A: Most financial advisors and personal finance books recommend saving 10-15% of your income for retirement. Naturally, the actual amount that you need to save will depend on on a variety of factors such as whether you will have a pension, whether your home will be paid off prior to retirement, your retirement age, and the rate of return on your investments. The suggested 10-15% is well above the national average of 5%, (which includes contributions to retirement plans such as 401ks). Read: Saving 15% of Your Income For Retirement.