How Much Money You Actually Should Have Saved By Age (2024)
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- Опубликовано: 13 июн 2024
- This is how much money you should have saved by your age, in 2024. These numbers are updated to reflect the new balances of the population based on the Survey of Consumer Finances which is done by the Federal Reserve every few years.
My last video on this topic was back in 2021 and used the old set of data, so this video should be much more accurate. Again, we want to be aiming for higher than the numbers presented in the video, but always easier said than done. Let me know in the comments how much you have saved and your age!
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WHO AM I?
Hello 👋 I’m Humphrey, I used to be a financial advisor, worked in gaming/tech, and started my own eCommerce business. I make practical, rational content on investing, personal finance, the news, and much more with a data-backed approach. My goal is to help you with financial literacy and creating wealth.
PS: I am no longer a current Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for & they help support the channel!
⏱️ Timestamps:
0:00 - Start Here
0:24 - Age 20s
3:40 - Age 30s
8:09 - Age 40s
10:32 - Age 50s
12:29 - Age 60s
Let me know how much you haved saved by leaving a comment (if you're comfortable). Thanks for watching 👊
Paid off my student loans last year and now have 13k saved up in my HYSA!
Edit: In my 401k, I have 40k saved so far!
39k in 491k, 25k in HYSA, 8k in Roth IRA!
Lol 😂
~236k
-After wife's medical and taxes, we have a guaranteed 5-6 k a month take home in retirement (before savings, 401k and social security). 4k of that is coming in now at 54 (while we both still work good-great paying jobs), but the rest of it right when I retire at 59.
-We'll be at 150k in savings and 140k in 401k when I turn 59.
-My social security is currently showing I'd get 2k a month at 65 and roughly 2.3k by 67.
-My medical is 100% free for life.
-Based on all that, where should a person in his late 50s be in regards to savings, or rather, how much do you think I'll need?
With Roth IRA, the money you are contributing has already been taxed. At any time for any reason, you can withdraw your contributions tax-free and penalty-free. Additionally, any earnings on investments can also be withdrawn tax-free and penalty-free, Not sure how much to contribute, I'm still at a crossroads deciding if to liquidate my $338k stock portfolio.
For the average person, the strategies are fairly demanding. In actuality, most professionals who have the necessary abilities and knowledge to complete such occupations do so successfully.
Exactly why i enjoy market decisions being guided by a pro , seeing that their entire skillset is built around going long and short at the same time both employing risk management and market experience , been using a portfolio-coach for over 2years+ and I've netted over $3million in that time frame.
Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?
Well, I chose Vivian Carol Gioia as my advisor after her interview on CNBC In 2020. She is SEC regulated with offices in the US and quite frankly a genius with portfolio diversification.
Thank you for this Pointer. It was easy to find her handler, She seems very proficient and flexible. I booked a call session with her.
Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.
I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
Glad to have stumbled on this conversation. Please can you leave the info of your investment advisor here? I’m in dire need for one.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five aiyears now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website… thank you for sharing.
I Hit 110k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month 2024. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject. thanks to Louise O'Brien for helping me achieve this ..
You trade with Louise O'Brien too? Wow that woman has been a blessing to me and my family.
That woman has changed my life for good. I attended her investment class couple of weeks last year and she’s the best when it comes for Guidance.
I've heard a lot about her. Please how do I contact Louise O'Brien?
I'm happy to see Mrs Louise O'Brien mentioned here, my husband recommended her to me when I was in Germany during Covid, she's amazing.
I was skeptical at first till I decided to try. It's huge returns is awesome. I can't say much
I'm 19 and have saved ~$18,000 so far. I just started investing into a Roth IRA and brokerage account this year and the past few days have been binge watching your videos as well as others to learn as much I can about all this. I've pulled a couple all nighters doing so lol. Thanks for the work you put in man.
good job. your future self is going to thank you for starting so young. keep up the hard work
Your future you thanks you 👍🏽
I too have -$18,000 in my bank account. I’m glad I’m not alone
Nice work 👍🏻
Fyi, I had about the same amount at your age. Now I'm early 30's, even after paying for a wedding and honeymoon (not cheap) I have around 100k.
AFTER paying for a super expensive event and vacation.
Totally worth it and the reward you'll reap similarly so.
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
just came across the consulting page of Karen Lynne Chess after inputting her full name on the web, super impressed with what i've seen so far ... thanks for putting this out
SCAM
These videos depress me more than encourage me when i see as a person in their mid 40's. Im not even close to the numbers he says i should be at right now.
Is your challenge hard or impossible? You could be disabled and unable to work. I think your only two options are give up before the race is over or try hard. Even if you don’t hit your goal it’s still beneficial. Like exercising. You may not be an Olympic athlete but losing few pounds and eating less sugar will help.
@stocksxbondage I'm trying to learn about investing and build wealth. Just the cost of living is getting ridiculous and I'm a single father with 2 little boys
Same, try your very best. 👍🏻
You can and you will do it! Stay strong.
Damn, I do realize it's not the most pleasant if you are feeling behind. I was just trying to illustrate the numbers. I think if you can do what you can and keep at it, the wealth grows brick by brick. Keep in mind you are also trying to raise 2 boys as a single parent so your numbers may be naturally lower because of the situation. Dont feel a sense of shame because you have a lot to be proud of
I deeply appreciate your commitment to enlightening your audience. We all aspire to attain financial security and enhance our quality of life. This goal can be realized through prudent investments, mindful spending habits, and meticulous financial planning. I am thankful for acquiring the understanding of the significance of diligently striving for financial independence from an early stage in life.
Even though I engage in investing, I feel disheartened by my lack of expertise in assessing the performance of individual companies and determining the optimal timing for stock purchases. The erosion of my financial reserves due to inflation adds to my concerns. At this point, I require precise market trajectory information, but I find myself unsure about the appropriate course of action.
I wholeheartedly concur, which is why I opt to entrust the day-to-day decision-making to an investing coach. With their specialized knowledge and extensive research, it is highly unlikely for them to underperform. Their expertise is centered around harnessing the asymmetrical potential of risks while also employing measures to safeguard against unfavorable outcomes. I have been collaborating with an investment coach for more than two years
Could you kindly elaborate on the advisor's background and qualifications?
Just research the name Angela Lynn Shilling. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
Great video as always! Do these numbers include equity one may have on a house they own, or is it strictly money saved in cash/financial investments? Thanks!
On great track
Age 31
300k in investments
40k cash
180k in equity
About 1.7x saved up annual salary.
Projecting to be a millionaire by 37 and liquid millionaire non-real estate by 39.
Amazing! I’m 29, wife 24:
We’re 400k investments
$12k cash (focusing on increasing this and paying off all debt, but mortgage)
$90k equity in our home
NW roughly 520k and we should be new worth millionaires combined in roughly 4-5 years
Damn Im almost 30 with a $100+ investing in S&P500 lol. Its never too late tho
That is tough. It took me 24 years to make my first million, and I was 51 when it happened, starting when I was 27.
I'm 47 and did not start saving and investing until 35. I managed to put aside 13% a month into my 403b and 10% into my brokerage acct. Luckily my work also has a pension that I pay 10% into as well. My main discipline was living beneath my means. I drive a used 2011 car I can work on. Cook at home frequently and try not to keep up with the Joneses. My net worth at the moment is 320k. You can do it, it just takes sacrafice and hard work.
Interesting. What is your salary again?
Thank you for sharing
I’m similar to this. I started late around 36, I’m 37, and just barely have $25k. But I’m putting in $670/week to try and hit $100k when I turn 40, I could do more. But paying $800/month for half of childcare and the wife likes to eat out often.
@@chaselesser3191show your wife this video and make a plan of only eating out x amount of times a month maybe ?
Man RUclips has really got to work on getting rid of these financial advisor scam bot comment threads. Hope people aren't actually falling for this.
I've just realised i'm a millionaire
🎉 congratulations, now you have to make a plan to keep it 😂
@@FritzOettinger thank you very much, retaining it is all in gods hands 🙏
@@user-gs1ml3hf1xgod love’s money
I just realized i’m
a Thousandnaire! 👍
@@coolcat6303 Congratulations, Keep going! 👍
I'm 42 and currently have $315K in 401K & $51K in HSA. Wife has $77K IRA. $170K in Stocks Account. I'm hoping to reach $1M by the age 50. All index funds full risk on. We Max out contributions every year. Credit score over 800.
Looks like I'm the only broke 40+ year old..oops😢
I was financially reckless in my 20s-30s, no savings, high credit card debt, cashing-out 401K (twice). Now I'm debt-free (I don't have a mortgage), 820s credit score, good returns on investment, increasing salary every year. I'm a little behind based on your net worth calculations, but I'm confident I'll catch up (with your advises on do's & don'ts) by the time of retirement.
Now let’s breakdown what composes net worth. Most people probably have the majority of their net worth tied up in home equity and therefore little savings by proportion.
I'm far behind, I left the work force in my mid twenties to care for family and am only returning now in my 40s while also physically impaired. Still, I don't feel everything is lost.. any progress made at this point is a step better than where I started.
Suppose I should add that my husband and I are still negative worth due to student loans. We would be even without those.
You can only do what is possible, starting where you are. If you focus on getting rid of those student loan so you are at ground 0, then you can start the push to planning for your future. If you keep your standard of living as low as possible to still be comfortable, that should help a lot. Don't let it creep up as your income rises. Good luck.
Maybe you should pray OBiden gives you a break
Or maybe you shouldn’t have followed the crowd and went to college
Probably would be way better off
Maybe $150,000 year trade job
No debt And a pension with 401(k) match
lol Good for you listening to the people in high school
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Elizabeth Wesley.
I'm surprised that this name is being mentioned here, I stumbled upon one of her clients testimonies on CNBC news last week...
She is my family's personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.
You trade with Elizabeth Wesley too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can I reach her?
I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much
Excellent advice. People in my circle have learned a great deal from you and you have a way of opening people's eye to new perspectives with personal finances. Keep it up
31yo, $375k (all investments, $17k of which is the emergency fund invested in money market), $100-500 cash in the bank at any given time (keeps me thinking frugally..."i only have just enough to pay bills this month"). $0 assets, $0 liabilities
You're killing it. And I do the same 'forced scarcity' games. I suck everything out of my paycheck with auto deposit to various investments accounts and what hits my checking is just enough to cover bills and a bit of fun money. It certainly feels like living paycheck to paycheck. And if somebody just saw my checking account, they would assume I hardly make anything.
You're a winner dude great job
Wow you sound gay
Thanks for educating us Humphrey! This information is good to know.
Absolutely love your content, wisdom and the energy you put into your videos. Your knowledge and presentation is contagious. Subscribed.
Hey Humphrey, I am 50 and have a 21 and 18 year old. I am well above your metrics for my age for retirement, but I think your analysis is ideal for my kids. This is a great tutorial for them. Keep up the great work!
Thanks for this video, Humphrey. It's good to know the numbers❤
Woot woot thanks to so many of your videos and others! I’m way past my goal! And just entered my 30s 🙏🏼🙏🏼🙏🏼🙏🏼. Thanks for you videos Humphrey! It’s all about progression!!!!
I know as you're from US, you do everything based off that. However I wanted to thank you for always adding some data that could work for other countries in other currency/wage by having that target of X times salary.
Well, given this info, to the average American your best bet seems to be not having kids, renting and driving a beater your entire life, not carrying any debt and then finding a very tall bridge when you turn 65.
Normal is broke.
Appreciated the breakdown of Average n median net worth range😊
So far, I have saved over $9000. I'm 34 right now, and don't have a career yet. But I'm working two jobs and have a side job at the moment right now. So I don't think I'm doing too bad in my life. Like I live with two roommates, have a good credit score at 752, have my own car, and haven't owed anything so far. I'm doing pretty good.
By the way, like that Vegeta reference?
How in the hell are you doing? Good you’re 34 years old no career and you live in your mother‘s basement.
With no retirement savings
I had 10,000 saved last year and was so proud (33 years old) and I lost my job and the savings got spent in 6 months. My net worth is -6000 in credit card debt.
Niice
Bro, at least that $10,000 saved you when you lost your job, it’s great you had that, don’t worry, you can definitely build it back up
That could have been -$16,000. And you really should have picked up side give Uber/food delivery. It’s not much. But do it while you aren’t job hunting. And puts some money in your pocket. Probably won’t have $6k in debt.
I'm sorry for your troubles, that's really hard. I'm glad you had that cushion and it did what it was supposed to do, but I hope things bounce back for you soon
Thanks for posting this! It’s very helpful. Based on the data you’ve shared, I feel I can do better saving for retirement.
thanks humphrey!
52 years old, $1.8 million 401k, a couple hundred thousand spread across various other things. $500k-ish mortgage but maybe $1.2 million in equity. An auto loan. My wife has her own 401k, investments, and pension. A couple kids to put through college. Considering retiring outside the USA somewhere where we'll essentially never need to worry about money.
@humphrey, your teaching style is top notch and I truly appreciate your willingness to share your knowledge. I watch RUclips more than I'd like to admit in my free time and your channel is by far the most engaging that I've seen on the financial front. It appears you are crushing it on RUclips, but in the future please consider speaking somewhere in person. At this point, I'd pay a pretty penny to hear you speak in person!! :)
TY FOR SHOWING THE MEDIANS
you r welcome lol
Fr, some of these out of touch youtubers be using averages like as as if any 20 year old is anywhere near 100k 😂
This made me giggle 😂
Humphrey, great video as always! I think it would help if he started the video by describing what counts as net worth. It would help some of us who are new to your channel.
Hi Humphrey! Thank you for such a great video.
I want to know about the calculations for a money couple if they share expenses.
Thank you for your time 😬
Hello! Do the networth numbers in the video also account for home equity or are they solely based on retirement accounts and/or liquid assets? Thank you for continuing to educate us financially.
I really liked the inclusion of milestones other than how much money to have by X. I'm 28 with a net worth of $22k and an income of $50k, so I'm technically way behind, and hearing that I need to more than double my investments to be "on track for retirement" is discouraging. But I'm also completely debt free, and my income has gone up 26% in the last year and 60% since I started working full time at 25. Which is the other messy part of being in my 20s-- I don't have a full decade of earning and have to start from the bottom.
Great refreshing video!
Glad you enjoyed it!
Learning Supply & Demand & Volume helped me complete the 5ers challenge.
Wait! Where am i supposed to be in my 90s? 😢
as long as youre still living I think thats pretty good
Looking for mentors, most likely you will find them where they supposed to be 😂
You’re 90? Wow
I'm 46, married, with one kid. I did not really start making money until 14 years ago due to the field I'm in. Keeping track of my net worth is more like a daily exercise, and we are currently at $2.5M, with the current home being $400k of that amount. The plan is to FIRE around 55, if I find something worthwhile doing other than my field of expertise.
Thanks for your useful videos. When you calculate net worth do you include your home? I've heard different people either include or exclude this as a component of net worth.
I started saving late but this video made me feel better about where I am in the process anyway. lol Thanks!
I am so screwed, but I’m starting now and going to do the best I can.
I'm 42 with about 5X mine and my wife's annual salary in liquid retirement funds. Our total net worth is just above the average and way past the median for the 40s age group so I hope we're on track to retire in our mid 50s depending on the market. Our only debt is our mortgage with 12 years remaining. Both of our cars and student loans are paid off and our mortgage is dirt cheap since I bought the house at 27.
Great overview of savings goals by decade! It's also crucial to adjust these targets based on personal life events and economic changes to stay on track with your financial health. 👍
I figured out that in this current time you’ll need a goal of around $2.5 million to comfortably live in retirement.
Solid PSA Charizard reference. I knew I liked you!
I loved your videos, and I was wondering if I could help you edit your videos, which will save you time.
Great video! Looks like I'm a little ahead of schedule for mid 30s according to this!
Great video!!!!
Glad you enjoyed it
53 here. Net worth is about $1.8 million. $1.3 million of that is in retirement and non qualified brokerage accounts. The retirement mix is between traditional IRA, 401k, and Roth. The other $500k is in equity between my two homes. I know there's been lots of discussion around having no mortgage in retirement. I can't ignore the fact I have a 2.874% 30 years fixed on my primary home and 3.25% 30 years fixed on my vacation/second home. That's dirt cheap money. I'm going with the plan of pouring the money I would have directed towards mortgage pay off into my investments. Taking advantage of both the interest tax write offs and the value of time/compounding.
I'm also taking advantage of the $6500 catch up clause so I'm putting away currently $30,500 a year into my 401k and starting early with the $6500 being directed into the Roth component of my 401k.
No debt other than my mortgages.
I've achieved this in one year thx for power Average Cost +patience
- Stocks : $33,750.00
- Gold and Silver: $14,580.00
- Real Estate:$1,620.00
- Startups in Republic: $216.00
- Fine Art Shares:$1,860.30
- Lend to Shops Investment $2,700.00
- Trust Fund: $3,132.00
- Mutual Fund : 3599 USD
Oh boy...38 and made $15,560 last year🤦♂️ savings went negative.
24F. 25k in my IRAs, 3k in my 401k that I started this year, 5k in my brokerage with Acorns, and 5k in my transactional accounts. My spouse and I share a joint emergency savings account at 11k and a house down payment fund of 2k. I’m trying to pay off my car this year and that should be my only consumer debt!
I see a humphrey yang video, and i AUTOMATICALLY LIKE. Always.
I'm very good at saving money but not so much at making money 😅 I need to work on getting motivated to apply for better paying jobs!
Reached $0 NW at age 30 after paying of ~$80k in student loans. At $400k+ after 4.5 years. Aiming to be work optional by mid 40s.
I'm currently stacking up cash in my whole life insurance policy. Gonna use policy loans to buy real estate.
I think for a lot of people, not having kids or a home is the only way to make retirement possible. I'm in the camp where I could have either-or but not both.
58yrs old - $2.6MM between 6 buckets - no mortgage, owns two homes..
I❤u Humphrey!!!
26 years old, net worth of ~175k. Definitely fortunate with turning 6 years of college into nearly 6 figures just 2 years into the workforce, and I’m extremely frugal. Net worth would be over 200k if not for wanting the nicer cars earlier in life but current car was bought in cash and only debt is 4500 in student loans at low interest (paying minimums because the rate is much lower than even my high yield savings). I feel fortunate to be where I am but also feel like I have miles upon miles to go so not letting up any time soon.
@humphrey I've seen these rules of thumb for "x times your salary" around for a long time, but how do they account for rising salary numbers over your lifetime? I have seen far less about how this should be thought about. In my late 30's my salary is 4-5x what it was in my early 20s, so curious if you are supposed to base this on what you think you're expected annual needs would be in retirement, or if you just should pick a rough midpoint of salary over your lifetime. Luckily I have kept the lifestyle inflation pretty flat after I hit a certain salary, and dumped the rest into savings, so I'm ahead of all the benchmarks, but still very curious.
Great point, I need to think about this further. I think if you can guess your midpoitn salary over lifetime, probably good place to start
It’s a general guide to help you get started. I wouldn’t over-index on it. For retirement, shoot for 26x your yearly expenses
Just turned 35. Net worth around 150k. No debt except mortgage. These numbers would be more attainable if we have full payout social security at retirement but it'll probably by 75%. Frustrating after paying so much of my gross income and getting not even what I lost back. Thanks US government
You should save more than you have planned. Be responsible.
agreed
Acknowledging that I got extremely lucky with regards to health and timing of the few stock market bull runs, but really love the reassurance that I'm worth more than the average 60s while being in my 30s. 😁
Having zero debt, and putting as much money as I comfortably can while buying the things that make me happy to keep me motivated to work is the secret yall.
This amount you are referring to is all assets minus liabilities or strictly cash investments in 401ks and brokerage accounts etc..?
26yo, $250k net worth (equity on home, Roth IRA, taxable brokerage, gaming collectibles, savings). Still not satisfied and feel like I’m behind.. my goal is to hit $500k net worth in my early 30s & hopefully retire in my 40s🙏🏼
Hey Humphrey. Would love these to maybe be broken into 5 year segments in the future. Especially for 20s and 30s. 28 is way different than 22.
As a 24 year old, do you think the Robinhood Roth IRA is ok to use? Or should I just open a fidelity IRA? Or does it matter? I haven’t opened one yet and want to open one soon.
*🌹Retirement planning is an important aspect of financial stability, this world is getting more difficult to live in everyday one need to prepare for the future and kids inheritance*
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits, such as regularly setting aside money for sound investment
.
Thanks these vids are so helpful! I'm 24yrs old with 62k net worth. I'm saving 52% of my income and hope to retire earlier than 66yrs old.
We are 29, we have a net worth of about $165k, with a hidden gem of land that we could probably get an additional $200k profit for. I don’t count this yet, I only count what we paid for it to be very conservative. Our cash investments (401k etc) are about $55k
46. Salary is $150/yr. Net worth is $800k. Retirement is $500k. I recently decreased my retirement contributions to 15% to focus on paying off the mortgage and building my brokerage account.
Why decrease 401k to increase taxable brokerage?
@@Driving4bangers retire early, before 59 1/2
You can use the rule of 55 (retire at 55yo and access yiur 401) if you think you’ll retire with your current company. Imo, that’s less stress than doing investments in a taxable brokerage.
Hey Humphrey! Great video, just wanted to call out that its a little hard to understand visually at times if you mean that the numbers you’re showing are the median and average at that exact age of (when you show “Age:30” for example) or if those numbers are the average for the entire decade of your 30s, or if those numbers represent the average for people 39 years and 364 days. I know your voiceover provides a bit more clarity but just wanted to call this out as an interested viewer!
Noted! thank you for that, ill try to be more clear int he future!
29, 88k. Projected to be just over 100k on my 30th birthday.
I started my journey very late. I didn’t start saving until I was 26. Currently investing $2,800 per month. Projected to increase to $4k per month shortly.
That will eventually go back down when my wife and I buy a house but for now that is not possible so I am stashing.
I have a question about this “X times your salary” number.
I’m in tech, and my comp is 2/3rds cash and 1/3rd stock. I live well within my cash pay, so I just reinvest that stock and treat it as if it weren’t even there. So, is my salary the total, or is my salary just my cash and I’m investing 33% of my income? If it’s the former, I’m nowhere near those multipliers and I’ll never be able to keep up. If it’s the latter, I’m in really good shape.
This becomes more important because the way my employer compensates, I’m nearly maxed out on cash pay. As I move up, it’ll just become 50/50 cash/stock, then 40/60, etc.
@Humphrey Question regarding the video Humphrey just posted. Does your pension account count towards saved money towards retirement?
I also have a pension and never quite know how to acutely account for that in our retirement planning.
I retired with a pension of 44% of my salary. Most of the people here will NOT have a pension and so this should put you in a great financial situation as you approach retirement! I would still recommend maxing out the 401K because it’s better to have too much than too little. Your pension really comes into play when you are about five years out from retirement. Then it’s best to go over all your expenses and determine how much you will need to live on after retirement. This will show you how much you will need to withdraw each year from your 401K after you retire. 2%-4% is usually a sustainable withdrawal rate.
38 y/o, 170k in retirement accounts, 325k in brokerage and a 40k emergency fund. Own house, no debt, about 1M net worth. Retirement value is a bit low as I never focused on it until now. I'm now maxing 401k/IRA/HSA and putting about 1.5k into the brokerage account each month. I just wish I started investing earlier as most of what I saved is literally from dumping all my cash into my checking account over the past 20 years.
3:53 lmao buying your favorite Charizard card 😆
"should"?! them fighting words, homeboi
Day 20 of asking for a video on how to save for things we want to buy like that new pc or car or not needs but how to do it while staying on track with emergency fund and retirement
About to turn 21 and pushing a 100k!
Awesome!
How were you able to accomplish that?
@@ryant6972 thank you!
I struggle figuring out retirement planning and how to factor in my future pension. How do i calculate my networth. Yes, i also have a 403b
I'm 32 and I'm further behind financially than i was at 19. I've got nothing saved (not that I'm even allowed to save money while on disability), a next to nonexistent income and more high interest debt than i can pay off easily. I think I'm pretty thoroughly screwed. I still like watching these vidoes but sometimes i get a little bummed out by the realization that it's out of my hands
Started saving this past January from 0 dollars and about to hit 100K by end of June.
Do you provide private financial advising?
Greetings from Czech republic.I Like your videos and would like to share experience from other side of the world. Im 42 , having master degree in agriculture engineering and working last 17 years in renewable energy. Have a wife and two small kids,dog and 5 hens :-)… I do not know if you calculate in your net worth also the house you live in but in my case that house would be $700.000. Then i have some other property worth $300.000 to rent ( making me $1000/month ) i have aslo invested $500.000 in agriculture land, $60.000 in financial investment ( world wide ETF ), $10.000 in BTC and $5.000 in gold. I still have $80.000 mortgage but as it is fixed for next 8 years with 2.3% i am happy to keep it :-).Keep saving and investing my money since i was like 20. And I guess at that time there wasn’t even youtube existing and was quite difficult to find some information how to treat your money. Specially difficult in post communists country.
I think it was unfair to put the 20's in one bulk. The situation of a 20 year old is probably going to be the most different from a 29 year old (compared to a 40 year old vs. 49 etc...)
I'm turning 45 this year. Net worth is approximately 700 grand.
Gosh Humphrey, for a huge and excellent channel, your graphics people need to proof for spelling errors a bit better...how many others have pointed out the 60's section point 3 use of 'understading'?
I'm 43 years old my current net worth $411,000. I am hoping to keep up on our retirement journey.
The tough part for many in the late 30s to early 40s is many of us were impacted greatly by the 2008 recession. Me personally ive spent years digging myself out of a hole , and honesty have just gotten on stable ground the past 5 years. So im way behind the average almost 800k average net worth by 40, with the uncertainty of the current economy and the high cost to own real estate while im above the median im very discouraged after watching this video that ill be able to gain any meaningful ground in my networth for my age group. It also states that you shouldnt have any debt except a mortgage which an affordable mortgage is difficult right now to find just getting to a place of good purchasing power at 40 smh im grateful for where i am but what a dismal outlook smh
I’m 43 and my husband is 45. Our combined net worth is just under 2.2 million. We make very good money now but that was not always the case. We lived below our means when we were in our 20s and 30s, didn’t buy things we couldn’t afford, even if it meant having barely furnished house. My one passion is travel but I’ve always saved for our trips. I’ve also saved to pay for my degree so no student loans for us.
We have 2 kids, so I started 529s for them both. We just recently paid off our house and are now planning early retirement. But even at our net worth we’re still watching what we spend. I’m not about to go and drop 3k on a handbag or 60k on a BMW.
I suppose many people aren't coming from North America, Australia or several flagship countries in EU - so some of these numbers are really high for us, and people shouldn't take them that easily. :) Considering different standard levels and price of living in certain countries, being on a half of these numbers for your year group means you are doing just fine. Cheers!
2021 I had about $60K; COVID came, and was forced to withdraw due to no work; with remaining balance $2.5K.
Minimal retirement.
2022 retired from the military after 25 years; now 45.
Still no retirement savings; but, my saving grace are pension of $6.5K and a properties for rent with $2.5K monthly passive income.
Thank God! All the best everyone.
I’m 52 yrs old, 535k on 403b, 75k on personal investment and 25k on roth ira. I have 90k left on my home.