If you have a full time job, you should contribute up to the amount that the company will match until you are out of debt. Once you are out of debt, then you should begin contributing 15 percent of your income. The amount you get from your employer’s match should count towards that fifteen percent.2
Otherwise, you should contribute 5 percent of your earnings until you are out of debt (not counting your mortgage). This allows you to start building your retirement savings, while still freeing up money to put towards debt. If you do not qualify for a 401(k), you should be consider contributing to a Roth IRA or a traditional IRA instead.