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How much Americans contribute to their 401(k) plans—and how much you should be saving

Kathleen Elkins

Other experts point out that how much you need to save is highly individual and comes down to when you want to retire and what you want your future lifestyle to look like. There are equations you can follow, certified financial planner Andrew Westlin tells CNBC Make It, such as, “you should save 15% of your income for retirement. But at the end of the day, it really comes down to everybody’s own personal situation.”

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This article originally published June 6th, 2019 on CNBC