How do you know what savings you personally should have? One thing you can do is create a plan for your retirement. Figure Out How Much You NeedĮxperts say you should have about 1x your salary saved, but that’s a general rule. The key is to start saving now – even if you don’t have much.
If you’re 30 and plan to retire at 65, you have 35 years to build your retirement savings. In fact, many people live paycheck to paycheck and the average American has no retirement savings at all. So what should you do if you’re a little behind in your savings? Well there is good news: You still have time. If you have that much saved already, well done! Most of us don’t have that much.
Having 1x your salary saved by 30 is great, but there isn’t one savings amount that every person should reach by 30.įor the moment though, think about that 1x rule. The amount of savings that you should have depends on your individual situation. Simple, right? Now it’s important to note that this rule doesn’t apply to everyone.
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