![mossretirement-199x300](https://b2445472.smushcdn.com/2445472/wp-content/uploads/2014/08/mossretirement-199x300-105x105.jpg?lossy=1&strip=1&webp=1)
The comments above and below are excerpts from an article by troweprice.com which may have been enhanced – edited ([ ]) and abridged (…) – by munKNEE.com (Your Key to Making Money!)
to provide you with a faster & easier read. Register to receive our bi-weekly Market Intelligence Report newsletter (see sample here , sign up in top right hand corner.)
Key Points:
- Retirement can last 30 years or more so make sure you’re doing what you can now to maintain your lifestyle during your post-working years.
- Aim to save at least 15% of your annual income, including any employer contributions.
- Even if you get a late start, saving 15% can help build your retirement savings.
Contributing a few percentage points more every year could make a big difference in your retirement savings.*
![file](https://www3.troweprice.com/usis/content/iinvestor/en/planning-and-research/t-rowe-price-insights/retirement-and-planning/retirement-savings/the-power-of-15-/_jcr_content/parsys1/image.img.jpg/1459269111186.jpg)
Saving 15% can significantly build your retirement savings even if you get a late start.*
![file](https://www3.troweprice.com/usis/content/iinvestor/en/planning-and-research/t-rowe-price-insights/retirement-and-planning/retirement-savings/the-power-of-15-/_jcr_content/parsys1/image_2.img.jpg/1458145562497.jpg)
Setting aside 15% now can help generate a more powerful stream of income in retirement, even after accounting for inflation. That extra purchasing power can help you maintain your lifestyle after you stop working.*
![file](https://www3.troweprice.com/usis/content/iinvestor/en/planning-and-research/t-rowe-price-insights/retirement-and-planning/retirement-savings/the-power-of-15-/_jcr_content/parsys1/image_0.img.jpg/1458145395829.jpg)
Saving 15% today can help you maintain your lifestyle in a retirement that could last 30 years or more.
*All figures assume:
- 7% annualized returns,
- a $50,000 starting salary at age 30,
- a 3% annual salary increase,
- a 4% annual withdrawal rate beginning at age 65,
- and 3% annual inflation unless noted.