	$60,000	21.4	0.59
45	$80,000	24.0	0.45
45	$100,000	26.2	0.37
45	$120,000	28.2	0.31
50	$20,000	15.0	1.87
50	$40,000	22.0	0.97
50	$60,000	26.2	0.64
50	$80,000	29.8	0.48
50	$100,000	32.2	0.39
50	$120,000	35.0	0.33
55	$20,000	18.6	2.11
55	$40,000	27.2	1.04
55	$60,000	32.6	0.71
55	$80,000	36.6	0.53
55	$100,000	40.2	0.43
55	$120,000	43.6	0.36
60	$20,000	23.8	2.39
60	$40,000	34.4	1.23
60	$60,000	41.2	0.81
60	$80,000	46.8	0.61
60	$100,000	51.4	0.50
60	$120,000	55.4	0.41