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You should take money from each paycheck and set it aside for investing in your retirement savings. Check out these helpful tips to know how much money you should invest:
Where to start: A good rule of thumb is to begin by putting 10% of your gross salary into your retirement savings. However, this can change depending on your existing resources, retirement goals, and family decisions.
Up to the contribution limit: Once you decide on the percentage of your gross salary you want to invest in your retirement savings, it's important to note that the Internal Revenue Service (IRS) has an annual limit on contributions. This limit does change, so you'll need to double-check the current number. For example, in 2019, the limit was $19,000. In 2020, the limit increased to $19,500.
Get enough for the match: If your company offers a matching contribution, you'll want to make sure you invest enough to receive the maximum amount. Different employers have different matching programs. Some employers might offer 3% of the salary, while others might offer half of the first 6% you contribute. No matter what your employer offers, you want to ensure you take advantage of it since it's essentially free money your employer is putting into your retirement account.
With these tips in mind, you know how much to invest so you can begin growing your retirement account and saving for your future.Source: Investopedia
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