How Much Money You Should Have Saved At Every Age | Retirement Savings By Age

In this video we are going to look at how much money you should have saved at every age including how much you should have in retirement savings at every age? Are you behind? If so, that is okay because I have a free download From Zero To Retirement which walks you step by step through retirement savings plan. Have you ever wanted to compare your retirement savings by age for financial planning to see if you have enough savings for retirement? Even if you are looking at early retirement it is a good idea to benchmark your retirement planning. Many people believe they will be able to live on social security alone which could create a retirement savings crisis, but if you are young many experts weigh if social security will even be still around by then. Many people would love to retire in their 50’s but only start retirement planning at 50 and don’t save enough. It is important to learn how to save money, how retirement investing works, and have financial independence in order to be able to retire with the lifestyle you desire. It is always a good idea to look at retirement savings average to see if you are on track or if you are looking at an average retirement because you were not able to save enough. I will cover money tips and how much to save. You can use these tips on saving money to determine how to retire early.

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When it comes to retirement and strategies for saving for retirement, people often ask “How much money should I have saved at every age in order to reach my retirement goals?” This can be a very difficult question to answer because so much depends on ones lifestyle, age in which they want to retire, goals during retirement and so on. In this video, I am going to talk about how much money you should have saved at every age for a typical American planning for retirement. If you stay until the end of this video, I am going to share with you a tip that you might be able to use in order to dramatically reduce the amount of savings you will need in retirement and possibly reduce the amount of time you’ll have to work in order to get there. Additionally, if you watch this video and think you are behind or maybe you have not even started saving then I have created a workbook called From Zero To Retirement which walks you step by step getting your finances in order and saving for retirement. I will put a link to it in the show notes below. So let’s jump right in.

The key to having enough money to live comfortably in retirement is to start saving as early as possible. This means starting in your 20’s. Most people in their 20’s are just embarking on their careers, whether that is freelancing in the digital economy, starting a business, entering a trade or finishing up college and starting a career. Either way, people in their 20’s usually have very little saved for retirement and more often than not, can find themselves in debt, due to school loans, training, startup costs or even entering the workforce, and that’s ok. If you happen to be someone in your 20’s who has managed to avoid debt and have money saved, then congratulations! You are ahead of the curve. The best piece of financial advice that I can give someone in their 20’s is to start developing good financial habits while in your 20’s because this will be a tremendous benefit throughout your life. At this age there really is no specific amount that you should have saved, although the more the better. I usually recommend that if you are in your 20’s, you should at least have an emergency fund of 1-2 months’ worth of expenses saved up. The reason for having an emergency fund is that it can help you avoid falling into the debt trap. I actually recommend that people of all ages have an emergency fund set aside, that is easily accessible in cash, so this is a good habit to begin early. Speaking of debt, many people in their 20’s are fresh out of school and finally making some good money. It can be very tempting to rush out and finance the purchase of a fancy car, maybe some designer clothes or even a sweet bachelor pad, but avoid the temptation to do that. Of course, when you are just starting out, there are necessities, such as getting a car to get you to work, or maybe suitable clothing for work. However, it’s important to try not live beyond your means or max out your credit cards.

[MaryOlson]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[davidforesto]

Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my wife 44 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income.
Thanks to fire movement.

[christitunal]

We are currently planning on moving to Panama this summer and living there as a tourist for a couple years. I am mostly doing this to lower my cost of living by a lot so that I am able to afford to save for retirement.

[clarke]

Your 20s is when you learn and your 30s is when you earn. I spent all of my 20s living paycheck to paycheck learning different trades, trying to figure out what I wanted to do in life. I figured it out at 29. Now at age 31, I currently make 6 figures ($147, 000) a year working 4 days a week and have started investing for my future. It’s not too late, invest in yourself first and learn as much as you can the rest will come.

[shadowbanneddays]

Gold is money. Everything else is debt

[TheFirstRealChewy]

I'd like to be in a position to retire by age 60.

[hourgmtchannel]

Pretty girl.😊 I listen to anything she had to say.

[nikewand]

Decent video but i wish you covered RSU Compensation packages and equity. I feel like that has way more impact on retirement than traditional saving methods.

[jamess.]

If only I seen this video when I was 18 smh I am 40 years old and will take me till I am probably 70 yrs old to save up the amount you are suggesting😐

[tomblevins]

Why do any of us deserve a Federal government handout? Young people are struggling to pay off student loans, educate their kids and pay off mortgages. Seniors had their whole working lives to save. They should not be collecting welfare now

[rickcoleman]

So am I in trouble if I have triple the money I need in retirement income and nothing saved because of layoffs stock market crashes and health problems?

[RavensTheNextDynasty]

I never get these videos. They say you should go from 1x salary at 30 to 3x at 40 then 3x to 5x in the same time span to 50. The more money you have in their the faster you make money so how do you grow it at the same rate from 30-40 as you would 40-50

[northpole]

Omg your soo beautiful thats what I come out of the video

[ministryoftruth]

What if I have a defined benefit pension? I saved only $150k & my only debt is my mortgage: $115k total, $620/mo for 29 more yrs. I'm 52 y/o, divorced (22 yrs ago) & have no kids & no family law garnishments. I have a state public safety LE pension that's now paying me $92k/yr. gross w/COLA raises & full medical/dental insurance. I'm thinking my pension is equivalent to a $1.7 million annuity. I calculated my net worth at $250k ($150k savings/investment portfolio + home equity + all cars/boats/sellable possessions). Does this make my 'net worth' ~ $2 million? In other words if I DIDN'T have my pension, I would need ~$2 million to be in the same position I'm in now if I bought a $1.7 million annuity w/COLA increases that pays medical/dental insurance and quit working 50 y/o (which is when I retired)? Did I do the 'math' for 'net worth' correctly (I can't find a 'net worth calculator' that factors in defined benefit pensions)?

[lazygamerhd]

Hi I’m 22, a little insight on me, I am currently working and making 50k before taxes. I was thinking about putting 15% of my annual salary into a Roth IRA or IRA. I’d love to hear your opinions on how I can maximize my savings plan to put me into a better position for the future. Oh and im also debt free. I Love the videos keep up the great work!

[christians]

Nice work. I think it might be better to use a bright background but the animators and all are great

[frankalexander]

Damn!!! My kid missed the boat on this advice!! Instead of having one year of income saved up at age 30, my kid has an actual net worth of (no bull shit) $1, 000, 000.00 in mutual funds all invested at Morgan Stanley. He has zero debt. He has his BS and MBA!!!

[TVHouseHistorian]

Our parents always taught us to be frugal and save early for retirement. I began saving for retirement at age 21, but the 401k I contributed to was left up to me (being a stock market derelict) to allocate. In the beginning, I lost a ton of money. After rolling the balance over into a traditional IRA, I had the gumption to have a financial advisor help me stop the hemorrhaging. Nevertheless, my 20’s was all about wasting money - to my parents’ chagrin. Fast-forward to age 42, I became employed with an agency which offers a 401a (not k) that contributes 8% of my gross wages on top of my 12% contribution. Been doing that and a 457 Roth for the last 7 years, and now I’m looking into an annuity, as well as other vehicles that will help me move toward retirement. I regularly see a financial advisor for financial tuneups. Hoping for the best! 🤞

[adrianalonso]

I’m 23 and only have $200 to my name 🤣 called being broke cos of college tuition

[Bob-yhir]

Have taught our daughter proper handling of money. She is a year out of school, no debt whatsoever and working a great job. She already has a 401K, a ROTH IRA outside of work and a non retirement investment portfolio to act as a bridge until she can tap the 401K/IRAs at 59.5 without penalty. She feeds them regularly. She will be able to retire in her mid 40s if she wants. 20+ years of investing in all those things will make her wealthy and never have to worry about money. We definitely need to get young people to learn these behaviors.