Suggested savings rate6 of 8Although this figure used to be a minimum of 10 percent, experts now endorse bumping your savings rate up to 15 percent. Subdivide that into 10 percent for retirement and 5 percent for shorter-term savings, such as a vacation. "The rule is sometimes expressed as 90/10 or 85/15 where you spend the first number and save the second number," Orecchio says. Related Articles:Credit reports topic pageCredit cards topic pageCreating an emergency fundFICO score calculatorRelated Links:30s retirement planningEmergency savings calculatorHome sale capital gainsBoost your retirement advertisement
Although this figure used to be a minimum of 10 percent, experts now endorse bumping your savings rate up to 15 percent. Subdivide that into 10 percent for retirement and 5 percent for shorter-term savings, such as a vacation. "The rule is sometimes expressed as 90/10 or 85/15 where you spend the first number and save the second number," Orecchio says.
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.
By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.