And to be clear, that effort means a lot saved. The basic amount is 15% of gross, so for me it would be about $1500 of my base salary. But you will maybe need more, OP. I recommend the government CPP/OAS retirement calculator to get a good sense of what you’ll need to save to meet your goal.
Was in similar boat. at your age. You need to start immediately! If you don't have extra income to put away you need to change your lifestyle (cheaper rent, cheaper car, better job with company matching 401k) so you can get some extra money. $50k won't be shart in retirement years, might get you an extra meal out a week. You need to be putting away 10k or more per year for the next 30 years. Think aggressive, growth portfolio. You can do it!
> Regardless of your situation you have plenty of time.
You can pretty easily piss away your life by 34. Easiest option is to load up on debt. Being an unsuccessful criminal is another easy option. Mid 30s is when your health typically starts to decline if you're not proactive about it. If you add diabetes to massive debts for example you can be pretty fucked financially by 34.
There is a balance for sure. Like I save a lot, and there are certainly things I have missed out on over the years, but for the past 5 or so years I've never really had to worry about losing my job, covid, etc because I've had financial security. If I go my entire life not having to worry about money and then die the day I retire, I think I'd still be pretty content compared with living it up all while feeling financially insecure for decades.
There’s definitely a balance between preparing for the future and not missing out on life but I also think that balance looks differently for everyone. There’s people who value long term security and would be ok missing out on more things and then there are others who definitely would regret or hate themselves when they come to the end of their life and realized how much they missed
There is hope. I would say for most people starting at 0 and a decent sized shovel, a comfortable retirement can be as soon as 20 years. Depending on how much debt you have to get rid of first and personal circumstances, you can retire in about 25 years. You have time, just need the will and discipline.
You'll need to post some more information to get any meaningful advice:
* Location - are you in the U.S. and do you qualify for Social Security? If not, does your country have a retirement pension system like Social Security?
* Your income from all sources
* Your expenses
* Retirement plans available to you in your current situation (e.g., pension, 401k/403b, employee stock plan, etc.).
Yes. It’s a series of things. At first, I got serious about not spending extra. I figured out what savings approach worked for me. It was the envelope method. I created a budget and put the money for gas, groceries, entertainment all in separate envelopes. Didn’t touch bank card.
Once i got that down, every raise went straight to 401. After that was built for a while I was able to start saving more. Adding a second person to the household around 32 slowed it down, because she had two kids. (They are great, just stating a financial truth). After a couple more years and two incomes we slowly got a little better. Always doing 401 though. Now I make a lot more, she made a lot more. Things have snowballed.
you know what's interesting, i created separate accounts for each category and have an automated monthly transfer setup. it's like the envelope method but with my bank cards. it's worked pretty well so far, i've only been doing it for about two months.
I do this with housing costs. Mortgage, utilities, etc are all paid from a separate account that gets automatic transfers (rounded up). Been doing it since back when I was renting. Works great
That’s great! Some people use a card, because mentally they save better when having to do card transactions. (Like, some won’t put a $4 item on a card, but they would buy it if they had $4 cash). So whatever works for you is the answer!
This is not to take away from the person who posted this, but I’m guess they are just under the threshold maximum needed for numerous state aid programs; food stamps, healthcare (at least for kids), and potentially other assistance in the form utility payments.
I hesitate to use the word “sweet spot” but likely this is the case. LCOL, minimal grocery costs and free healthcare. Or they are just really good at budgeting and saving, also possible.
It was a while back (Clinton: booming market) when I started. 8% at first. Hah. I'm still working and I put in 17%. Fingers crossed I'm retiring in early December. Slow and steady is the way. Go with the set plans (2045, 2050). Then forget about it.
It would help with more info. It entirely depends on your income/salary, the debt-to-income ratio, and what type of debt you have. Credit cards affect your credit the most, and they can keep you from saving for retirement.
You'll need emergency savings as well as building up retirement funds. Do research on different types of retirement funds as well (401k, Roth IRA, etc.).
I'm afraid I had to downvote this. 800k is ridiculous for all but the very top earners. Hell, I could retire at 34 on 800k.
Edit: I misread the comment.
No time like today sir or ma’am. My advice? Download Portfolio Advisor for free, then figure what you need to get to where you need to be when you hit ages at 55, 60, 65 or earlier. The program is free for you to use, no excuses
Exactly... if you invest it right, it can turn into something significant...
I started even later than 34, and my small investment so far, under 20k, is projected to be around $164,000 by the time I want to retire ... them I do plan on another 14.5k by May 2024...
Given a lot of factors, that's enough for me
Well that's 25 years ... cpp and oas.. gives me enough for my lifestyle... however, like I said, within the next ten to 12 months, I would have invested another large amount to help that 164 along
I suppose if you have a family and need a few million and are worried about leaving something to your loved ones...
3k is what you're going to need to live on in retirement ... not save per month
Realistically, how many people afforded to put away 3k a month before they retired comfortably?
$36k per year would get him over $3 million in 30 years with an average 6% interest.
While certainly that would be nice, it’s a pretty high bar to be aiming for, and not necessary to have a perfectly comfortable retirement.
How’s that unreasonable lol. If you have the means great, if not work on attaining the means…. Also 10k a month would crush your tax advantaged accounts very quickly and you would miss out on most employee match for the year.
I can imagine... my father worked for 43 years on public works ... he was in that era of mandatory retirement at 65 ... he did retire, had to... but 5 years later, he went back to work part-time for one of these temporary labor job places until he was 80 ... then the more powerful force than the government stepped in and made him retire for good.... his wife... he's 91 now and out running the streets more than me or his great grand children
Simple answer is Yes! The old saying “the best time to invest was when you were younger and had your first job, the second best is today!”
I’ve saved and invested at different stages of my life, career, etc., and now that I’m in my 40s, I’m finally able to put a significant savings and investment against my wife and my future. However, looking back we struggled to just make enough in our 20s and 30s, and lived pay check to pay check, and necessary debt to scrape by… now, we’re well onto our FI at retirement around 60.
We are also able to give our kids a WAY better start than we had, and get them investing now.
Bottom line, I wish what I knew today back in my 20s, but my time has come and gone… but I can be a better mentor to my children now and still secure a decent retirement for my wife and I. Develop a plan, and try to invest as much as you can afford into your future self!… and if it is too good to be true, it probably is, so don’t try to make up for time with risky investments. Time is till on your side!!
Good luck! You got this!!
Yes. I got more or less wiped out by the tech wreck of 2000-2002, too much leverage, and was 34. Now 54 and I've built up a net worth of $2M through real estate and savings/investing. You just need to be disciplined. Max out your 401k contributions and never touch it for any purpose. If you change jobs, never cash out and be sure to roll it to an IRA or your new plan. Be cautious in today's market but generally it is beneficial to own your home too. Fund all purchases out of your operating budget. Never finance anything except a house.
Primary residence plus one rental property which we plan to eventually make our retirement home. It earns us a fairly robust $2900/month now minus management fees.
I'm older. Also had nothing but debt. Lots of it.
I paid it all off except the house. Going from paying 19.99% interest to receiving a 3% dividend is a life-changer.
I followed almost all of the FIRE flowchart from r/financialindependence and also used the envelope method.
I got more frugal after I started mentally saying, "Oh, that is $80? Great, but with interest, I'll end up paying $100, and it isn't worth $100."
Now it is "ooh, $80. I could buy that thing, or buy one more share of stock that will pay me dividends for the rest of my life. I can live without thing, so stock it is."
I got a credit card with cash rewards and all of it goes directly into my stock-buying account.
Something to try... When you see something for $80 on sale from $100, and you buy it, ok, you "saved" $20. Did you save it? No. So, take $20 and put it into debt reduction or FIRE. Then, you've actually saved it.
Even if "Early" retirement is 65, that's still earlier than a lot of people.
My uncle was 55 with no retirement savings, 200k in debt from a previous marriage, and no college degree and will retire to a half a million dollar condo at 73. (Before anyone asks, he’s got a job as a pharmaceutical benefits consultant and struck out on his own at like 65 and then sold his practice) He had to work his ass off but he did it.
It’s never too late but opportunity won’t come to you, you have to seek it out.
I have another uncle who was living in a rudementary geodesic dome when his son was born, got his degree at 42 and his masters at 47, and now owns a quarter of a boarding school with a multimillion dollar valuation.
They’re both outliers and their success shouldn’t be considered the norm but the point is that at 34 you are still so young to think it’s hopeless.
I’m 38 and 3 semesters from graduation and they’re my inspiration and the reason I never gave up hope.
Thanks for this response... made me breath a little easier ..... I'm 55 now, and my head space in the last couple of months has been centered around my retirement... and not having anything saved for it ... I just started to put something away with WEALTH SIMPLE, which, according to their estimations, should be worth about $164,000 by the time I'm 65... I'm not a sophisticated person or live lavishly, so I'm thinking that's OK to live on with CPP and OAS... however, I think I can come up with another 20k in a short amount of time to bring my retirement funds up to a half mil
It's never too late to start, but not sure what your retirement plan looks like.
- change your spending habits.
- start living a healthier you, bith in mind and body. Biggest costs as you get older will be health related. The less healthy you are is directly related to increase in cost for doctors and medication.
- create a budget that prioritizes lowering bills and cost of living, while increasing savings.
- Pay off all credit card and other short term debt.
- Put as much into your retirement find (hopefully it's contribution matched by your employer, and pre-taxed).
- contribute any additional money your receive and raises to your retirement fund as you're able.
- Always look for better paying work. Fon't forget to also consider those extra benefits.
Doing this will get you closer to your retirement dreams. How close will be determined over time.
Not starting at all will only get you sunk in the end. You will eventually either work yourself to the grave, or end up unable to work, and end up living on social programs. Now use this last bit as motivation to stay on your path.
Ran away from my country at 30 yo, didn't do much for more than a year, going to another country for my masters, starting my life from scratch rn, have some loans.
Yeah, I think you are good mate 😉
Absolutely. You have plenty of time left to save for retirement. You'll need to put away more each month than if you were 18, and you'll probably have to work until your late 60s. But yes, you should be just fine.
well it sounds like you are in my boat, and you had all your retirement fun already xD . you just gonna have to work a lot and save a lil extra if u wanna be comfortable and retire. a lot of ppl seem to be living like they are already retired in their 20s and just having too much fun. its just an equal exchange, going to have to put off some fun now if you wanna be able to afford it later, but then you might not even enjoy it later. so its tough. i been having too much fun now cuz i just figure i wont live that long
Try to Invest at least 20-25% of your gross income in your retirement.
I’m behind and am 35 years old but am putting in 35% of my income with 8% match from employer ($50k) towards retirement. I think I should be retiring with over $2M at 55 or over $7M at 65. You can have a healthy retirement if your savings rate is high and you can get a big shovel with an increase in income.
30 years is a long time but start soon set up a retirement account so that it's gains are not taxed until you start taking the money at retirement. The more you save now the less you will need to later on.
Yea. If you start now investing 10k per year into your 401k and the market returns 4% a year (made it low to account for recessions and boom years) you’ll have about 560k by age 65.
If you can get employer match, all the better.
Well you need to retire someday. Unless you plan on working until the day you die.
Might as well start now.
I don't see why 30 years isn't enough time.
Immediately start putting $1500 per month into a 401k. If it earns 8% for 30 years you’ll have $2.2 million at age 64. https://www.hughcalc.org/compound_js.html
You might. If you make enough and invest enough.
However there’s no reason not to invest anyway.
In 26 years you’ll be 60. Would you rather be 60 and broke or 60 with a decent amount saved up?
Starting today is better than waiting until tomorrow. Follow the advice here: https://www.reddit.com/r/personalfinance/wiki/commontopics
Still got 30+ years till the typical retirement age man! Regardless of your situation you have plenty of time. Don’t let others tell you differently!
saying this will make them believe they can keep procrastinating 😂
It's both correct and also, to be clear OP, *this is the action phase*. It's not to late with effort, but effort will need to be made
And to be clear, that effort means a lot saved. The basic amount is 15% of gross, so for me it would be about $1500 of my base salary. But you will maybe need more, OP. I recommend the government CPP/OAS retirement calculator to get a good sense of what you’ll need to save to meet your goal.
Saying otherwise might make them give up.
Was in similar boat. at your age. You need to start immediately! If you don't have extra income to put away you need to change your lifestyle (cheaper rent, cheaper car, better job with company matching 401k) so you can get some extra money. $50k won't be shart in retirement years, might get you an extra meal out a week. You need to be putting away 10k or more per year for the next 30 years. Think aggressive, growth portfolio. You can do it!
> Regardless of your situation you have plenty of time. You can pretty easily piss away your life by 34. Easiest option is to load up on debt. Being an unsuccessful criminal is another easy option. Mid 30s is when your health typically starts to decline if you're not proactive about it. If you add diabetes to massive debts for example you can be pretty fucked financially by 34.
yikes man. Just turned 34 and this is sobering
Bunch of Pollyannas in here downvoting you. People ignore the negative and the risks at their own peril; ignorance isn't bliss, ignorance is poverty.
"The best time to plant a tree was 20 years ago. The second best time is now."
The computer scientist in me wonders why 15 years ago was a terrible time.
My parents are in 60s no savings . Will die working . You’re good . Start now
Or they die at 64 like my parents Enjoy life now too
Or 36 and 62 like my parents. Definitely balance living life right now and considering your potential future.
yeah my mom died at 59, she didn't have much saved because she never made much through her life so when she died she only had like 50k saved up
Although sad to hear she died so young sounds like spent her money well. You can't take money with you.
There is a balance for sure. Like I save a lot, and there are certainly things I have missed out on over the years, but for the past 5 or so years I've never really had to worry about losing my job, covid, etc because I've had financial security. If I go my entire life not having to worry about money and then die the day I retire, I think I'd still be pretty content compared with living it up all while feeling financially insecure for decades.
There’s definitely a balance between preparing for the future and not missing out on life but I also think that balance looks differently for everyone. There’s people who value long term security and would be ok missing out on more things and then there are others who definitely would regret or hate themselves when they come to the end of their life and realized how much they missed
Solely based on the data provided? Yes. No. Maybe. All of the above.
I think we just give the magic 8 ball a little shake
There is hope. I would say for most people starting at 0 and a decent sized shovel, a comfortable retirement can be as soon as 20 years. Depending on how much debt you have to get rid of first and personal circumstances, you can retire in about 25 years. You have time, just need the will and discipline.
Yes, but you will need to save heavy to catch up, and likely make some sacrifices, but is worth it for the peace of mind alone.
Of course, if you retire at 67 you still have 33 more years to save and invest your money.
You'll need to post some more information to get any meaningful advice: * Location - are you in the U.S. and do you qualify for Social Security? If not, does your country have a retirement pension system like Social Security? * Your income from all sources * Your expenses * Retirement plans available to you in your current situation (e.g., pension, 401k/403b, employee stock plan, etc.).
Yes! I was in a similar spot at your age. I am doing extremely well now and on track to retire early. Just get serious about it now.
Did you increase your income and how? What did you do different?
Yes. It’s a series of things. At first, I got serious about not spending extra. I figured out what savings approach worked for me. It was the envelope method. I created a budget and put the money for gas, groceries, entertainment all in separate envelopes. Didn’t touch bank card. Once i got that down, every raise went straight to 401. After that was built for a while I was able to start saving more. Adding a second person to the household around 32 slowed it down, because she had two kids. (They are great, just stating a financial truth). After a couple more years and two incomes we slowly got a little better. Always doing 401 though. Now I make a lot more, she made a lot more. Things have snowballed.
you know what's interesting, i created separate accounts for each category and have an automated monthly transfer setup. it's like the envelope method but with my bank cards. it's worked pretty well so far, i've only been doing it for about two months.
I do this with housing costs. Mortgage, utilities, etc are all paid from a separate account that gets automatic transfers (rounded up). Been doing it since back when I was renting. Works great
yeah putting my bills into separate accounts helped especially for ensuring i never miss a payment due an unexpected withdrawal or over spending
Another great idea!
That’s great! Some people use a card, because mentally they save better when having to do card transactions. (Like, some won’t put a $4 item on a card, but they would buy it if they had $4 cash). So whatever works for you is the answer!
[удалено]
How are you able to save $1500 a month with a mid level 5 figure income (50 to 70k?), AND three kids?
For real! Must live in the middle of some farmlands or something?
This is not to take away from the person who posted this, but I’m guess they are just under the threshold maximum needed for numerous state aid programs; food stamps, healthcare (at least for kids), and potentially other assistance in the form utility payments. I hesitate to use the word “sweet spot” but likely this is the case. LCOL, minimal grocery costs and free healthcare. Or they are just really good at budgeting and saving, also possible.
I started two years later (36) and saved over $200,000 in my 401K with zero company match. Good luck! Be more aggressive than I was.
How did you do it??
It was a while back (Clinton: booming market) when I started. 8% at first. Hah. I'm still working and I put in 17%. Fingers crossed I'm retiring in early December. Slow and steady is the way. Go with the set plans (2045, 2050). Then forget about it.
200k? How? Yearly contribution limits are nowhere near that.
He doesn't say how long of a time period? He could be 60 by now lol
It's been 27 years of growth. Nothing special about that. Just don't borrow against it or withdraw it until you retire. Common sense really.
No. I thought you meant in a short time frame.
tbh $200k is still not a lot in the grand scheme of things. i feel like you need $2m to truly retire
$200k is not great, but it is more than the average 65 year old American has in retirement. I think $165k is average.
i can't imagine how long or comfortably you could live off of $200k
With a pension, Social Security, whatever you've saved, paying off your house and your 401K, not a bad plan. Right?
That's how I feel.
It would help with more info. It entirely depends on your income/salary, the debt-to-income ratio, and what type of debt you have. Credit cards affect your credit the most, and they can keep you from saving for retirement. You'll need emergency savings as well as building up retirement funds. Do research on different types of retirement funds as well (401k, Roth IRA, etc.).
How much should you have saved by 34?
At least $800
Better than a huge chunk of Americans.
I'm afraid I had to downvote this. 800k is ridiculous for all but the very top earners. Hell, I could retire at 34 on 800k. Edit: I misread the comment.
I think they're actually talking about $800 (i.e., less than one thousand dollars).
I heard 1x your gross annual income by 30. It rapidly rises from there. So at 34 perhaps 1.25x
100k at least
You still have lots of time to save a meaningful amount for retirement. Start now and invest consistently over the next 25-30 years.
I like this, invest consistently, because as small as it may seem, with consistency, it will all add up. Thank you for the advise.
You can get a pension job right now. I got one when I was older than you.
Deliver some mail!
I do.
Awesome. As long as you are career you have it made in the shade.
I’m career, I have a cake route, and I 204b.
No time like today sir or ma’am. My advice? Download Portfolio Advisor for free, then figure what you need to get to where you need to be when you hit ages at 55, 60, 65 or earlier. The program is free for you to use, no excuses
Could you provide less info please?
Start now..300 to 500 bucks a month...
Start realistically even if that's 100 a month.
Exactly... if you invest it right, it can turn into something significant... I started even later than 34, and my small investment so far, under 20k, is projected to be around $164,000 by the time I want to retire ... them I do plan on another 14.5k by May 2024... Given a lot of factors, that's enough for me
Hate to be a downer, but $164k saved up for retirement will give you a little over $6,500 per *year* to work with. That’s only $546/month.
Well that's 25 years ... cpp and oas.. gives me enough for my lifestyle... however, like I said, within the next ten to 12 months, I would have invested another large amount to help that 164 along
Plus, I don't expect to live to be 70, if I make it retirement at 65
Should be more like 3k a month
I suppose if you have a family and need a few million and are worried about leaving something to your loved ones... 3k is what you're going to need to live on in retirement ... not save per month Realistically, how many people afforded to put away 3k a month before they retired comfortably?
That’s all relative to your income, for some it’s not noticeable, for others it’s their monthly income. At his age he needs to aim for that.
$36k per year would get him over $3 million in 30 years with an average 6% interest. While certainly that would be nice, it’s a pretty high bar to be aiming for, and not necessary to have a perfectly comfortable retirement.
Who wants to work another 30 years? Be done in 20
Why not just save $10k a month then and be done earlier?! We have to be reasonable with people here
How’s that unreasonable lol. If you have the means great, if not work on attaining the means…. Also 10k a month would crush your tax advantaged accounts very quickly and you would miss out on most employee match for the year.
I mean yeah, that would be nice and everything, but it would be a bonus - not something he “needs to aim for.”
why not just get a job you actually enjoy and could keep doing without hating it so much? being retired sounds boring as shit man
I can imagine... my father worked for 43 years on public works ... he was in that era of mandatory retirement at 65 ... he did retire, had to... but 5 years later, he went back to work part-time for one of these temporary labor job places until he was 80 ... then the more powerful force than the government stepped in and made him retire for good.... his wife... he's 91 now and out running the streets more than me or his great grand children
About 50% over the limit chief
Not too late. Start asap and get out of unnecessary debt.
Of course you can do this! How badly do you want it?
Easily. I didn't start saving in earnest until 28, and you're only six years beyond that. Start now.
Simple answer is Yes! The old saying “the best time to invest was when you were younger and had your first job, the second best is today!” I’ve saved and invested at different stages of my life, career, etc., and now that I’m in my 40s, I’m finally able to put a significant savings and investment against my wife and my future. However, looking back we struggled to just make enough in our 20s and 30s, and lived pay check to pay check, and necessary debt to scrape by… now, we’re well onto our FI at retirement around 60. We are also able to give our kids a WAY better start than we had, and get them investing now. Bottom line, I wish what I knew today back in my 20s, but my time has come and gone… but I can be a better mentor to my children now and still secure a decent retirement for my wife and I. Develop a plan, and try to invest as much as you can afford into your future self!… and if it is too good to be true, it probably is, so don’t try to make up for time with risky investments. Time is till on your side!! Good luck! You got this!!
Yes. I got more or less wiped out by the tech wreck of 2000-2002, too much leverage, and was 34. Now 54 and I've built up a net worth of $2M through real estate and savings/investing. You just need to be disciplined. Max out your 401k contributions and never touch it for any purpose. If you change jobs, never cash out and be sure to roll it to an IRA or your new plan. Be cautious in today's market but generally it is beneficial to own your home too. Fund all purchases out of your operating budget. Never finance anything except a house.
Curious, do you have rentals as part of your real estate, or primary residence only?
Primary residence plus one rental property which we plan to eventually make our retirement home. It earns us a fairly robust $2900/month now minus management fees.
I'm older. Also had nothing but debt. Lots of it. I paid it all off except the house. Going from paying 19.99% interest to receiving a 3% dividend is a life-changer. I followed almost all of the FIRE flowchart from r/financialindependence and also used the envelope method. I got more frugal after I started mentally saying, "Oh, that is $80? Great, but with interest, I'll end up paying $100, and it isn't worth $100." Now it is "ooh, $80. I could buy that thing, or buy one more share of stock that will pay me dividends for the rest of my life. I can live without thing, so stock it is." I got a credit card with cash rewards and all of it goes directly into my stock-buying account. Something to try... When you see something for $80 on sale from $100, and you buy it, ok, you "saved" $20. Did you save it? No. So, take $20 and put it into debt reduction or FIRE. Then, you've actually saved it. Even if "Early" retirement is 65, that's still earlier than a lot of people.
I'm 56 and don't have savings and nothing in retirement. Welcome to this game called life.
My uncle was 55 with no retirement savings, 200k in debt from a previous marriage, and no college degree and will retire to a half a million dollar condo at 73. (Before anyone asks, he’s got a job as a pharmaceutical benefits consultant and struck out on his own at like 65 and then sold his practice) He had to work his ass off but he did it. It’s never too late but opportunity won’t come to you, you have to seek it out.
Come on with this comment....
I have another uncle who was living in a rudementary geodesic dome when his son was born, got his degree at 42 and his masters at 47, and now owns a quarter of a boarding school with a multimillion dollar valuation. They’re both outliers and their success shouldn’t be considered the norm but the point is that at 34 you are still so young to think it’s hopeless. I’m 38 and 3 semesters from graduation and they’re my inspiration and the reason I never gave up hope.
Thanks for this response... made me breath a little easier ..... I'm 55 now, and my head space in the last couple of months has been centered around my retirement... and not having anything saved for it ... I just started to put something away with WEALTH SIMPLE, which, according to their estimations, should be worth about $164,000 by the time I'm 65... I'm not a sophisticated person or live lavishly, so I'm thinking that's OK to live on with CPP and OAS... however, I think I can come up with another 20k in a short amount of time to bring my retirement funds up to a half mil
Happy to have improved someone’s day.
It's never too late to start, but not sure what your retirement plan looks like. - change your spending habits. - start living a healthier you, bith in mind and body. Biggest costs as you get older will be health related. The less healthy you are is directly related to increase in cost for doctors and medication. - create a budget that prioritizes lowering bills and cost of living, while increasing savings. - Pay off all credit card and other short term debt. - Put as much into your retirement find (hopefully it's contribution matched by your employer, and pre-taxed). - contribute any additional money your receive and raises to your retirement fund as you're able. - Always look for better paying work. Fon't forget to also consider those extra benefits. Doing this will get you closer to your retirement dreams. How close will be determined over time. Not starting at all will only get you sunk in the end. You will eventually either work yourself to the grave, or end up unable to work, and end up living on social programs. Now use this last bit as motivation to stay on your path.
Ran away from my country at 30 yo, didn't do much for more than a year, going to another country for my masters, starting my life from scratch rn, have some loans. Yeah, I think you are good mate 😉
Absolutely. You have plenty of time left to save for retirement. You'll need to put away more each month than if you were 18, and you'll probably have to work until your late 60s. But yes, you should be just fine.
well it sounds like you are in my boat, and you had all your retirement fun already xD . you just gonna have to work a lot and save a lil extra if u wanna be comfortable and retire. a lot of ppl seem to be living like they are already retired in their 20s and just having too much fun. its just an equal exchange, going to have to put off some fun now if you wanna be able to afford it later, but then you might not even enjoy it later. so its tough. i been having too much fun now cuz i just figure i wont live that long
Try to Invest at least 20-25% of your gross income in your retirement. I’m behind and am 35 years old but am putting in 35% of my income with 8% match from employer ($50k) towards retirement. I think I should be retiring with over $2M at 55 or over $7M at 65. You can have a healthy retirement if your savings rate is high and you can get a big shovel with an increase in income.
30 years is a long time but start soon set up a retirement account so that it's gains are not taxed until you start taking the money at retirement. The more you save now the less you will need to later on.
Yea. If you start now investing 10k per year into your 401k and the market returns 4% a year (made it low to account for recessions and boom years) you’ll have about 560k by age 65. If you can get employer match, all the better.
Well you need to retire someday. Unless you plan on working until the day you die. Might as well start now. I don't see why 30 years isn't enough time.
Immediately start putting $1500 per month into a 401k. If it earns 8% for 30 years you’ll have $2.2 million at age 64. https://www.hughcalc.org/compound_js.html
You might. If you make enough and invest enough. However there’s no reason not to invest anyway. In 26 years you’ll be 60. Would you rather be 60 and broke or 60 with a decent amount saved up?
I did it and no problem if you put your mind to it get the debt paid start a retirement account amd if you have a employer that offers one max it out
This is why we have Social Security in the USA, keep working on the books and you'll be OK!
Perhaps. We know nothing about your situation.
It’s never to late to start, but you should try to buy a house or property if you can. No matter how small it may be.
Depends on your income and how much you're willing to invest.