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# 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.

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

Next: "Odds are good for success"
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