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Here's how much money you should have saved at every age
Posted on 2/23/17 at 11:28 pm
Posted on 2/23/17 at 11:28 pm
quote:
In your 20s: Aim to save 25% of your overall gross pay, Greene tells CNBC. "That 25% is the combination of 401(k) withholdings, matching funds from your employer and any cash savings that you have," she notes. "It can also include debt repayment.
"Just make sure your lifestyle expenses don't exceed 75% of your gross income."
By age 30: Have the equivalent of your annual salary saved, Greene says. If you earn $50,000 a year, aim to have $50,000 in savings when you hit 30.
Again, this includes any retirement account contributions, matching funds from your company, cash savings, or money you have invested elsewhere, in index funds or robo-advisers.
By age 35: Have twice your annual salary saved.
By age 40: Have three times your annual salary saved.
By age 45: Have four times your annual salary saved.
By age 50: Have five times your annual salary saved.
By age 55: Have six times your annual salary saved.
By age 60: Have seven times your annual salary saved.
By age 65: Have eight times your annual salary saved.
Greene's timeline is similar to the one recommended by retirement-plan provider Fidelity Investments, which says a good rule of thumb is to have the equivalent of your salary saved by age 30 and to have 10 times your final salary in savings if you want to retire by age 67.
LINK
Personally I think this is very aggressive. I am 5 years behind.
25
Posted on 2/23/17 at 11:35 pm to Street Hawk
I'm over 10 years behind. Oh well, such is life. 
Posted on 2/23/17 at 11:40 pm to Street Hawk
I was trying to upvote you. Fat fingers on an iPad - sorry 'bout that.
Posted on 2/24/17 at 12:01 am to Street Hawk
looks like im doing decent
Posted on 2/24/17 at 12:12 am to Street Hawk
Saving 25% in your twenties in this economy.....
Whatever dude
Whatever dude
Posted on 2/24/17 at 2:22 am to Street Hawk
That list is ridiculous bc if you make $50,000 there is no way you're saving $200,000 age 40 unless you have no social life and just stay at home and eat ramen noodles. There is no respectable rental available in any city that's under $1,000 anymore. I own a slew of section 8 housing that fetches $900+ a month for $50k properties. I suppose you could if you lived at home with family,paid no bills, and just saved up. It would be near impossible to save up 25% on a $50k salary. Taxes and rent/mortgage alone would be 50% or more.
Posted on 2/24/17 at 2:40 am to dabigfella
What?
If you start shortly after college, and graduate without delays, you'll accomplish this by contributing at least 10% of your salary to your 401k. And that's 10% AFTER match or profit sharing contributions.
If you maximize match, the average employer contribution to my 401k is at 9%. Free money.
How on earth is that impossible? Even without draconian savings? Hell, forget employer contributions, if you aren't saving at least 10% of your check then you have serious cash flow issues.
If you start shortly after college, and graduate without delays, you'll accomplish this by contributing at least 10% of your salary to your 401k. And that's 10% AFTER match or profit sharing contributions.
If you maximize match, the average employer contribution to my 401k is at 9%. Free money.
How on earth is that impossible? Even without draconian savings? Hell, forget employer contributions, if you aren't saving at least 10% of your check then you have serious cash flow issues.
Posted on 2/24/17 at 6:17 am to Street Hawk
56 years old. We have saved 15x our combined salaries
Posted on 2/24/17 at 6:21 am to Street Hawk
It's about saving discipline
Set a goal to reach every so many years and adjust your savings rate to reach that goal
More people could accomplish this if they would using the phrase 'live within their means'
Set a goal to reach every so many years and adjust your savings rate to reach that goal
More people could accomplish this if they would using the phrase 'live within their means'
Posted on 2/24/17 at 7:13 am to Street Hawk
quote:
In your 20s: Aim to save 25% of your overall gross pay, Greene tells CNBC. "That 25% is the combination of 401(k) withholdings, matching funds from your employer and any cash savings that you have," she notes. "It can also include debt repayment. "Just make sure your lifestyle expenses don't exceed 75% of your gross income."
By age 30: Have the equivalent of your annual salary saved, Greene says.
For these goals to be realistic, you can pretty much throw out saving for and buying a house in your 20's... unless you are in the top 5% or so in salary for that age range.
I chose the house.
Posted on 2/24/17 at 7:51 am to Street Hawk
I have age 30 accomplished. been more aggressive with investing and diversifying my investments. Hoping to surpass the age 35 goal. Although I will likely have kids in the next few years so that might put a wrench in things.
Posted on 2/24/17 at 7:59 am to Street Hawk
They're light in the older ages. 8x salary at point of retirement isn't enough.
Of course I'm one who plans on spending more at retirement.
Of course I'm one who plans on spending more at retirement.
Posted on 2/24/17 at 8:09 am to PhiTiger1764
quote:
For these goals to be realistic, you can pretty much throw out saving for and buying a house in your 20's
I am finding this out right now. Im pretty close to meeting that savings goal when I hit 30. If I use the money I've been putting in a Roth for a down payment for a house most of my savings will be used up.
Posted on 2/24/17 at 8:12 am to Volvagia
quote:
What?
If you start shortly after college, and graduate without delays, you'll accomplish this by contributing at least 10% of your salary to your 401k. And that's 10% AFTER match or profit sharing contributions.
If you maximize match, the average employer contribution to my 401k is at 9%. Free money.
How on earth is that impossible? Even without draconian savings? Hell, forget employer contributions, if you aren't saving at least 10% of your check then you have serious cash flow issues.
you're assuming the average person has a white collar job with a 401k match lol thats nice. I have over 40 employees that make $10/hour bc im a nice boss and pay over minimum wage but there are no benefits and employee match retirement programs. You think the majority of people in this country have jobs like yours or jobs like the guys I employee? Jesus man most people in this country can barely get by, there was a piece recently about how 60% of americans dont even have $500 for an emergency and you're over here talking about 9% 401k match programs.
You should step out of your bubble sometime and see how the average person in this country lives, not your average fellow college grad. Consider yourself lucky, I know I am, but I also know that for the average american the concept of 8x their income in savings is a pipedream at best.
Posted on 2/24/17 at 8:14 am to dabigfella
Was very doable for me. I haven't hit 35 yet.
Posted on 2/24/17 at 8:22 am to Chris4x4gill2
After having my first child at 28 and another at age 30, these goals are fairly aggressive for my wife and I. We are probably a few years behind but once the kids are out of daycare and into school, I should be able to catch up pretty quickly. $14K per year in daycare is a SOB.
With REI, 401K's and other investments, I should be plenty caught up by age 40, if not greatly exceeded.
These are very good goals for single or newly married couples to try and get to, especially if you have good jobs and no kids early.
With REI, 401K's and other investments, I should be plenty caught up by age 40, if not greatly exceeded.
These are very good goals for single or newly married couples to try and get to, especially if you have good jobs and no kids early.
Posted on 2/24/17 at 8:23 am to Volvagia
Here's How Much The Average Family Has Saved For Retirement
63% of Americans Don't Have $500 For An Emergency
quote:
Just how much has the average American family saved up? According to the EPI, the mean retirement savings of all families is $95,776.
quote:
But that number doesn't tell the whole story. Since so many families have zero savings and since super-savers can pull up the average, the median savings, or those at the 50th percentile, may be a better gauge. The median for all families in the U.S. is just $5,000, and the median for families with some savings is $60,000.
quote:
Whereas the average savings of a family with members between 32 and 37 is $31,644, the median savings is less than $500. At the other end, the average savings of families close to retirement — ages 56 to 61 — is $163,557. The median is $17,000.
63% of Americans Don't Have $500 For An Emergency
This post was edited on 2/24/17 at 8:24 am
Posted on 2/24/17 at 8:26 am to dabigfella
quote:Well the goals only say you need 3x at 40, which is $150k. Saving 10% of your income with about 5.5% returns on that savings gets you there.
That list is ridiculous bc if you make $50,000 there is no way you're saving $200,000 age 40 unless you have no social life and just stay at home and eat ramen noodles.
Posted on 2/24/17 at 8:36 am to Street Hawk
Looks pretty accurate to me.
I'll be 40 in a couple years, and I'm right at the 3 times my salary saved for retirement now.
Started putting 15% in my 401k starting at age 24 making less than $40k annually. Didn't increase the percentage until recently, and 2015 is the first time I ever maxed out my 401k. Now I wish the max contribution was over $18k.
I'll be 40 in a couple years, and I'm right at the 3 times my salary saved for retirement now.
Started putting 15% in my 401k starting at age 24 making less than $40k annually. Didn't increase the percentage until recently, and 2015 is the first time I ever maxed out my 401k. Now I wish the max contribution was over $18k.
Posted on 2/24/17 at 8:45 am to Street Hawk
If I count equity in property (and I do) I'm ahead of the game.
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