Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

How Much Should I Have in Savings at Age 35?

Personal Finances 3 min read

Ready to talk to an expert?

How much money should you have in your savings account at the age of 35? It largely depends on when you started saving, your income and lifestyle, and whether you carry consumer debt.

Savings for Adults in Their Mid-Thirties

You might have heard friends, parents or financial advisors at local banks advise you to follow the 50/30/20 rule. If you follow this rule, you’ll break up your income in the following manner:

  • No more than 50% of your income should go to required expenses, such as shelter or food.
  • No more than 30% can go towards the wants in life, such as your gym membership or cable.
  • The final 20% of your income should to towards savings, retirement and paying off debt.

Some experts explain it another way and recommend that your savings should equal your salary by age 35.

Still another way to approach savings is by using this guide from CNN Money. According to this, 35 year-olds should have saved the following, depending on their income:

Income Estimated Amount in Savings
$40,000 $60,000
$65,000 $97,500
$90,000 $135,000
$115,000 $172,500

However, this isn’t necessarily the case for many Americans, especially those with consumer debt or who didn’t get a job until later in their 20s. The savings goal at any age is simply to save so that you have an emergency fund, can pay off debt, and are able to invest.

Now is the Time to Start Saving for Retirement

Once you begin saving, it’s important to begin investing your wealth to let your money grow. This can be done through stocks and bonds, job promotions and salary increases, or even buying the apartment you’ve been renting. Your investment options should begin small and increase the more you save. Additionally, you should be making regular contributions to your IRA or 401k, whichever your company provides and matches.

There’s no single answer to how much savings you should have by age 35. Ultimately, it comes down to your own unique budget and contributions.

To learn more about savings at any age, contact your local First Bank* today. Our financial advisors can speak with you about your savings and help you plan for retirement.


———

Sources:

CNN Money: http://money.cnn.com/gallery/retirement/2015/09/01/how-much-do-i-need-for-retirement/2.html
CNBC: http://www.cnbc.com/2014/02/10/qa-were-in-our-30s-how-much-should-we-be-saving.html

Investment and insurance products and services are offered through Osaic Institutions, Inc., Member FINRA/SIPC. Osaic Institutions and FB Wealth Management, a division of First Bank, are not affiliated. We do not provide tax advice. Consult your tax advisor. Investment and Insurance Products are:

Not Guaranteed by the Bank Not FDIC Insured Not a Deposit
Not Insured by Any Federal Government Agency May Lose Value including Loss of Principal

Ready to talk to an expert?

Share:
First Bank’s Good To Know Logo
Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.
First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

Saving for College – North Carolina Paying for college begins well before your child ever sets foot on campus. Saving for college from day one is an effective way of combating the rising costs of today’s colleges and universities. There are nearly 200 colleges in North Carolina and with our numerous branch locations, First Bank helps students from across the state afford a college education. Save for College with First Bank First Bank offers several options for college saving for children in North Carolina. MyFirst Savings is a savings account for children under the age of 18. Set up the account when your child is young and begin funding it. You can deposit birthday money from relatives, inheritances or money your child earns from working a job in high school. The account earns interest on any balance so you’ll begin growing your money from day one. Everywhere Savings is a basic savings account that begins earning interest with any balance. Campus Checking is a convenient account for students heading into or already attending college, with no monthly fees*. Secured Card allows your student to start to safely build a credit history before going or while away at school. Our HELOC leverages the equity you have in your home for large purchases and can even be used for college tuition. Getting an early start is the key to saving up for college but it’s never too late to start. If you begin contributing to a savings account now, your child could have the necessary funds to get them through college. Student loan debt can be a long-term burden for you or your new college graduate. Begin building a bridge to your child’s future today with a savings account from a North Carolina First Bank. *Account holders may avoid the Monthly Maintenance Fee by meeting any of the requirements listed in the Keep it Fee FreeTM section of the account summary table for their account type. Other account service fees may apply as described in the Account Services Fee Schedule available on our website at fees or at your local branch. Federal regulations limit withdrawals or preauthorized transfers to six (6) per month, including checks, drafts, online transfers, telephone transfers and debit card purchases. You may conduct an unlimited number of 3 min read
What Is the Best Savings Account for Kids The success of child savings accounts has been well documented. We can probably all agree that a savings account for kids is a good decision, but what is the best savings account for kids? First Bank offers a savings account called MyFirst Savings and it’s not hard to argue that it might just be the best savings account for kids. Here’s why: It’s just for kids. MyFirst Savings is exclusively for children under the age of 18. It’s easy and affordable to open. There’s only a $10 initial deposit required to open the account and it can be done simply by visiting one of First Bank’s 100+ locations throughout the Carolinas. The money will grow. There’s no minimum balance to earn interest so your child’s money will start growing from the day the account is opened. You’ll have access to the money. You can make two withdrawals per month with no First Bank fees and with our online and mobile banking you’ll be able to always keep an eye on your money.* You’ll be kept in the know. Free monthly paper or electronic statements provide you a record of the account history and our email, phone call or text message activity alerts notify you of each transaction that happens in the account. Opening a savings account for children is one of the best things a parent can do. And in order to open the very best savings account for kids, simply visit your nearest First Bank today. Or to simply learn more about the account, visit the MyFirst Savings page and download a free coloring book for your child featuring Troy the Plott Hound! While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. 2. Withdrawal fee of $2 each after the first two during the month. Federal regulations limit withdrawals of preauthorized transfers to two (2) per month, including checks, drafts, online transfers, telephone transfers and debit card purchases. You may conduct an unlimited number of withdrawals at the ATM, in person at a branch, or by mail when the check is mailed to you. 2 min read
First Bank logo
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognizing you when you return to our website and helping our team to understand which sections of the website are the most popular and useful.