You might want to sit down for this one.
Especially if you’re 35 or fast-approaching your mid-30s.
OK… brace yourself.
Here we go…
You… you… should already have double your annual salary saved.
Yep, you read right.
According to the retirement experts from Boston-based investment firm Fidelity Investments, 35-year-olds should have double their annual salary saved.
Double… your… salary… saved.
I’ve run the numbers like a true mathematician and if you currently earn $75,000, you should have a cool $150,000 in the bank.
Also, these very fancy money experts say if you’re 30 and earning $60,000 you should already have half your salary saved.
That be $30,000.
So you should have $30,000 saved by the time you’re 30 and then at least $60,000 saved by the time you’re 35.
These anti-avocado penny pinchers shared their controversial advice in an article for MarketWatch.
“By 30, you should have a decent chunk of change saved for your future self, experts say — in fact, ideally your account would look like a year’s worth of salary,” the article read.
“Thirtieth birthdays are an excellent time to take stock of your future funds, especially as short-term financial obligations solidify, such as continuing to pay off the last of student loans, living on your own (or maybe starting a potentially three-decade stretch of mortgage payments) and raising children.
“Millennials, the generation 20s to mid-30-year-olds fit into, have delayed marriage and home ownership from happening in their 20s (as was the norm decades ago).”
The internet, of course, had a few things to say about it.
I can’t be only one who reads this & thinks “Who are they TALKING to?” I didn’t have that much saved in my 30s. No one I knew had that much saved their 30s & most of us were solid middle class. Is this advice only for the rich? If so, maybe start w/”95% of Americans can ignore.” https://t.co/HlTQM5sYGx
— Jeaniene Frost (@Jeaniene_Frost) May 15, 2018