How can I determine the right amount to contribute to my retirement accounts?

To determine the right amount to contribute to your retirement accounts:

1. Start with your employer's match. If your company offers a 401(k) match, contribute at least enough to get the full match - this is essentially free money.

2. Aim for 10-15% of your annual income as a general rule of thumb. This is a common target range for retirement savings.

3. Use a retirement calculator to estimate your needs. Tools like the 401(k) calculator can help you project your savings based on different contribution levels.

4. Consider the annual contribution limits. For 2024, the 401(k) contribution limit is $23,000, or $30,000 if you're 50 or older.

5. Assess your overall financial situation. Factor in your age, current savings, other financial goals, and expected retirement lifestyle.

6. Gradually increase your contributions. If you can't hit your target immediately, start smaller and increase your contribution percentage over time.

7. Review and adjust regularly. Reassess your contribution levels annually as your income, expenses, and goals change.

Remember, the right amount varies for each person. It's often beneficial to consult with a financial advisor for personalized guidance based on your specific circumstances and retirement goals.