If you're young and saving for retirement, you should plan to sock away nearly a quarter of your pay in your 401(k).
A recent survey from personal finance website NerdWallet found that a 25-year-old who is earning $40,000 a year will need to have saved 22 percent of pay in a retirement account over the course of his or her career in order to replace 80 percent of annual income by age 67.
These findings assume that the saver will have a salary increase of 2 percent each year.
The 22 percent figure is a departure from some experts' suggested contribution rate of 10 percent of salary. Asset manager T. Rowe Price has promoted a target savings rate of 15 percent for workers who want better odds.