{ "media_type": "text", "post_content": "How much do people have in their savings? I have $125K sitting in savings (not 401K) and $50K in investments. I’m 34 years old. Just trying to compare myself against some benchmarks.", "post_id": "5b096c81a777b10014d4ec37", "reply_count": 100, "vote_count": 15, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

How much do people have in their savings? I have $125K sitting in savings (not 401K) and $50K in investments. I’m 34 years old. Just trying to compare myself against some benchmarks.

likehelpful
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Principal 1 that’s gross. I just threw up in my mouth. 500k in savings and no leverage? Inflation will erode your buying power if you don’t start investing. Frankly I don’t get why so many people have more than 3 months expenses in savings. I just keep enough to cover my 3k credit card bill a month and throw everything else in stocks or derivatives. I’m 32 200k in investments, 300k in real estate equity, 50k 401k, 5k house money crypto. If you guys want to build wealth start by owning shit not building savings that earn ~1% per annum. You all have a good salary so you should dollar cost average an index fund and keep buying each month no matter if it goes up or down and you’ll be a millionaire eventually

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At 34 you are wayyyyyyy ahead. Hopefully those savings are earning more than the .1% banks pay. Some advice from someone beginning to run the numbers on retirement: Put your all your 401k into a ROTH 401k. Max it out every year. Put your employer match in the ROTH as well You can always make up the loss in tax savings while you have a job. It is not so easy when you are retired. And you will most likely get a 25% savings on your withdrawals. Think about that. A traditional 401k will have you give 25% of your withdrawals to the Feds. That is a lot of money. Have enough in savings and investments to cover 5 years of your expenses at age 55. This will bridge you to 59 1/2 when you can tap your 401k. “Retire” at 55 and live your life - not the corporate grind. Plan on living until age 90 or even longer. If you die sooner, make your beneficiaries rich If you have one, take your pension in a lump sum if you can at your normal retirement age (typically 65). Put it in an IRA. This is better than guessing how long you and your spouse are going to live. And it allows you to pass the unused money (if any) when you die to your beneficiaries. A pension just stops when you and your spouse die Delay taking Social Security payments until age 70 if you can ( assuming it still exists). This results in almost an 80% increase in payout over taking it at 62 (using today’s rules). That is a lot of money. If you have a child, open a 529 plan to save for their college. Shop around - you can open the account in any state that offers one and some are better than others. Your state of residence may provide tax advantages on your state income tax. If you don’t have children but THINK you may want to in the future, or if you have nieces or nephews, open a 529 plan FOR YOURSELF. You can use that money to pay for a myriad of education related expenses regardless of how old you are. If you have a child, you can transfer the money into their account - tax free. If you don’t have children, you can transfer the money to almost any near relative’s account. Don’t fall for the use of an average increase in the cost of living factor. Housing costs and health care are wayyy above a 3% per year increase rate. Use the appropriate annual increase factor for the expense category. Some actually will decrease over time. Plan on making no more than 4% on your investments. Be conservative and use 3%. The 6 to 8 % planners use is a lie. The “market” average may be much higher but you are not going to be investing over the “past 50 or 100 years”. It only takes one market meltdown (2008 ring a bell?) and YOUR average gain can go low single digits in 24 hours. Invest on-line and buy index or ETF funds. They have lower fees and have outperformed the vast majority of managed funds. Stock brokers are nothing more than over paid blackjack dealers or tv psychics. Don’t live to work. Work to live. Structure your career to either make yourself rich (work for yourself) or to be ready and able to walk away from a job that makes other people rich. Quit the grind when you are 55. Get a job at a local shop and put $2k per year into a ROTH IRA. Stop working all together at age 70. Spend it all

likeuplifting
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Comparison is the thief of joy young grasshopper

likefunnysmartupliftinghelpful

I have $3.50 Million, and I’m only 9 years old!

likefunnyupliftinghelpfulsmart

This post again? I’m waiting for the 8.5 inches post.

likefunnyupliftinghelpful

22, $14k student loan left, $9k cash, $14k stocks, $200 amazon gift card, and a free McDonalds coffee coupon

likefunny

OP, how long it take you to get there. Im 28.... and do not have anywhere near that. Lol

likefunny

OP, move your money out of savings. If your money is not making more money for you, you’re not doing it right. If you’re not investment savvy, use something like Betterment or just plain old Vanguard index funds

likesmart

But yes also hungover

likefunny

24 and maybe like $2.50

likefunny

I have no savings (and no debt). I’m 25. About to go into debt for MBA..

likehelpful

32 - 1.1M investments; 25k checking; 150k 401K

likefunnyupliftingsmart

Invest that $hit

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Compare and despair.

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Pwc1: been saving since 23...but also paid off about $120K of debt along the way.

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OP please put your money to work and invest those savings! I have a guy if you are interested in Wealth Management services!

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If you really want to benchmark: statusmoney.com

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33- 700k investments, 80k crypto, 200k - 401k, 21k checking. No debts since had full Scholarship for undergrad and graduate schools but i do rent my apartment.

likeuplifting

A3 - what are you the fishbowl police?

likefunny

Ur wayyyy ahead

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