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How Much Money Should I Save Each Month? How Much Do I Need To Retire?

Last Updated: January 22, 2021 BY Michelle Schroeder-Gardner - 38 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

We all know that saving money is important, and asking yourself “how much money should I save?” can be a difficult question to answer when beginning. Being a personal finance expert, I am asked this question a lot.

How much money should I save each month? How much do I need to retire? These are common questions I receive and you will finally receive an answer! #howmuchmoneyshouldisave #howmuchmoneyshouldyousave #howmuchdoineedtoretireBetween saving for emergencies, retirement, vacations, etc. there are a lot of things to consider. And, knowing how much to save is something that many people don’t often talk about. When it does come up, it can seem like there is no straight answer.

I’ve talked a lot about savings on this blog, and in my post 56% Of Americans Have Less Than $10,000 Saved For Retirement, I stated that 56% of Americans have less than an average of $10,000 in retirement savings and 33% have no retirement savings at all. This is something incredibly important to address!

Other interesting statistics mentioned in this article include:

  • 42% of millennials have not begun saving for retirement.
  • 52% of Gen Xers have less than $10,000 in retirement savings.
  • About 30% of respondents age 55 and over have no retirement savings whatsoever.
  • Nearly 75% of Americans over 40 are behind on saving for retirement.

[Read more…]

38 Comments
Filed Under: Budget, Retirement Tagged With: Budget, How much money should I save, How to save money, Retirement

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My name is Michelle and I'm the author/owner of Making Sense of Cents. Learning how to save money and make more money changed my life. It allowed me to pay off $40,000 in student loans, start my own business, and I now travel full-time.
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