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How much do you need to save for a secure retirement?

The younger you start saving for your retirement the smaller the percentage of your salary you need to save.

How much do you need to save for a secure retirement?

To maintain your standard of living you will need about 15 times your last working year’s salary. So, take your monthly salary, multiply that by 12 and then again by 15. Assuming you retire at 65 and that there is no inflation, this will give you an ongoing income of around 80% of your final annual salary.

The younger you start saving for your retirement the smaller the percentage of your salary you need to save. Look at the graph below:

 

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