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"By 35, You Should Have Double Your Salary Saved" - Do You?
- Thread starter BWoog
- Start date
Nope, but I plan on throwing a lot toward savings soon, and I also hope to get a pretty big increase in salary soon. Of course, that means I need a lot more saved, too... How is this possible?
I'm almost 28, so I have time, but I feel like if we saved double our household income by 35 we'd be on track to retire with 5x what we need.
I'm almost 28, so I have time, but I feel like if we saved double our household income by 35 we'd be on track to retire with 5x what we need.
Well yes, but then presumably your annual expenses are much lower as well. Retirement is pretty tricky, like sure I could get by for 15 years or so after stopping working with like 20k a year, but that would kind of suck. And to do that I would need 300k, which at 29 with debt and like 5 grand in a 401k and a bit of savings, even that seems insane.
In investments and property, yeah, like 4x's as much, and I'm 32. But in savings/liquid cash? Hell no, and I'd be foolish to keep that much liquid.
House
2 Young Kids
2 SUVs
I feel blessed to have about 6mos of salary saved for a rainy day.
But as an electrical PE, job security is no longer a worry for me.
2 Young Kids
2 SUVs
I feel blessed to have about 6mos of salary saved for a rainy day.
But as an electrical PE, job security is no longer a worry for me.
Yeah, I hear this bullshit often. It would be nice if you had that save. Is it reasonable to expect someone to be able to do so? No.
So? Sell your kids, and live in a box the rest of your life. You clearly need to think about your future.
So? Sell your kids, and live in a box the rest of your life. You clearly need to think about your future.
36 and no. I was working part time minimum wage jobs until I was 32. There wasn't enough money to save and no 401k's were offered. I have $5,000 saved. I just started less than a year ago.
That's...a crap ton of money. Any reason why you haven't tucked more away? House? Kids?
31. How the fuck can you do that being married with kids and the sole income? We all gotta live in a box or live with my parents for three years rent free?
Dumb as fuck.
Dumb as fuck.
I have roughly 1.25x salary in my retirement account (definitely on track for 2x before 35) and about 2.4x salary in savings outside that but that's for a house deposit.
I'm 25 with the huge benefits of living at home.
I'm 25 with the huge benefits of living at home.
I will be 35 in October and while there's still time, I don't and I won't.
My spending habits in my 20s were off the charts, and that plays its part. But it's just incredibly difficult to save even on a decent salary. I'm getting married later this year and I've been dealing with a moderately pricy health issue, and that's chipped away significantly at our non-401k savings. But on the other hand, we're not eating beans and rice every night and have no credit card debt. Between that and the fact that we CAN still afford a healthcare issue and a wedding without credit makes feel very appreciative. It's bananas how many people can't do that.
My spending habits in my 20s were off the charts, and that plays its part. But it's just incredibly difficult to save even on a decent salary. I'm getting married later this year and I've been dealing with a moderately pricy health issue, and that's chipped away significantly at our non-401k savings. But on the other hand, we're not eating beans and rice every night and have no credit card debt. Between that and the fact that we CAN still afford a healthcare issue and a wedding without credit makes feel very appreciative. It's bananas how many people can't do that.
That... doesn't make sense? Why would you need to do this?
The longer you work = better pension you will have when you retire, but it's good to save money nonetheless if you can, but how is pension done in the U.S that you need to rely on saving like this?
The longer you work = better pension you will have when you retire, but it's good to save money nonetheless if you can, but how is pension done in the U.S that you need to rely on saving like this?
I've been fortunate and can say that I have more than double my salary saved, but the sacrifices I've had to make in order to hit that level might not have been worth it.
That said, I'm cognizant of the situations that have allowed me to hit that point. I'm aware that this really isn't a reality for most of my generation and the fact that someone can write an article like this and push it out without being aware of that is super strange.
That said, I'm cognizant of the situations that have allowed me to hit that point. I'm aware that this really isn't a reality for most of my generation and the fact that someone can write an article like this and push it out without being aware of that is super strange.
It still blows my mind that people are employed to throw a bunch of unfunny tweets by random fucking losers and call it journalism. Crazy times we wlive in. Anything to do with "Twitter reacts.." Gets closed immediately by me.
40 something here - I have 1/4 of my salary saved and I pretty much only put my tax refunds into savings each year.
Everything else is for house/car/food/utility bills.
So, it's Social Security or bust for my retirement. My hope is to have my house and all debt paid off by 65 so I can just live off SS checks (and IRA withdrawals, assuming Trump doesn't tank the Stock Market).
Everything else is for house/car/food/utility bills.
So, it's Social Security or bust for my retirement. My hope is to have my house and all debt paid off by 65 so I can just live off SS checks (and IRA withdrawals, assuming Trump doesn't tank the Stock Market).
I put 20% of every paycheck into my savings account. Do people not so that? Yeah I guess if you are married and have five kids and grew cars and a big house maybe you can't, but for a young single person what is you doing with your money?
Don't even say student loans because I do 30% of each check to loans.
Don't even say student loans because I do 30% of each check to loans.
Double? LOL. I'm at 28 and only have a little over 1x saved. The only people in a position to save nearly that much have to make a lot, which makes it a larger amount to save
Fuck that. In the UK I've got an above average income and nearly all of mine goes to paying rent.
By the time I'm 35 I would be over the moon if I had my yearly salary in savings.
By the time I'm 35 I would be over the moon if I had my yearly salary in savings.
Wasn't there an article just last year about more than half of Americans don't even have $500 in savings?
No it would be harder because you have less disposable income.
The link in the OP implies we should be counting retirement accounts.
LOL no, but I have no debt, my house is paid for thanks to help from my dad's pension, and I'm never having kids. I should be okay.
32 and I don't have a penny saved, because there is nothing to save. Things will be easier next year when I've paid off the debt that has been hanging around my neck for the past 5-10 years.
Agreed. Although, it is more of a suggestion than a hard rule by Fidelity Investments. Also, it is talking about an ideal situation rather than reality.
Reading the article, they do also point out how difficult it is - but it's just more of a footnote than any actual strong argument.
35 this year. And yes, just barely...but yeah, no kids, I own a small condo, and I've been pretty frugal the last few years, almost to a fault.
Life, LOL. I like to buy shit. I also live in Arlington, VA where if you want anything decent you pay a shit load. I have a house that I rent out and i live in an apartment. I also invest like a motherfucker, so i DO have some money tied into that. I also like sneakers. I also still drive an 04' corolla. May get the 2019 one soon though.