20% saving for retirement???

Not only is it possible, but there is no better time to do it.

When I got out of college, I set up that much for 401k payroll deduction with my first paycheck and never missed what I never had.

Even though that was not the best choice for a savings vehicle (nor was the 15-year home loan I got a few years later), I didn't really have enough maturity to save something that was not automated.

With more financial maturity now, the 401k deduction is only enough to get the match but I save in other ways.

I don't think it's realistic for the vast majority of Americans. When I was 22 I saved money for:

a. Buying a house so I didn't have to rent.
b. Buying the next car so I didn't have to finance.
c. Emergencies.

My savings for retirement was more like 10% and I thought that was pretty disciplined.

Keep in mind, most people don't make 100K a year. To save 20% they'd have to stop eating.

It is possible if you have the mindset. My motivation to save is seeing a lot of our elderly living off only social security, barely making it because of poor decisions in the past. I want to reward myself in retirement and will do what it takes to get to my "number." My wife and I are currently saving 18% of our post tax income in a 401k and two Roths and the only reason I'm not saving more is because we are saving heavily for a house, vehicle, and a small vacation/emergency fund. My wife and I are in our mid 20s and early in our careers so our income is far below 100k but we're still able to do it.

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Eliz. Warren is running for Senate in Mass. against Scott Brown. A few years ago she wrote a book on personal financial advice. In it she recommended that as soon as you enter the workforce, let's say at 22 when you graduate college, you should put 20% of your income into a retirement account.

Questions.. Is that realistic? And, if so, for how many people?

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Probably not realistic for most people

I can do it now only because my income far exceeds my lifestyle

But if you're making 30K a year, it's not likely you'll be able to do it unless you have a car paid off and have roommates.

My gameplan has always been 15%. Company match of 4% so I put up 4. Then I invest another 7% at TD or Scott or Vanguard.

The 401k is a myth if you want to retire with money. In 10 years with my 401k, I have amassed $100,000. Even working 40 years, with compounding, I am not going to be secure, so the 7% is the key.

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How much does each increment in percentage equate to either lifestyle once retired or how soon you can retire?

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My lifestyle was austere. But I know that if I had saved 20% when I was 20-40 years of age I would have lost money I saved in interest on car notes and mortgages. Because I wouldn't have enough saved to pay cash for cars and big down payments on my houses.

only if you want to retire at a reasonable age

It's all relative to income. You make 200k and put 10% away for 30 years you'll be fine barring ZA.

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Questions.. Is that realistic? And, if so, for how many people?

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Very unlikely. Look at it this way. You finish school, get a job say paying $65k a year to start. Now you get married, have a few kids. Say by that time you are making $80K. Well, a house is going to cost an easy $1200 a month, throw in car notes, insurance for both and then health insurance. That's another 1800-2k a month. Every day expence for day care or school, that's another 5k a year per kid. Now house expence, throw in around $700. Put all that together after taxes, you don't have shite left.

20% is very high at the start of your life. I wasn't able to put that much in till I finished up with the kids. Before that, I was able to save around 12%.