BACK

How much should I save?

When deciding how much to contribute to any retirement plan, you must first consider how much you can afford to save without seriously compromising your lifestyle - and how much you'll need during retirement.

Once you've got that figured out, you should opt for tax-sheltered plans whenever possible. The purpose of these investment vehicles is to grow your nest egg while minimizing your tax obligations.

Tax-sheltered plans vary in terms of when and how much you'll be taxed, as well as the maximum annual contributions you can make. The tax laws can get pretty complicated, so it's a good idea to discuss your options with a financial adviser. To top of page

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.