How Much Income You Need To Save (By EVERY Age)

Here's EXACTLY how much you need saved by every age, the average incomes from your 20's, 30's, 40's, and 50's and how you can retire with as little as $416 per month. Enjoy! Add me on InstagramGPStephan | PROMOTIONAL OFFERGet FREE Fractional Shares when you sign up and make a deposit using my paid affiliate link for WeBull

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AGE 20: Average Net Worth: -$31,571

1. GET A CREDIT CARD

The point is to begin building up your credit score as soon as possible, since 50% of your score is made up from your on-time payment history and how LONG you’ve had credit for.

2. OPEN A ROTH IRA

This will allow you to invest $7000 per year and grow your money COMPLETELY TAX-FREE by the age of 59 - meaning, by the time you’re older, everything is pure profit.

3. SAVE 20% OF YOUR INCOME

4. INVEST IN THE MARKETS

AGE 30: Average Net Worth: $42,339

1. GET A CREDIT SCORE OF AT LEAST 750

2. BE BAD-DEBT FREE BY 30 YEARS OLD

This means you’ve paid off any loans or debt that’s above a 5%-6% interest rate, you don’t have any credit card debt or personal loans outstanding, and besides the possibility of a low-interest rate mortgage or student loan…you don’t have anything weighing you down.

3. HAVE A 3-6 MONTH SAFETY FUND

4. AIM FOR 1X YOUR SALARY SAVED

AGE 40: Median Net Worth: $90,000

Average Net Worth: $319,000

1. MAX OUT RETIREMENT ACCOUNTS ANNUALLY

2. MAXIMIZE YOUR EARNINGS

3. HAVE A BUDGET - NO MATTER WAHT

4. KNOW HOW MUCH YOU NEED TO RETIRE

The rule of thumb is that, for a 30-year retirement, you’ll need to have anywhere between 25 to 30x your annual spending invested in order for that money to last you without running out.

AGE 50: Median Net Worth: $290,000

Average Net Worth: $1,300,000

1. HAVE 7-8X YOUR SALARY SAVED, OR 10-12X YOUR EXPENSES

2. BE CLOSE TO PAYING OFF YOUR MORTGAGE

3. HAVE A CLEAR PLAN FOR RETIREMENT

AGE 60: Median Net Worth: $490,000

Average Net Worth: $1,600,000

Top 1% Net Worth: $14,338,000

1. AIM FOR 10-12X YOUR SALARY SAVED UP

2. PAY OFF YOUR PRIMARY RESIDENCE

4. BEGIN WITHDRAWING FROM RETIREMENT ACCOUNTS

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*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice.