NEW YORK (CNNMoney) —How much should you have saved for retirement? There's actually a simple answer to that. You'll need to start with a bunch of basic assumptions, but all you really need to know is your income and your age.
In your 20s
Let's take a look at hypothetical Joe, who is hired straight out of college. By the time he's 25 years old, he's making $40,000 a year. He should have $4,000 socked away in his retirement fund, if he wants to retire at age 65.
How you can get there: Make sure you're contributing enough to your 401(k) to get the full match from your employer.
In your 30s
Joe finds a new job and at age 35 is now making $55,000 a year. At this point he should have $82,500 saved for retirement.
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16 comments:
why save? The government is going to nationalize everyone's retirement and steal that money, anyway. If you can't physically stand before it, you don't own it.
Truer words have never been said. Please update us when you are standing in walmart parking lot with a cup and sign.
That's not true! Even if you can stand before it you don't own it. You don't own your land if the government can tell you what to do with it. You don't own the ponds on your land if the government can tell you what to do with it. Your livestock are owned by them. Your pets are owned by them. Your vehicles, Your crap. The work you do. The money you save. Your children!!! In most cases you can't live without tying into utilities. They own everything but your thoughts. That's only because the technology doesn't exist yet to randomly read your mind. Once it does they will regulate (control) them as well. Just how far will a "free" people allow them to go? Now you know why so many of us are referred to as sheep.
10:41 is ridiculous. He either looking for an excuse not to be responsible for his future security because he prefers to spend his money on wants or he doesn't make enough money to put any away that would make a real difference.
Interesting how this character "assumes" you will be making $80,000. What planet is he from??
What do you do when you employer does NOT match you 401k ??
10:41 AM
Don't listen to these govt workers who have secure jobs and pay... They run their mouth way to much as it is... Not understanding they work for us and we pay their salaries... IF all of our money is gone, the economy is gone and guess what? the govt is gone too, you can't steal 110% of peoples money, it doesn't exist... you can only steal 100% of it and once that is gone what do you do then, who do you steal from then???
10:46 is just one stupid obtuse person who probably works for the govt or was willed money and has no respect for or how people earn money the hard way...
10:46 will be right beside us parking lot pimpin with signs and cups, they are just to stupid to see it, but they will soon enough, and as usual, it will be to late to fix it and of course this guy or gal and others will run their mouth about how come we didn't stop them or stand up to the govt... As if they expect a white knight to come is and save the day...
I've had a 401 K my entire working life and I'm nowhere close to these numbers.
11:22 You are so far off base it is laughable. Built my own business, worked hard and saved money. Own several homes in different states, mortgage free and retired before 50. BTW, was smart enough to leave your area as soon as I graduated from HS. Keep scraping scraps in the outhouse of MD.
"10:41 is ridiculous. He either looking for an excuse not to be responsible for his future security because he prefers to spend his money on wants or he doesn't make enough money to put any away that would make a real difference. "
Tell that to the people in Cyprus who lost their money. Tell that to the people in Greece who cant access their money. There all already talks and plans to take everyone's 401K and make some kind of National Retirement fund. Don't believe me if you want. You're probably the same kind of person who doesn't worry about state surveillance cause " I have nothing to hide, I'm not a criminal, so why worry"....
When the lights go out and STAY OUT, which they will. When the oil runs out. The food runs out. When your money has been "clawed back" into what's left of the federal government. You'll be starving to death just like the rest off us. You're prpbably one of those people who thinks there a box somewhere in Washington with your name on it and "your" social security money in it. There is no box. THERE WILL BE NO SOCIAL SECURITY MONEY- soon, for everyone. The best part of the coming collapse will be watching people scratch their heads...
11:54 your wealth will be taken from you, Don't think you're untouchable.
Class III license holder. Come take it!
1:59
Sadly most transactions are done electronically now. They don't have to step foot on your property anymore.
11:54, your investments can always decline in value, it happened to a lot of people when the economy tanked.
The smartest investors are not investing in the US anymore. It's been ruined by that past several years of liberal rule.
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