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

Business Owners: Put Automation to Work for You

A year ago today, Ann was a totally different entrepreneur. Her title might have been Owner of Little Genius Tutoring, but her to-do list didn’t quite match. She was trying frantically to keep all her students and...

Remodeling Loan in Aberdeen, NC

If you live in Aberdeen, NC, and are tired of your floors, kitchen counters, or anything else in your home, consider a remodeling loan from First Bank. First Bank offers a variety of personal loan options that can help you...

Raleigh Small Business Loans

Owning a new business or starting a new one in Raleigh is a bright venture, as it’s one of the fastest growing large metro economies in the country. Whether your business is a staple in the community or a budding...

Earn More with Interest-Bearing Checking Accounts

An interest-bearing checking account offers the interest accumulation of savings accounts with the withdrawal and check-writing ease of checking accounts. This best-of-both-worlds combination allows bank...

Best Savings Account for Kids in Wilmington, NC

By simply opening one of the best savings account for kids in Wilmington, NC, you can set your child up for future financial security through First Bank. First Bank has five locations in Wilmington, and each offers a...

Bank Owned Homes – Find Bank Owned Homes for Sale in Your Area

If you’re in the market for a great deal on a home, a bank-owned home could be just the thing for you! With First Bank, you can easily search through a list of our bank-owned properties for sale. Bank-owned...

How to Open a Checking Account – South Carolina

If you are wondering how to open a checking account in South Carolina, your local First Bank can help. The first step is deciding what type of checking account is best for you. After choosing an account that fits your...

Best Savings Account for Kids – Wilmington NC

If you live in Wilmington, NC, and you are looking for the best savings account for your kids, visit your local First Bank. We offer a savings account for kids that comes with all sorts of...

Best Savings Account Rates In Florence, SC

If you want to save money, there are plenty of ways to do it. You can put your money into an IRA, CD, the stock market, or other financial tool. However, you can also put your money into a simple savings account. With...

Get Stress-Free Banking in NC with a Savings Account at First Bank

We can likely agree that complicated savings accounts aren’t fun to deal with. Hidden costs and technicalities can cause unwanted anxiety and stress. That’s why First Bank has a number of stress-free...