AVERAGE SAVINGS BY AGE | Rule of Thumb39,570 views
- 1 year ago
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You will learn what your average savings by age should be after watching this video. This is an incredibly EASY rule of thumb to follow if you’re wondering “How much savings should I have?” at any age during your lifetime. However, seeing this on "paper" versus actually doing it are two very different things.
- When it comes to savings, Americans are falling short. Nearly 70% of adults have less than $1,000 in their savings accounts.
- Retirement funds stats are SHOCKING. About half of US families have zero dollars retirement savings!
- People like to think that they’ll save more when they make more. Studies have shown time and time AGAIN, that the more you make, the more you spend!
- The sooner you start saving the better because of Compound interest.
AVERAGE SAVINGS BY AGE - GUIDELINE
- In your 20s you should aim to save 25% of your overall gross pay
- Age 30 you should have your annual salary saved
- Age 35 = 2x your annual pay in savings
- Age 40 = 3x your annual pay in savings
- Age 45 = 4x your annual pay in savings
- Age 50 = 5x your annual pay in savings
- Age 55 = 6x your annual pay in savings
- Age 60 = 7x your annual pay in savings
- Age 65 = 8x-10x your annual pay in savings
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