Investment group says you should have double your salary saved b - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

Investment group says you should have double your salary saved by age 35

Posted:

(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. 

Powered by Frankly