“Stuart Ritter, a financial planner at T. Rowe Price, likens saving 3 percent to going to the gym for six minutes; you’re not going to whip yourself into shape.
A 9 percent deferral rate, then, is akin to a still sub-par 18 minute workout.
Ritter points out that at a 9 percent deferral rate the odds of your money lasting to age 95 is less than 40 percent.
His advice: save at least 15 percent of your pre-tax salary. At the very least, give yourself a much bigger cushion if your plan to keep working doesn’t work out as planned.”
Carla Fried, “Retirement Roadblock: The Dangers of Magical Thinking,” May 20, 2103, Bloomberg News