This Is Much Money You Should Have Saved For Retirement (By Age)

This Is Much Money You Should Have Saved For Retirement (By Age)

How much money should you have saved at every age in order to be prepared for retirement? It’s critically important to know where you currently stand so you can make adjustments if needed. Are you way ahead of the game and headed towards a cushy early retirement or do you have some catching up to do? By taking a look at what an individual should have put away depending on your age, you can see where you currently stand. Take a look at how much you should have set aside by each age in order to retire at age 65.

[kortyEdna]

Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.

[Michelle_Sanders]

Retirement becomes truly fulfilling when you possess two essential elements: simple financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement. My question now is how to get a good financial advisor that I can invest with and have good returns before retirement age .

[Amelia-Elizabeth]

I watch several YouTube videos on how to trade in the stock market but haven't made any head start because they are either talking some gibberish or sharing their story of how they made it and I do not want to make mistakes by taking risks in my own hands

[ReidCoffman]

I have bought so many stocks in individual companies. There are so many stocks going to rocket in the long run, right now safe to invest in an ETF that tracks the S&P500 and ride it out. I put $130k into some growth stocks with a Financial advisor handling my portfolio. some of my picks are, NVR, LISP.SW, SEB, VOO, DOWJ, BRK-A, AAPL, IVV, NYSE, NASDAQ, TSLA, I've gotten 82% return so far this year I'll see where it goes.

[albertobenelli]

i'm 46 and with a bit over 1 year salary saved . I know it's bad, but 2 years ago i had virtually zero . So it's not too bad .

[sandra]

According to the New York Times, the average savings of a couple reaching retirement is $110k I’m closing in on my retirement and I’m under pressure to grow my reserve of $330k, despite the fact the capital gains you can make on growth stocks far outweigh dividend yields, and even in downtrends folks still pull off 6-7figures gains in months. surely the risk is much greater, but I’d love to know how...

[andresbard]

We experienced the pinnacle of our era, but it is now gone. Like what happened to Rome, the corrupt administration will bring this nation to an end. My condolences go out to anyone who is close to retiring and may be worried about whether their pension will be enough to pay the rising cost of living. Insane fiscal policy, poor regulatory policy, poor energy policy, and poor foreign policy

[owlegrad]

Might want to take another pass on the title ;)

[brianneholmes]

These numbers make me sad…. I am nowhere near these numbers, but I am not giving up.

[The-mmo-og]

I am really proud of myself i may be first in family to ever hit these goals! 29 and just over 1 year salary invested and already own a home! I really am thankful for videos like this they make me feel like its all worth it living frugally to hit my goals!

[brucestiles]

For the people asking whether income is gross or net, or for each individual or a married couple: Instead of "income, " think "spending." The 4% Rule is what you are working into, and it is a guide to how much money you can safely withdraw (and spend).

[lightbrightconnect]

From 35 to 40 it goes from 2x to 5x. Seems off.

[davidld]

At one point in life I was on track based on the multipliers . As my salary increased the multiplying saving goals out paced my saving. I guess this a good problem but it messes up the math.

[EricDaMAJ]

When I was 35 I was $30, 000 in debt. I knew I was screwed so I worked hard to pay off my debts and aggressively invest. It took 5 years to pay everything off and another 15 years investing but I did reach financial independence and retired early. It was hard but not as nearly hard as I feared. Indeed, anyone looking at those years would never say I suffered significantly because of that. They'd even say I spent a lot of money foolishly.

[TheFirstRealChewy]

Keep in mind that these salary multipliers are based on the idea that you spend as much as you make. So if you really have 25x your salary right before retiring you are in a very good position because you don't pay FICA and you don't have to save for retirement from the income in retirement. Your expenses might even be lower since your house is paid off, car paid off, kids out of the house, and you already bought all the things you wanted over the years and care more about getting rid of stuff.

What you really need is 25x your anticipated expenses in retirement. To know what that is in today's dollars, check with people who are living the lifestyle you desire, then adjust for inflation.

Based on the multipliers we are behind. However, if my calculations and predictions end up being correct, we'll have just enough to cover our desired lifestyle by the time we reach 65. For now we are holding the line on lifestyle creep.

[MinuteExplained]

I’m not sure why videos that cover this topic never seem to address that an investor is likely to see a salary increase sometime between college and retirement, and must adjust their moving goalposts accordingly. Just skimming through the comments, it seems like it would be a great topic to cover in a future video, as many of your viewers would find that guidance valuable.

[A-t-r-u-s]

Watching this video puts shame on me in how much I'm lacking.

[FJUWANA]

My retirement investment always took a hit following market, but I started my oldest child UGMA and 529plan since she's 2 yrs old... now she's 15yrs old. She's well ahead of me when I was her age and telling her what to do as well as what NOT to do.

[pensacola]

So much depends upon how much you earn and what your retirement spending needs will be..

[frankc]

These are some hard core numbers. You would really have to Max out your 401k, Roth IRA and invest in a brokerage account.