Is Dave Ramsey correct about saving 15% of your income for retirement?

Dave Ramsey recommends that people save 15% of their income for retirement (after they’ve paid off debt and built up emergency funds). I’m not exactly sure how Dave Ramsey arrived at that 15% number, but nevertheless we can-and will- dissect his advice.

15% should be way more than enough if you’re in your 20s. That’s because compound interest will take it’s course over 40 years. Now if a 20 year old wants to retire early, he’s going to need to bump that up (but that’s a different discussion — see F.I.RE.-Financial Independence, Retire Early). As the…