Doesn’t really matter how you compare to the average, it matters whether or not your financial practices are going to meet your financial goals.
Exhausted_Monkey26 on
what is, or what should be?
1991cutlass on
401k, investments, or like local branch/cash/hysa?
sweadle on
You should have about 1.5 years salary saved for retirement (so if you make 50k, that’s 75k in retirement) and six month’s salary saved up for an emergency fund.
50senseshort on
36 and spouse 34 – we have $174k in HYSA (trying to save for a home, but feel like we’re just spinning our wheels chasing the market), about $230k combined Roths/403bs/HSA, no debt.
I know we are doing fine but still feel we are behind.
paradigm_shift_0K on
6 months expenses in an emergency fund is a good start.
Many do not have as much savings as they will have bought a house and spending what is needed to fix it up. Also, many have kids and are spending what is needed on them.
Normally their employer has a 401K or other retirement accounts they should be contributing to for the tax advantage, this is where many get their retirements funds later in life.
withak30 on
Doesn’t really matter what people say the average is. You need to do your own calculations to tell if you are on track to meet goals (retirement or whatever else).
shivaspecialsnoflake on
I’m 38 and have 340ish fettered away in various funds. Trying to be better about contributing this year because I fell behind when I was RIFd last year. Really want to get a pool though, but I know it’s a dumb plan with my money. 😭
veryfancycoffee on
35 m and 35 f. We have about 600k saved between retirement and mutual funds.
Jabba-the-Slutt on
I dunno if it’s helpful just to tell you my numbers, but I’m a single 34-year-old and I have a $15k emergency fund in a HYSA, just over $150k in my 401k and Roth IRA combined, and only like $5k in a taxable roboadvisor account and I keep $3500 in checking. I make $70k/yr before taxes.
14 Comments
I have 85k in my TFSA, and 50k~ in my RRSP and a house that i’m almost done paying off. Same age.
Should be about 1X salary at 30. That’s the general Benchmark for retirement. 3X by 40.
Start here: https://www.reddit.com/r/personalfinance/wiki/commontopics.
retirement by age: https://www.fidelity.com/viewpoints/retirement/how-much-do-i-need-to-retire#:~:text=Key%20takeaways,60%2C%20and%2010x%20by%2067.
You want internet stranger guesses or actual survey data?
* https://www.sofi.com/learn/content/average-savings-by-age/
* https://www.experian.com/blogs/ask-experian/average-savings-by-age/
Doesn’t really matter how you compare to the average, it matters whether or not your financial practices are going to meet your financial goals.
what is, or what should be?
401k, investments, or like local branch/cash/hysa?
You should have about 1.5 years salary saved for retirement (so if you make 50k, that’s 75k in retirement) and six month’s salary saved up for an emergency fund.
36 and spouse 34 – we have $174k in HYSA (trying to save for a home, but feel like we’re just spinning our wheels chasing the market), about $230k combined Roths/403bs/HSA, no debt.
I know we are doing fine but still feel we are behind.
6 months expenses in an emergency fund is a good start.
Many do not have as much savings as they will have bought a house and spending what is needed to fix it up. Also, many have kids and are spending what is needed on them.
Normally their employer has a 401K or other retirement accounts they should be contributing to for the tax advantage, this is where many get their retirements funds later in life.
Doesn’t really matter what people say the average is. You need to do your own calculations to tell if you are on track to meet goals (retirement or whatever else).
I’m 38 and have 340ish fettered away in various funds. Trying to be better about contributing this year because I fell behind when I was RIFd last year. Really want to get a pool though, but I know it’s a dumb plan with my money. 😭
35 m and 35 f. We have about 600k saved between retirement and mutual funds.
I dunno if it’s helpful just to tell you my numbers, but I’m a single 34-year-old and I have a $15k emergency fund in a HYSA, just over $150k in my 401k and Roth IRA combined, and only like $5k in a taxable roboadvisor account and I keep $3500 in checking. I make $70k/yr before taxes.