Saving, to an extent is a good thing, but saving for retirement is quite complicated or crafty. Telling an aged person to save at least $20k a year against retirement will be the next-to-impossible task in his list.
In our financial journey, age matters, this is why and this tender age, every teenager should delve into any opportunity they come across. Reason being, the younger you are, the time and opportunity you have to save all the money you want and even more.
Below is a list of average savings Americans hold by age bracket:
- 20’s – $16,000
Rumor has it that people at this age, are mostly taking loans to start up something in an attempt to move up the cooperate ladder. According to a wise teacher, he added that the best bet one at this age could take is to devote more attention to eradicating all tools of debt and increasing your earnings.
- 30’s – $45,000
At this stage, you shouldn't settle for a salary-earning work, rather you should already have investments and other sources of income.
Also, at this stage, earning isn't only your top priority, rather marriage, kids, and a mortgage. You should see yourself becoming a man/woman and not the kid or teenager you used to be.
- 40’s – $63,000
At this age, one is said to be at the top-notch time of his/her career. Following top financial advisers, a person at this age should have already saved his/her salary twice. If you haven't done this, do it quickly before it's too late.
The list goes on and on, do visit this article for the complete details about this topic.