(WQOW) - How much money should you be saving up for retirement, even at a young age?
According to MarketWatch, an online financial information tool, by the time you turn 30, you should have a decent amount of money saved up already.
In fact, ideally your account would look like a year’s worth of salary, according to Boston-based investment firm Fidelity Investments. So, if you make $50,000 a year, you’d have $50,000 saved already. By 35, you should have twice your salary, the firm said. The median retirement savings for a worker in their 30s was $45,000, according to Transamerica Center for Retirement Studies, which looked at workers’ retirement accounts including employer-sponsored accounts and individual retirement accounts.
MarketWatch said the problem is not everyone is saving, or has the ability to.