33 years old with an annual income between $75K - $100K, what % should you be saving annually for retirement?

Answer 1

As much as you can! I know, you're looking for a number....
I'd say 10%.

Answer 2

How much you'll need to retire depends on so many factors that it's not possible to say for certain how much you should save at any point.

Do you own a home? Do you want to?

Do you have children? Will you?

What is your own health like? What about the health of your older relatives?

What do you think of doing when you retire?

I own my own home and vehicle. I own all the furniture I could possibly need. Those are expenses I won't have in the future that I've had during my working life.

I enjoy travel so I will spend more on that than I did when I was working full time.

Each situation is specific.

The best thing you can do is see an independent financial planner in your local area. A good planner will help you to make up your mind.

Answer 3

Everyone should set aside at least 10%. At your income level, you should be aiming at 20% or more. You're young enough to be a multi-millionaire when you retire if you can sock away 25% of your pay for the next 30 years.

Sock as much away as possible in tax-deferred plans as you can. Even if you can't take a deduction for the contributions because of your income, the gains will still accumulate tax-free.

Put at least enough in a 401(k) to get the maximum employer matching amount -- that's free money for you once you're fully vested. Full vesting must occur in 5 years though many employers will vest earlier than that.

Make sure that you have at least 6 months income in readily available funds that won't trigger a tax penalty as a hedge against unexpected expenses or job loss.

It can be tough disciplining yourself to get started on a savings plan but I can guarantee you that as you do and your balances start growing you'll be looking for ways to set more aside.