How much amount do you need to save at age of 30?
According to a consumer expenditure survey, the household whose earning member is within the age range of 24-35 usually earns around $66, 470 in a year. Considering that the household has a child and four adults, it is advisable to store the amount of around $10,368 to $ 20,736 as an emergency fund and the earning value as the retirement savings.
How much amount do you need to save at the age of 40?
The people who are aged 35-44 are advised to store at least three times more than their average income which is considered to be $92,576. Thus, the retirement savings will be around $277, 728. As per the survey, the monthly expense is about $4,300. Multiply the value to three to six times which will provide the emergency savings goals i.e. $12,900 – $26,000.
How much amount do you need to save at the age of 50?
At the age of 50, you are at the peak of your earnings. Also, the tendency to spend more is there. The yearly income of such persons is around $99,423 on an average. But, as they approach nearer to their retirement, they are anxious as well. So, it is advised to save more for their retirements which are about $596,538 and the emergency fund goals near about $13,158-$26,316.
Lloyd Blankfein, me, the owner of cnntopnews, have a business management degree. Have 3 years of articles write.