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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 Investment and insurance products and services are offered through Osaic Institutions, Inc., Member FINRA/SIPC. 3 min read

The Right Age to Buy a House Although buying a house for the first time is a big decision, it turns out there is no perfect age to do it. When it comes to taking the plunge, it’s more about individual readiness. 3 min read

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Millennials in the Home Market Much has been made about how millennials are reshaping the world as they enter adulthood. One of the most adult decisions they can make is buying a house. We spoke to First Bank's mortgage team about how Gen Y approaches the American dream. 2 min read

Highest Yield Savings Account A high yield savings account is a great way to grow your money over the long term. First Bank has several options for those searching for the highest yield savings account available to them. Read on to learn more about the best ways to save your money for the future. Save Your Hard-Earned Cash With A First Bank High Yield Savings Account First Bank offers high yield savings accounts that will help you save your hard earned cash, so you can spend it however you want to in the future. Our Money Market Account gives you access to your savings, while you earn interest at a higher rate than most other savings account options. Money Market Account benefits include: 6 free withdrawals per month* Interest-earning account access $1,000 minimum required to open account Free online and mobile banking* Easy money transfers Free eStatements or paper statements A certificate of deposit is also a good option for anyone looking for the highest yield savings account possible. If you do not need immediate access to your funds, a CD usually offers higher interest rates than savings and money market accounts. First Bank’s CDs are safe, FDIC-insured investments, and typically offer fixed interest rates. Learn More About High Yield Savings Accounts Today To learn more about the highest yield savings accounts in North Carolina and South Carolina, visit our website or stop by your local First Bank branch. ——— Sources: Investopedia: http://www.investopedia.com/articles/pf/09/high-yield-savings-account.asp *Withdrawal fee of $15 each after the first six free during the month. Federal regulations limit withdrawals of 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 withdrawals at the ATM, in person at a branch, or by mail when the check is mailed to you. *While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. 2 min read

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