Here's how much money you should have saved at every age.
In your 20s:
Aim to save 25% of your overall gross pay, Greene tells CNBC. "That 25% is the combination of 401(k) withholdings, matching funds from your employer and any cash savings that you have," she notes. "It can also include debt repayment.
"Just make sure your lifestyle expenses don't exceed 75% of your gross income."
By age 30:
Have the equivalent of your annual salary saved, Greene says. If you earn $50,000 a year, aim to have $50,000 in savings when you hit 30.
Again, this includes any retirement account contributions, matching funds from your company, cash savings, or money you have invested elsewhere, in index funds or robo-advisers.
By age 35: Have twice your annual salary saved.
By age 40: Have three times your annual salary saved.
By age 45: Have four times your annual salary saved.
By age 50: Have five times your annual salary saved.
By age 55: Have six times your annual salary saved.
By age 60: Have seven times your annual salary saved.
By age 65: Have eight times your annual salary saved.
Greene's timeline is similar to the one recommended by retirement-plan provider Fidelity Investments, which says a good rule of thumb is to have the equivalent of your salary saved by age 30 and to have 10 times your final salary in savings if you want to retire by age 67.
Kredit: www.msn.com money
Please start today, please.
