What percentage of my income should I try to save?

What percentage of my income should I try to save?

Mitchell Freedman, CPA/PFS (CEO, MFAC Financial Advisors) gives expert video advice on: What percentage of my income should I try to save?; How can I start saving more money?; How do I create a budget? and more...

There's a rule of thumb that people should save 10% of their income and I think that's a good rule that people should follow for saving. If they have a 41(k) in their employment situation they should try and save that much of their income, up to the maximum amounts that are allowed under the tax law. Unfortunately too many people today are not saving at all and in fact they're spending more than they earn, but saving is a critical element.