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re: Here's how much money you should have saved at every age
Posted on 2/26/17 at 11:46 pm to jacquespene8
Posted on 2/26/17 at 11:46 pm to jacquespene8
the saving tendency is true but people on this board are generally making very good money. If I took a guess, most of the regulars on the board are over six figures. Some of the regulars just aren't there yet because they are 25 and it takes a few more years.
Some people are so stringent about saving that they forget to enjoy life. It's a balancing act.
This post was edited on 2/26/17 at 11:47 pm
0
Posted on 2/27/17 at 12:16 am to dabigfella
Retirement included.
Posted on 2/27/17 at 6:01 am to dabigfella
I've found saving to be relatively easy with discipline.
I make a sizable amount but I am as frugal as it gets. Cheap lunches, I make most of my meals. I also don't have a car note, and have cheap insurance which is nice.
I've found ways to get free gym memberships and other perks that save me 1000s a year .
I plan trips early to lower my traveling costs too. I've had no problem having a great social life and saving.
I make a sizable amount but I am as frugal as it gets. Cheap lunches, I make most of my meals. I also don't have a car note, and have cheap insurance which is nice.
I've found ways to get free gym memberships and other perks that save me 1000s a year .
I plan trips early to lower my traveling costs too. I've had no problem having a great social life and saving.
Posted on 2/27/17 at 8:47 am to Street Hawk
I am 29 and turn 30 in April. I have maybe $40k saved. I feel like I am ahead of the average. I do have $50k in equity in my two homes, though, but that is excluded in this area. I want to know what percentage of 30 YOs have that much save.
Posted on 2/27/17 at 9:10 am to rpg37
Not a lot have that much wealth. Almost $100k of wealth at that age puts you in the minority.
I found a great website awhile back that would let you put in age and gender to save what percentile your income and wealth would be. I'll see if I can track it down.
I found a great website awhile back that would let you put in age and gender to save what percentile your income and wealth would be. I'll see if I can track it down.
This post was edited on 2/27/17 at 9:11 am
Posted on 2/27/17 at 9:34 am to Street Hawk
Does this count in 401ks and roth accts?
Posted on 2/27/17 at 9:39 am to sonoma8
Yes. Counts all retirement type accounts I believe.
Posted on 2/27/17 at 9:49 am to Jorts R Us
quote:
It was either Fidelity or Vanguard that said the average 401k employer match was 50 cents on the dollar for the first 6% (i.e. 3%). I'm not sure who is paying 9%. Highest I've seen is 6%.
Agree about saving 10%, but I wanted to point out that your average employer match isn't as high as what you were describing.
I came here to agree with this. No idea who is throwing 9%, but yeah - that is a great match if it exists.
That being said, I think I am right on track, maybe $2k behind if anything.
Posted on 2/27/17 at 2:41 pm to EA6B
quote:
These guidelines were published by various financial publications long before the internet existed.
Are these guidelines assuming that the person is starting working and saving at the age of 22? I won't meet the 30 mark identified in the article, but I've had a relatively steep increase in salary over these last 6 years and I've paid for two graduate degrees in cash. I'm assuming this was aimed at a more typical career arc, though.
This post was edited on 2/27/17 at 2:50 pm
Posted on 2/27/17 at 2:42 pm to Street Hawk
I think this is way too lax. Who wants to work that long?
Posted on 2/27/17 at 2:55 pm to notsince98
Sort of hard to have 2x your annual salary saved at 35 when you are making 4-5x what you did at 22.
You should track your savings based on retirement spending, years till retirement and projected years in retirement. Saving based on your annual salary is arbitrary.
You should track your savings based on retirement spending, years till retirement and projected years in retirement. Saving based on your annual salary is arbitrary.
This post was edited on 2/27/17 at 2:55 pm
Posted on 2/27/17 at 3:43 pm to barry
Amen. Have an upvote. +1
Posted on 3/1/17 at 9:50 pm to StrongSafety
Good for you - congrats
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