4. Save 10% of your salary each year: By starting in your 20s and saving just 10% of your salary, you give yourself a significant advantage. If you wait until your 30s, you’ll have to contribute at least 15-25% of your income. Starting in your 40s, you will have to save more like 25%-35% of your income. And if you start saving in your mid-40s or later, you’ll have to set aside as least 35% of your income for retirement and max out all of your tax-deferred retirement account options.
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