The Amount Of Money You’re Expected To Save By 35 Is Shockingly Low
The amount of money a person is expected to save by the age of 35 is probably a lot lower than you’d think.
MarketWatch recently reported the following:
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.
I don’t know much about money. My fringe-class lifestyle and money don’t exactly mesh well together. I’m a renegade living on the edge, and my accounts can say the same. Right now, things are actually going pretty well. I’ve got a little more than $50 in the bank, which means I’ve got enough for two cases of Miller Lite. So, please don’t take what I’m about to say as solid investment advice.
The fact that somebody would only have twice their salary saved by the age of 35 seems really low to me. I mean, it seems absurdly low. You’ve likely been in the workforce for at least a decade by the age of 35. Again, I don’t know, but it would seem like you could put away a lot more than twice your salary. Isn’t 35 when you start buying big houses, big boats and nice cars? How am I supposed to afford a yacht if my life savings is only double my salary? Doesn’t seem like it’s going to work at all.
Of course, I’m the same guy who tells people the best investment strategy is a diverse portfolio of weapons and ammo. When doomsday arrives, your cash is going to be worthless compared to a .223 round.
I guess you can always just bank on marrying rich. After all, you can always learn to love them later.