How muchretirement should I have at 30 years old?

Answer 1

as much as you can afford...
now is the best time to accumulate as you will have the most time for compounding to work in your favor.

dont worry about market ups or downs or news and fear.... just diversify and be patient

if nothing else make sure you are achieving the full company match in your 401k.

if this helps..... if you are 30 today and going to retire at 62 and achieve 8% over inflation tax deferred... and can add only 500 per month...you need only $16,590.00 today to have 1,000,000 (in todays dollars) when you retire.

Answer 2

At age 30 you have a high amount of what is called human capital - the potential to work and earn money. Obviously your financial assets are going to be less than someone at age 50. Over the next several years, your earnings will increase and so will your financial assets - if you begin saving now.

Allocate a portion of your paycheck to your 401(k) plan. If you don't have one at your job, use an IRA. Do what is comfortable for you and invest on the aggressive side (mostly equities). Over the next several years, you will be used to that money missing from your check. Assuming your pay will increase by 3% each year, your contributions will increase as well. In addition, you can also increase the amount contributed. Don't worry about constantly monitoring your account early on. It will drive you nuts. You can start doing that when your balance grows.

Be patient. You also have the ability to learn about investing and can add brokerage accounts to the mix.

Ron, ChFC

Answer 3

None

Age 30 is close to the beginning of a career, not the end.

This is when you should be starting various savings plans, with flexibility to improve them as you learn more.

Let's suppose you recently paid of some new car loan ... that money that you were paying each month for the loan, keep paying the same amount, but put it into a brokerage account.

Let's suppose you are able to pay all your expenses & have some money left over for entertainment ... put half of that into savings bonds, so you do have the entertainment, but you also have a strategy saving for your retirement years.

Answer 4

You should start if you have no already a IRA and contribute the maximum allowance contribution you can for a tax deduction. The limit for 2007 was $4000. You can set up an IRA account at a online brokerage house, with your financial adviser, or through you local bank.

Also if your work has a 401k plan you can participate in you want to contribute at the very least up to the matching percentage by the company. If you can afford to contribute more then you definitely should.

Answer 5

Never too early to plan.
In order to maintain a similar lifestyle after retirement, one may/should have about 75-80 % of past yearly income.

One may need a nestegg of about 10 times working income in order to produce, (through investments), that desired retirement income.

Only an estimate and may include SS. We hope it will be there.

Answer 6

Do you already have a house?
Do you already have a car? (Paid in full)
Do you already pay for your Student Loans?
Do you already have an MBA?