The personal savings rate is the percentage of income left over after people spend money and pay taxes. That rate for Americans on average was 3.4% in September 2023, according to the Bureau of Economic Analysis (BEA). 1 According to experts, that's not enough to save for a comfortable retirement, let alone for anyone aiming to become a millionaire. Exactly how much should you save? Although there's no correct answer here, most financial planners say that, depending on your age, you should save at least 15% of your annual gross income just for retirement. That figure is ambitious but not necessarily unattainable. If your employer matches contributions of up to 6% of your salary in your 401(k) plan, you need to save only 9%.
