As a group, Americans have shockingly little saved for retirement.
Northwestern Mutual's 2018 Planning & Progress Study, which surveyed 2,003 adults, found that 21 percent of Americans have nothing saved at all for their golden years, and a third of Americans have less than $5,000. To put that into perspective, it means that 31 percent of U.S. adults could last only a few months on their savings if they had to retire tomorrow.
In order to be comfortable in retirement, financial services company Fidelity recommends putting away 15 percent of your income per year starting at age 25 and investing more than 50 percent of your savings over your lifetime. But to see if you're on track, or even ahead of the game, it's crucial to know your savings rate.
On their blog Money Sloths, Mike and Sophie, who use only their first names online and save up to 80 percent of their annual income, previously broke down how to calculate your personal savings rate, which is the percentage of your disposable income that you put away for the future.