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Figure out how much you need to retire comfortably. Here's how...
Once you know how much you’ll need in your golden years, the next step is to make sure you’re saving enough each year to get there. The “Steady Eddy” approach (popularized by Wealthy Barber author David Chilton) shows someone who starts contributing for retirement in their 20s. The “mortgage-first” approach shows how much you’d need to save if you focused on paying down your mortgage until your 40s, then saved 20% of your salary. [Editor’s note: The chart below reflects 2016 tax rates]
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