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According to retirement experts, by age 35, you should have twice your salary saved


 
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Top 10 most propped recently  1 month ago '17        #1
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Mr Scaramucci 1179 heat pts1179
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According to retirement experts, by age 35, you should have twice your salary saved
 

 
Daniel Packer, a 29-year-old data analyst at an online advertising agency in Los Angeles, knows more responsibilities will stack up as he hits the big 3-0 this summer, so he’s been religiously stashing away money in his retirement accounts the last few years.

Retirement is a long ways away for him, he says — at least 30 years — but saving money early on means not worrying about putting away as much later down the road if he weren’t able to do so. He’s already seeing his strategy pay off, given he has a 1-year-old daughter and raising kids is expensive (try somewhere between $284,000 and $600,000). “I’m glad I was able to take advantage of [saving] for the last nine years,” he said.

Thirtieth birthdays are an excellent time to take stock of your future funds, especially as short-term financial obligations solidify, such as continuing to pay off the last of student loans, living on your own (or maybe starting a potentially three-decade stretch of mortgage payments) and raising children. Millennials, the generation 20s to mid-30-year-olds fit into, have delayed marriage and home ownership from happening in their 20s (as was the norm decades ago). Now 57% of today’s 30- year-olds are or have been married, 47% are living with a child and a third are homeowners, according to the United States Census Bureau.

Here's all you need to do in your 30s for a great financial future

By 30, you should have a decent chunk of change saved for your future self, experts say — in fact, ideally your account would look like a year’s worth of salary, according to Boston-based investment firm Fidelity Investments, so if you make $50,000 a year, you’d have $50,000 saved already. By 35, you should have twice your salary, the firm said. The median retirement savings for a worker in their 30s was $45,000, according to Transamerica Center for Retirement Studies, which looked at workers’ retirement accounts including employer-sponsored accounts and individual retirement accounts.

The problem? Not everyone is saving — or can save — that much toward retirement. Either they’re living paycheck to paycheck, don’t know about the accounts available to them or simply aren’t thinking about the amount of money they’ll need in their futures. Only a third of Americans are saving money in an employer-sponsored or tax-deferred retirement account, according to the U.S. Census Bureau.

Today’s 30 year olds (and the soon-to-be 30 year olds) are plagued with crippling student debt, which just hit a record $1.31 trillion and affects millennials more than any generation before them. On top of that, some millennials are skipping starter homes altogether for a bigger home and, as nice as that is, home prices are rising as are mortgage rates. Some may also be splurging for a wedding — scary fact: the average American wedding costs about $35,000. The last thing someone in their 30s should do, though, is leave retirement to the wayside.

See also: How we got to $1 trillion in debt: An illustrated history of student loans in America

“It’s important to be saving for retirement while doing all these things at the same time,” said Alexander Rupert, a*sistant portfolio manager at Laurel Tree Advisors in Cleveland, Ohio. Retirement savings should be growth-oriented for someone in their 30s, he said, which means they should be stashing money away whatever they can and considering a high risk tolerance. Market ups and downs will affect the portfolio, but young investors should remember their money (and they) are in it for the long haul, Rupert said.

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And if you’re not investing in an employer-sponsored account (after all, only 14% of employers offer such plans, according to the U.S. Census Bureau) consider a Roth IRA, which more forgivingly allows investors to use those a*sets for an emergency should a situation arise. As opposed to other accounts, like a 401(k) plan, that place penalties on individuals who withdraw money from these accounts, investors can take money out of a Roth IRA penalty-free so long as they only take out the money they invested, and not the investment earnings of those a*sets. Some 30 year olds, like Packer, have numerous accounts. Packer and his wife, for instance, have been maxing out their 401(k) plans and Roth IRAs for a few years.

“It will take a load off my shoulders later,” Packer said. “Setting ourselves up now will pay benefits in the future.”


visit this link https://www.marketwatch.c .. 8?link=sfmw_tw
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241 comments for "According to retirement experts, by age 35, you should have twice your salary saved"

 1 month ago '18        #2
Kim Jong Un 17 heat pts17
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Meanwhile, most BX members only have a Hot Pocket in the freezer saved.

+118   

Top 10 most propped recently  1 month ago '17        #3
Mr Scaramucci 1179 heat pts1179 OP
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 Kim Jong Un said
Meanwhile, most BX members only have a Hot Pocket in the freezer saved.

Had. I got to go grocery shopping next pay check
+136   

 1 month ago '17        #4
Kingz2 1 heat pts
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It’s not that easy to just save. Emergencies happen. Hell I have good amount saved up and it was a struggle to get that with 1 kid.

Price of foods goes up but wages stay the same
+75   

 1 month ago '04        #5
jsmooth-117 14 heat pts14
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 Kingz2 said
It’s not that easy to just save. Emergencies happen. Hell I have good amount saved up and it was a struggle to get that with 1 kid.

Price of cot damn thing goes up but wages stay the same
*Fixed

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 1 month ago '06        #6
Qbert 25 heat pts25
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Good call. I got a DCPP I think the Roth is the American equiv. It's just silly you can't take out any until you're in your 50s. It's my fu*king money.

I would of been put a downpayment on a place.
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 1 month ago '15        #7
SeraphKin 9 heat pts
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 Kim Jong Un said
Meanwhile, most BX members only have a Hot Pocket in the freezer saved.

I swear I got about 12 dollars somewhere
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 1 month ago '09        #8
59fifty 4 heat pts
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n*gga I'm not making it pass 42... fu*k allat
+29   

 1 month ago '18        #9
Thanos 1 heat pts
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I odn't have one paycheck saved up
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 1 month ago '09        #10
Burg Boy 3 heat pts
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I’m broke af and that age is creeping up
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 1 month ago '15        #11
The South 17 heat pts17
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Ain’t even close to that amount.

Mfs said double.
+58   

 1 month ago '10        #12
DATKIDD121 57 heat pts57
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This sh*t depressing
+29   

 1 month ago '13        #13
bx to the tx 13 heat pts13
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 1 month ago '17        #14
Timberwolves 90 heat pts90
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[pic - click to view]

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 1 month ago '18        #15
Irenekush 
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...was rear ended by a big a*s 18 wheeler..
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 1 month ago '05        #16
pnoi89 18 heat pts18
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That's crazy, but a good goal to reach.... But a good reality check.

I've been putting away 6% away in my 401k with a 6% match since I was 22 when I started my career (started off at a $52k salary back in 2012), but I only have $70k in my 401k as of now.

I'm 29 already and my salary is currently $92k..... Cash, I have about $20k. Aiming for "double" my salary will be tough to reach. On the bright side, got 3 properties, split between me and my sister/brother in law that's moving along on its own, plus the mortgage for my own home will be paid off in 9 years paying the minimum (15 year mortgage).

As I'm heading towards my 30's, this was a GREAT check on where I feel like I stand financially, where I'm at professionally and a challenge to continue to be focused on my overall goals in life. Keep grinding and ALWAYS remember that life isn't a sprint; it's a marathon. Progressive Overload isn't just meant for weightlifting; it's a generic concept that should be applied in all aspects of your life. If you aren't progressing, you're remaining stagnant.


Last edited by pnoi89; 05-22-2019 at 01:09 AM..
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 1 month ago '17        #17
SupremeBeing5 1 heat pts
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It's easy to save.

Just don't buy sh*t.
+19   

 1 month ago '05        #18
Tonero 8 heat pts
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Saving is kool and all , but we should be focusing on earning potential , everything else will fall into place
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 1 month ago '15        #19
Mystic 301 heat pts301
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Already done On my way to generational wealth
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 1 month ago '05        #20
Micheal C. Will 34 heat pts34
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 Tonero said
Saving is kool and all , but we should be focusing on earning potential , everything else will fall into place
Then there is everyday life, emergencies, family, etc. Earning potential is way more important than just saving.

Because if said person isn't making enough to save and only enough to make ends meet, then it doesn't matter.

In my opinion, this is only attainable if your making close to six figures or more in your 20's and never have any unexpected expenses...and the most common one; having a family.

Kids changes the whole dynamic on what you can save and what you can't.


Last edited by Micheal C. Will; 05-22-2019 at 03:42 AM..
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 1 month ago '18        #21
Kim Jong Un 17 heat pts17
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$1,769 | Props total: 8281 8281
 Mystic said
Already done On my way to generational wealth

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 1 month ago '17        #22
SupremeBeing5 1 heat pts
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 Tonero said
Saving is kool and all , but we should be focusing on earning potential , everything else will fall into place
Nope.

Earning potential comes from saving.

You save to invest, not just for a "rainy day"

Focus on saving. If you're working only 40hrs per week, you already lost. Idc what you get paid.
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Top 10 most slapped recently  1 month ago '17        #23
Rule 336 120 heat pts120
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$13,472 | Props total: 51861 51861
Only 10k saved. I got kids bruh, sh*t ain't easy
+30   

 1 month ago '09        #24
autotm 5 heat pts
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Im on track to have over 1 x my pay at 30 (probably beat it by 10k-15k)
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 1 month ago '04        #25
NoLedge18720 21 heat pts21
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I have a pension
+14   

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