How much you would have in retirement by saving 10 dollars a day [Video]

Although the thought of saving $1 million or more by the time you reach retirement age may seem overwhelming, the process doesn’t have to be — especially if you start early.

Instead of focusing on the total, try paying attention to your savings rate, which is the percentage of your annual pre-tax income you’re contributing to your retirement investment account.

While it can be helpful to have a goal in mind when you begin saving for retirement, it’s also important to remember that your retirement account balance can be impacted by factors outside of your control, such as market volatility. But your savings rate is something you can control.

Fidelity recommends a savings rate of at least 15%, inclusive of any employer match. However, it’s OK if allocating that much of your income isn’t feasible at first.

“Starting out with smaller amounts is always the winner, because you can always invest more later, too,” James Royal, Bankrate’s principal …