Kiplinger

Are You Saving Enough?

Savings and retirement estimators are helpful, but often misleading, tools. These calculators can be insufficient to determine how much money you should be saving based on a few calculations.

It's not wise to solely trust calculators to tell you if you're adequately prepared for an emergency or retirement. In addition, some people trying these calculators may be so discouraged by the numbers they see that the tools end up not helping at all.

If you looked in a financial planning textbook, an individual should be saving 10% to 20% of his or her gross income.

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