“Here’s how much money you should have saved by age 30”
September 18, 2020
“In fact, retirement-plan provider Fidelity Investments says that to retire by age 67, you should have saved 1 times your income — or the equivalent of your annual salary — by the time you turn 30. This means that if you earn $40,508 per year (the average yearly earnings of a 20- to 34-year-old according to Q2 2020 data from the Bureau of Labor Statistics), you should have $40,508 saved by your 30th birthday.
This five-figure sum might seem like a lot, but remember it’s not just counting just cash stashed away in a savings account. Fidelity’s savings guidelines includes the money you have in a retirement account, like a 401(k) or Roth IRA, company matches and your investments in index funds or through robo-advisers…”