How much savings should you have by 30?

[SONYFX]

Does 500k sound reasonable?

 

[NuclearFusi0n]

100k, any less and you are a bum worthy only of flipping burgers.

 

[Ender]

Savings? You mean in the bank or just your net worth (i.e. house and car + money in bank)?

 

[eflat]

If you can save 1k that would put you well ahead of most people who at that age are usually at around negative 10k...

 

[Red]

Originally posted by: SONYFX
Does 500k sounds reasonable?

If a man of your exquisite grammar can save 500,000 U.S. Dollars by the age of 30, I'm going to have it made!

 

[Alchemist99]

They say you should have $30,000 in retirement savings, I was close but then the market smashed that idea all to pieces. :|

 

[Alchemist99]

bah!

 

[rh71]

Savings (like in a bank) ? Hah!

A house on top of everything else kinda blew that idea out of the water. I'll be able to start "saving" again in a few years once all my debt (other than mortgage) is paid off.

 

[Riprorin]

Originally posted by: SONYFX
Does 500k sounds reasonable?

No. Asssuming you graduate at 22, you would have to save about $70K per year. Not likely to happen.

Having $500K by 40 is reasonable though.

 

[Rudee]

Originally posted by: Redhotjrm

Originally posted by: SONYFX
Does 500k sounds reasonable?

If a man of your exquisite grammar can save 500,000 U.S. Dollars by the age of 30, I'm going to have it made!

ROTFLMAO

 

[SONYFX]

Originally posted by: Ender
Savings? You mean in the bank or just your net worth (i.e. house and car + money in bank)?

Just pure saving

 

[DaveSimmons]

There are retirement calculators at places like Aetna and Schwab, but I'd say to save as much as you can afford to, and especially to get all the tax-advantaged savings from 401k/ IRA that you qualify for.

<captain obvious>
The more you save early, the less you'll need to save later. Compunding is a Good Thing.

Also stay out of CC debt, and get at least three months' expenses into a "high" interest savings account lik INGdirect so you never have to cash out your IRA / 401k or slip into debt.
</captain obvious>

 

[Lucky]

Having $500K by 40 is reasonable though.

Hah. I have 17 years left till 40. I'll be lucky to even make $500K by then, let alone save it.

 

[notfred]

Heh, Yes, you graduate from school at 22, immediately get a job making $50k/year, work till you turn 30, and have made a total of $400,000. Yes, $500k in savings sounds totally reasonable

 

[Spac3d]

Originally posted by: notfred
Heh, Yes, you graduate from school at 22, immediately get a job making $50k/year, work till you turn 30, and have made a total of $400,000. Yes, $500k in savings sounds totally reasonable

Not all of us are idiots

. My brother will have $500,000 in the bank within 4 years of graduating college.

 

[DaveSimmons]

Originally posted by: Spac3d
Not all of us are idiots

. My brother will have $500,000 in the bank within 4 years of graduating college.

We can't all work for the Columbian drug cartels.





But seriously: trust fund? ambulance-chasing lawyer? international man of mystery?

 

[notfred]

Originally posted by: Spac3d

Originally posted by: notfred
Heh, Yes, you graduate from school at 22, immediately get a job making $50k/year, work till you turn 30, and have made a total of $400,000. Yes, $500k in savings sounds totally reasonable

Not all of us are idiots

. My brother will have $500,000 in the bank within 4 years of graduating college.

How the hell do you know what's going to happen in the future? And you're right, not all of us are idiots, but if you think that it's reasonable to expect the average American to save $70,000 a year until he's 30, you are.

Even if your brother is saving $125k/year, it's still not "reasonable" it's EXTREMELY high.

 

[HappyPuppy]

After reading this thread my brain did a hard lock and I fell out of my chair in spastic convulsions.

Most of you folks need a serious reality check. Life in this uncertain world is obviously not what you think it is.

 

[ultimatebob]

Quicken has a great retirement planner that will help you figure this out.

I'd imagine that it varies by person, but my plan says that I should have a bit over $50,000 saved for retirement for 30, and around $200,000 (inflation adjusted) by 40. Compound interest really starts to kick in from there, and I should have around $800,000 (inflation adjusted) ready for retirement.

 

[Mallow]

I think most americans would be happy just not to be in debt by 30. To have 500K in the back would be a dream.

 

[shootsfor3]

Originally posted by: Spac3d

Originally posted by: notfred
Heh, Yes, you graduate from school at 22, immediately get a job making $50k/year, work till you turn 30, and have made a total of $400,000. Yes, $500k in savings sounds totally reasonable

Not all of us are idiots

. My brother will have $500,000 in the bank within 4 years of graduating college.

Ur brother? How bout u?

500K definitely on the high end of expectatations.......depends what kind of job u have or business u run. 100K sounds about right

 

[conjur]

$1.2 million.

 

[brigden]

I only know one person over thirty who has a significant amount of money saved. He is the single most boring human I have ever met. Played it safe his entire life.

 

[Zugzwang152]

eleventy billion

 

[Ranger X]

500k? Are you joking? Like what everyone has been saying, you'd be lucky to not be in debt. By 30, some (if not most) of us will have a home of our own so it's going to be tough saving money every month.