4,600
 

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


 


section   (0 bx goons and 1 bystanders) Share this on Twitter       Share this on Facebook
 

 4 weeks ago '17        #1
10381 page views
241 comments


Mr Scaramucci 1160 heat pts1160
space
avatar space
space
$4,825 | Props total: 60539 60539
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.

image

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
+7   

241 comments for "According to retirement experts, by age 35, you should have twice your salary saved"

 4 weeks ago '18        #2
Kim Jong Un 17 heat pts17
space
avatar space
space
$1,710 | Props total: 8113 8113
Meanwhile, most BX members only have a Hot Pocket in the freezer saved.

+118   

 4 weeks ago '17        #3
Mr Scaramucci 1160 heat pts1160 OP
space
avatar space
space
$4,825 | Props total: 60539 60539
 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   

 4 weeks ago '17        #4
Kingz2 1 heat pts
space
space
space
$5,679 | Props total: 13950 13950
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   

 4 weeks ago '04        #5
jsmooth-117 14 heat pts14
space
space
space
$14,356 | Props total: 17300 17300
 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

+10   

 4 weeks ago '06        #6
Qbert 25 heat pts25
space
avatar space
space
$6,828 | Props total: 8090 8090
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.
+9   

 4 weeks ago '15        #7
SeraphKin 8 heat pts
space
avatar space
space
$9,646 | Props total: 40759 40759
 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
+14   

 4 weeks ago '09        #8
59fifty 4 heat pts
space
avatar space
space
$31,180 | Props total: 21975 21975
n*gga I'm not making it pass 42... fu*k allat
+29   

 4 weeks ago '18        #9
Thanos 
space
avatar space
space
$718 | Props total: 1043 1043
I odn't have one paycheck saved up
+43   

 4 weeks ago '09        #10
Burg Boy 3 heat pts
space
avatar space
space
$3,312 | Props total: 1188 1188
I’m broke af and that age is creeping up
+23   

 4 weeks ago '15        #11
The South 17 heat pts17
space
avatar space
space
$8,114 | Props total: 19501 19501
Ain’t even close to that amount.

Mfs said double.
+58   

 4 weeks ago '10        #12
DATKIDD121 54 heat pts54
space
avatar space
space
$10,753 | Props total: 14998 14998
This sh*t depressing
+29   

 4 weeks ago '13        #13
bx to the tx 13 heat pts13
space
avatar space
space
$2,903 | Props total: 5969 5969

 4 weeks ago '17        #14
Timberwolves 90 heat pts90
space
avatar space
space
$2,008 | Props total: 8698 8698

[pic - click to view]

+34   

 4 weeks ago '18        #15
Irenekush 
space
avatar space
space
$348 | Props total: 400 400
...was rear ended by a big a*s 18 wheeler..
+5   

 4 weeks ago '05        #16
pnoi89 18 heat pts18
space
avatar space
space
$13,769 | Props total: 10367 10367
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..
+59   

 4 weeks ago '17        #17
SupremeBeing5 1 heat pts
space
avatar space
space
$1,778 | Props total: 5003 5003
It's easy to save.

Just don't buy sh*t.
+19   

 4 weeks ago '05        #18
Tonero 8 heat pts
space
avatar space
space
$8,051 | Props total: 5246 5246
Saving is kool and all , but we should be focusing on earning potential , everything else will fall into place
+21   

 4 weeks ago '15        #19
Mystic 284 heat pts284
space
avatar space
space
$11,220 | Props total: 20958 20958
Already done On my way to generational wealth
+9   

 4 weeks ago '05        #20
Micheal C. Will 33 heat pts33
space
avatar space
space
$31,809 | Props total: 30007 30007
 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..
+17   

 4 weeks ago '18        #21
Kim Jong Un 17 heat pts17
space
avatar space
space
$1,710 | Props total: 8113 8113
 Mystic said
Already done On my way to generational wealth

-1   

 4 weeks ago '17        #22
SupremeBeing5 1 heat pts
space
avatar space
space
$1,778 | Props total: 5003 5003
 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.
-8   

 4 weeks ago '17        #23
Rule 336 118 heat pts118
space
avatar space
space
$13,309 | Props total: 50974 50974
Only 10k saved. I got kids bruh, sh*t ain't easy
+30   

 4 weeks ago '09        #24
autotm 5 heat pts
space
avatar space
space
$1,258 | Props total: 783 783
Im on track to have over 1 x my pay at 30 (probably beat it by 10k-15k)
+3   

 4 weeks ago '04        #25
NoLedge18720 21 heat pts21
space
space
space
$29,769 | Props total: 10128 10128
I have a pension
+14   

Home      
  





 


 
 




most viewed right now
+70online now  37
audio inside Pusha T ft. Lauryn Hill - Coming Home (Unreleased)
77 comments
2 days ago
@hiphop
most viewed right now
+20online now  28
Jun 14 - Bootleg liquor eyed as cause of Dominican Republic tourist deaths
80 comments
1 day ago
@news
most viewed right now
+56online now  26
Video inside Heavy
28 comments
1 day ago
@thotsdimesetc
most viewed right now
+35online now  10
Damn Durk look like he bouta break down in tears :mjcry:
150 comments
1 day ago
@hiphop
back to top
register contact Follow BX @ Twitter Follow BX @ Facebook search BX privacy