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"By 35, You Should Have Double Your Salary Saved" - Do You?
- Thread starter BWoog
- Start date
I'm 35 in a couple of months and will easily achieve this so long as I become unemployed before then.
Let's all remind ourselves that MarketWatch is clickbait financial trash and that the author of their articles might have twice their salary saved because they make like $7/story.
Twice your salary is a pretty aggressive number, but it would be nice.
This is generally referring to your retirement savings account... say, a 401k or 403b, Roth IRA, etc.
Twice your salary is a pretty aggressive number, but it would be nice.
This is generally referring to your retirement savings account... say, a 401k or 403b, Roth IRA, etc.
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I'm 30 and have about 1.5x my salary in my Roth IRA + 401k. I also have another 40% of my salary in a savings account, so... almost?
On the other hand none of those numbers include my fiance's salary, and she's got a good chunk of student loans...
On the other hand none of those numbers include my fiance's salary, and she's got a good chunk of student loans...
Not quite double, no. In my defense I haven't really worked full time in 3(?) years and have two kiddos, though.
I'm 33 and have nothing saved, so I have to put 100% of my check into savings from here out I guess
Savings account? Not even close. Retirement accounts, probably about where I should be at 39 based on that standard. Well above count my wife's retirement savings.
Bought a house so no, not anymore.
But this is stupid.
Fucking boomers still acting like the country is still in the state it was before they economically strip mined it.
Fuck off boomers. Worst generation.
But this is stupid.
Fucking boomers still acting like the country is still in the state it was before they economically strip mined it.
Fuck off boomers. Worst generation.
35.5 and I have around 50% of my year salary in my savings. But I also own an appartment and already paid over 30k towards my mortgage in a savings account.
The fuck? Maybe if I invested every last cent of disposable income into mutual funds for the past ten years
I'm at 31 now, and I'm not sure how close I'll get to that. Student loans ate up a huge chunk of my income for almost a decade, and I'm saving way more now. However I'm putting a lot of that savings towards a down payment for a house.
It's too bad they don't teach any of this stuff when you're younger. I have no idea what I'm doing. I save money, but who knows if I'll have enough. I mean, I'm apparently saving more than most people, but I constantly hear about how I have to save more and more to be able to retire.
It's too bad they don't teach any of this stuff when you're younger. I have no idea what I'm doing. I save money, but who knows if I'll have enough. I mean, I'm apparently saving more than most people, but I constantly hear about how I have to save more and more to be able to retire.
Buy a house! Buy a car every few years! Keep "consumer confidence" high by buying lots of shit you don't need! Have multiple kids and pay for their schooling, whether or not that guarantees them jobs! Oh but also, save enough money that you're not fucked over in old age.
The national economy is gonna be in rough shape once it becomes clear that what "should be" is not.
The national economy is gonna be in rough shape once it becomes clear that what "should be" is not.
I still have a decade to pull that off, but I doubt student loan debts would allow that to happen.
Damn. I'm going to be 30 next year and I've only got maybe 60% of my salary in savings.
That is some privledged ass bullshit. I have very little saved because up until about 3 years ago I was pay check to pay check. Start raising wages and stop giving handouts to corporations if you don't want my generation to live in poverty when we're old. I have my student loans, I'm helping support my aging mother who has cancer, saving isn't something I can really do, and I sure as shit can't save 2x my salary.
When you look at most people overall, the debt to savings ratio is completely out of whack and it's not going to get fixed for this generation until student loan debt and wage issues are addressed.
When you look at most people overall, the debt to savings ratio is completely out of whack and it's not going to get fixed for this generation until student loan debt and wage issues are addressed.
How? They dump credit cards into our laps at 18, teach us next to nothing about financial security before they ask us to go into debt by the age of 22, create an environment where simple things like healthcare are unaffordable, offer no raises or change in earning power, pump out ads on ads urging us to buy useless garbage etc etc etc.
Then hit us with this "oh by the way" shit?
LMAO
I mean, financially, I'm better off than the average person since I do save and I have a good emergency fund. 401k and such. But no way in hell am I where I should be when I read all these doom and gloom articles about my future. This shit is so hypocritical.
Then hit us with this "oh by the way" shit?
LMAO
I mean, financially, I'm better off than the average person since I do save and I have a good emergency fund. 401k and such. But no way in hell am I where I should be when I read all these doom and gloom articles about my future. This shit is so hypocritical.
I'm 35 and make roughly $125K a year. That would be a "no". A resounding no. I barely have $11K in savings
Correct on both accounts. Fell a little shy of the number at 35, almost nailed on at 38, will be past it by 40.
That said, it's an overly simplistic view that would be taken apart by anyone worth their salts doing a true financial plan.
Why would you put that much money away in savings when you can put it towards retirement accounts and investments? You should probably only save enough so you can get by for about 6 months or so without any income.
