15% Retirement Question
I'm currently working on baby step number 7: saving 15% of my gross household income for retirement. I'm wondering what I would do in this situation.
My employeer has a pension plan. In retirement I will receive my pension (somewhere around 100k per year), social security, and I will have a 401K.
My question is 15% of my current salary is around $1000 per month. $510 is taking out of my paycheck every month for my portion of the pension plan. Should I be contributing $490 a month to my 401k for a total of 15% or should I contribute the full $1000 a month to my 401k in addition to the $510 I contribute to my pension?
Is saving 15% to aggressive since I have a generous pension?
Update: How do I handle overtime income? If I'm currently making an extra $2500 a month in over time do I need to account for that in the 15% amount. I'm working overtime so I can complete home renovations debt free. I will only be doing this for another year or two.