At Globelivemedia we tell you how much money you should have saved, ideally, if you are 30 years old and live in the United States, according to the golden rule of finance specialists
If you are 30 years old in the United States, it may be time to start implementing certain financial habits that will help you in the future, such as start saving for your future. According to the Federal Reserve’s Consumer Finance Survey, the balance in retirement accounts for people under 35 years of age is $13,000.
But is this the ideal amount you should have saved by the age of 30 if you are in the United States? The answer is no. According to personal finance specialists, the ideal is that, by the age of 30, you have saved approximately $47,000 dollars.
Where does this number come from, you ask? From what economists call the “rule of thumb,” which states that by the time you’re forty, you should have a year’s worth of savings in savings.
Based on data from the Bureau of Labor Statistics (BLS), wages for the first quarter of 2021 averaged $901 per week for workers ages 25-34. year old. This works out to a total of $46,852 per year.
Therefore, by age 30 you should have a similar amount saved so that, by age 40, you would have a year’s worth of savings of approximately $47,000.
However, as we mentioned, there are few people who, at the age of 30, have these savings, so you should not get depressed if you do not have that money.
Generally, you can say that at age 30 you have about three more decades of work, so you still have time to save. Of course, you should already start thinking about your retirement, so you should take these recommendations into account.