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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Is there a general guideline for what % of your gross or net paycheck you should be saving toward retirement?  I only make a bit over $50K.  $3,500 is taken out for my pension each year and I out around $2,200 per year in a 401K.  But I just started this a year or two ago when I was 39 or 40.  [/quote]

I'm not a financial planner, but the general guideline is to save as much as you can without unduly straining yourself. From your scenario, you have a pension account, which (all else being equal) is great. Does your employer match your 401K contributions? At my company, they match dollar for dollar up to 5% of your gross salary. If they have that arrangement at yours, it would be good to put at least that much away to get the 'free' money. As the PP mentioned the yearly contributing limit for folks under 50 is $17,500. As your income increases, you can always put away more. The most important thing however, which you are doing, is to start. Time is key here. The longer you save, possibly the more you will have in the future[/quote]

Thanks for the info.  No, my employer doesn't match anything.  I'm a teacher so I guess they figure the pension is good enough.  I only net around the low $20K so I really can't go much lower and be able to live.  I did increase the 401K this fall when I got a small raise so I will try to keep doing that if I get a raise each year.[/quote]

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