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
Best Banking Rates and Services: First Bank, NC When looking for a home, it makes sense to perform a checking account comparison to find the perfect place. First Bank has two locations in Sanford, NC, to house your… Checking Account Comparison – Asheville, NC Learn what to look for when comparing checking accounts and see how First Bank in Asheville, NC stacks up. Before committing to a checking account, it's important to know what… Small Personal Loans – South Carolina Small personal loans are just one of the ways First Bank serves the financial needs of our South Carolina customers. South Carolina's First Bank is more than just a place to… High Interest Checking Accounts – North Carolina A high interest checking account in North Carolina can offer a safe and steady solution for those who want to grow their money without risking the stock market or an… Your Community Bank – Asheville NC At First Bank, we believe that part of being your community bank in Asheville, NC, means offering services that meet the needs of everyone. From checking and savings accounts to… Small Business Loan Rates – Wilmington, NC If you are thinking about starting a small business in Wilmington, NC, you have probably researched small business loan rates in the area. The charming historic riverfront, beautiful local beaches, and… Get a Stress-Free Student Checking Account at First Bank in Wilmington, NC If you are a college student in Wilmington, North Carolina, you’re probably more worried about studying than paying attention to your checking account. First Bank get it — we offer a… Banks That Offer Personal Loans There are hundreds of banks that offer personal loans, but sometimes choosing a bank that is the right fit you can be difficult. That's where First Bank comes in.  At… Mobile Merchant Account – First Bank Credit and debit card processing is one of the most important parts of doing business today. First Bank’s mobile merchant account services provide your business with a way to accept… Savings Account – South Carolina If you live in South Carolina and are looking for a savings account, your local First Bank can help. We offer savings accounts to meet a variety of needs, and we are dedicated…