HOLY AVOCADOS.
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…
Deep breaths…
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).”
Yeah.
The internet, of course, had a few things to say about it.
We’ll be holding our avocados a lil’ bit closer tonight.
Top Comments
They are an American company so it's a little different, but their original report said you should save 15% of your salary from the age of 25 (post college, etc) and you'd be pretty close to their figures.
Most of us are already saving 9.5% through super, so it's not as big of a stretch as it sounds. Not that it's easy of course.
And stop buying designer clothes and purses, these things are not affordable for the vast majority of the population. If you are not a Kardashian then it's not for you! Don't buy into the lie.