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?

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

Securities and insurance products are offered through INFINEX INVESTMENTS INC., Member FINRA/SIPC. INFINEX INVESTMENTS INC. and FB Wealth Management, a division of First Bank, are affiliated entities. Investment and Insurance Products are:

NOT Bank Deposits NOT FDIC-Insured HAVE NO Bank Guarantee
NOT Insured by any Federal Government Agency May Go Down in Value

 

Trending Topics

High Interest Checking Accounts In Florence, SC

If you are looking for a high-interest checking account in Florence, South Carolina, look no further than your local First Bank. Our high-interest checking accounts provide you with a safe and convenient way to store your...

How Much Money Should I Have Saved by the Time I am 30?

Are you approaching 30? How much money do you have saved? According to CNN Money, someone between the ages of 25 and 30, who makes around $40,000 a year, should have at least $4,000 saved. However, because...

Best Checking Account Rates In Albemarle, NC

If you live in Albemarle, NC, you can enjoy some of the best checking account rates in the state by banking with First Bank. We have two branches in Albemarle located on Highway 52 North and East Main Street, and...

Your Community Bank in North Carolina

Are you wondering how your community bank stacks up against some of the national banks in North Carolina? Well, don’t believe that community banks versus big banks comparisons are always infallible. First Bank...

HSA Rules and Regulations You Should Know

If you have a high-deductible health insurance plan, a Health Savings Account (HSA) can help you save for future medical expenses. Health Savings Accounts were established by the federal government as part of the Medicare...

Open a Free Student Checking Account with First Bank

If you are thinking about opening a checking account while in college, you may be wondering what a no fee student checking account is, and where you can get one. Unexpected expenses can put stress on you financially and...

Commercial Mortgage – Asheville, NC

If you are thinking about opening a business in Asheville, NC, consider a commercial mortgage with First Bank. Commercial mortgages can be used to develop or purchase land or buildings that are intended for commercial use....

Find the Best Small Business Loan Rates Near Me at First Bank

Searching for some of the best rates and the most flexible terms for your small business doesn’t have to take forever. At First Bank, we believe you should spend more time focusing on ways to expand your small...

Finding the Best Personal Loans in Asheville, NC

Personal loans can help you pay for home improvements, weddings, medical bills, and many other large expenses. Consolidating debt is another reason to seek a loan. If you’re in need of money—for any...

How to Get a Custom Homeowners Insurance Quote Without a Calculator

Homeowners insurance may not be the most exciting part of buying a home, but it’s one of the most important. Buying a home is probably your biggest investment, so use every tool to make sure that you’re...