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Yes, don’t worry about it! I had a ton of fun traveling the world in my 20s and didn’t really start saving until about 30. 32 now with $250k net worth and growing every day… it’s just a trade off. Some decide to build memories when younger, others decide to pad their bank accounts. There’s no one right answer, just trust that you’re living your life the way you’re meant to and enjoy it. There’s no such thing as turning back the clock, just keep looking forward. Cheers!
You’re going to get old either way, may as well have something saved up.
I lived in 15 different countries in my 20s and spent everything I earned. No regrets and would it exactly the same if I could .. started saving at 34 towards retirement. Am 40 now with 2M NW..working to retire by 50..you are not late at all. Be diligent now and aggressive with savings and investment and you will be just fine..best wishes
How?!
32 here as well. My retirement savings is sad - at just $50K. I didn’t have a luxurious life or crazy spending habits. I just didn’t have a job with a salary that I could survive on AND save until I hit 27.
I’ve seen my fair share of people in their 50s living with debt during my time in retail banking. You guys are fine 👌🏻
I am 32 with 100k in MBA debt. Goal for 0 net worth by 35.
I really started saving at around 40, not because of bad habits but just didn’t have enough. Made multiple international moves…didn’t earn much and married early…you get the picture. Started my 401k then with small contributions, HSA and IRAs couple years later.
7 years later - with couple job changes, discipline and strong market growth - i’m sitting close to about 1M.
Bottom line is - you are not far behind by any means.
Mentor
I started late, but my 20s were amazing.
Mentor
I also did the whole travel and spend it all thing like D1
I was making $15/hour at 29 years old. So yes, my retirement was sad too! Just start putting in as much as you can as soon as you can, and you’ll be on track soon.
Was living paycheck to paycheck until I finished my Bachelor's and got my first full-time job at age 28. Started at $45k salary, had about $60k in debt (student loan / CC). No cash savings, no retirement.
I'm 34 now, mostly debt-free with $75k in retirement savings. I make closer to $100k now, and 25% goes straight to retirement. Not the absurd numbers some people throw around on this forum, but it still feels good!
Starting late isn't a bad thing. It doesn't take long to build up as long as you make enough $$ and get into the habit of setting it aside.
At least you enjoyed your 20s! I think we're all set for retirement given white collar salaries grow fast, you can definitely save a lot.
Not necessarily. I started around the same time as OP because I spent my 20s working my ass off to get out from under a crippling mountain of debt.
It's not a 1:1 rule. If you start 10 years later than someone else that might only mean you need an extra 3-4 years than them to meet the same milestone. That compound interest is a funny thing.
Enthusiast
I started when I was 35 😀
Same here.. no worries. We'll make it still.
Better late than never :)
You’re still young and you have time, but you do need to buckle down with savings. Best of luck!
You're far ahead of most of America. Run your own race and if you're going to compare yourself look forward and backward.
Same here, just started and my retirement is super low 35k at 31 yo. Don’t plan on living off retirement though, most of my money has been going into stocks and real estate.