Hey there, fellow savers! 👋 Let’s talk about saving in our 30s. Are you in a similar boat as our friend here who’s wondering if they’re on track with their savings at 30? Here are some points to consider and some possible solutions:
First of all, congratulations on having $90-100k saved up already! That’s quite an accomplishment. 👏
Here are a few things to think about when assessing your savings at 30:
– It’s great that you have a mix of savings in your 401k, brokerage accounts, and emergency fund. Diversification is key!
– Having only $2k in debt is fantastic especially considering it’s just a car note. Well done! 🚗
– Making a low six-figure salary is definitely helpful, but it’s important to remember that everyone’s financial situation is unique.
– It’s always a good idea to save as much as you can, especially at this stage in your life. Consider increasing your savings rate little by little to continue building your nest egg.
Ultimately, there’s no one-size-fits-all answer to how much you should have saved by 30. The most important thing is to have a solid savings plan in place and to continue working towards your financial goals. Keep up the good work, and remember, every little bit counts! 💪
What are your thoughts on saving in your 30s? Share your tips, tricks, or any questions you may have! Let’s help each other out on this savings journey. 😊 #FinancialFreedom #SmartSavings #MoneyTalks
How you’re doing really depends on what your goals are. How long do you plan to work? How much, in today’s dollars, do you want to spend in retirement. Are there any big purchases you plan to make with that money, or is it all for retirement and e-fund?
Rule of thumb is 1x salary in your 401k. (If you’ve recently received a big pay increase, you can average the past 3 years salary, assuming you’ve been living independently off the income you had 3 years ago). You also want 3-6 months in an emergency fund.
Get so that you’re saving 15-25% of your income in tax deferred retirement accounts and you’ll be gold.
You’re doing pretty good dude. Don’t let off though
You’re doing perfectly fine. Just keep up with the consistent saving and investing habits you’ve maintained up to this point and you shouldn’t have issues. Be careful of lifestyle inflation with the new job.
you’re doing good. keep it up. for comparison, i’m age 27, $200k NW with my car included, make around $93k w2 income and $20k side business. never hit six figure w2 income.
If your savings rate is +/- 20% of gross with an employer match pumping that up a little higher, you’re in great shape.
Pro-tip: Use a Compound Interest Calculator. Put $100k into the current line, adding $23k/yr., and use a 6% interest rate (basically, this is market returns minus inflation, pretty realistic if you look at the averages and a diversified portfolio), and you’ll have about $1.75MM at age 55, and $2.35MM if you stretch it to age 59 when you can start accessing retirement accounts penalty free.
If you follow the 4% rule above, you’ll be able to retire somewhere between 55 – 59, drawing +/- $80k/yr. forever (and don’t forget, you won’t have a savings rate of 20% anymore when you do retire).
You’re well on track and doing just fine. Just don’t let up, and if you can put a couple extra dollars in within the next decade, your future self will thank you.
Well darn I’m 29 and reading these comments madde me sad I’m not anywhere close