How much savings should I have at 50?

How much savings should I have at 50?

How much savings should I have at 50?


What does a 50-year-old want to know about saving for retirement? How much should I save, how can I invest, what’s my safe withdrawal rate, and more? We asked our team of financial advisors how much savings you should have at 50, and what actions they would recommend you take.

Saving money should not be a short-term goal. Instead, you should save for the long term and lay the foundation for your financial security. There’s a lot you can learn from others’ journeys of saving up for their goals and I’d like to share mine with you.

How much savings should I have at 50?

I’ve heard that some people are able to save upwards of $50,000 by the time they’re 50. Do you think this is a realistic goal?

I’d say that it’s possible if you’re disciplined about saving money and if you don’t mind putting in the work. I’m not sure how much money you would need to save at 50, but here are some things to consider:

-How much do you make now? If you’re making minimum wage or close to it, you won’t be able to save much over time because your income will keep dropping each year. You’ll also have high expenses like rent and food so it’s hard to see how much extra cash you can put aside each month.

-How much do you spend on non-essentials? If your monthly expenses (rent/mortgage, car payment, gas) are going up but your savings account is still growing then that means that there’s room for improvement in other areas of life such as saving more money or tackling debt repayment faster.

-Are there any family members who are supporting your retirement goals financially? If so, talk with them about contributing towards their own retirement funds too so that they can contribute towards yours as well!

The key question is, how much are you spending? If you’re spending more than you make, then you need to cut back. As a rule of thumb, it’s not the absolute amount that matters; it’s what percentage of your income is spent on non-essentials.

The answer depends on your age and income level. For example, if you’re 25 years old and making $50K per year, then the answer is “a lot”. But if you’re 60 years old and retired with a pension of $400K per year, then the answer is “a little”.

If you spend less than 10% of your income on non-essentials (wages, rent, or mortgage payments) then saving money is easy. If you spend more than 20%, then saving becomes harder because any extra spending will reduce your nest egg in one way or another.


There is no right or wrong answer to how much savings you should have at different ages. But I think, if you follow the guidelines of saving 20% of your net income (after taxes and before any other expenses), you will be in a good place. Keep in mind, however, it is still very possible to retire with less, assuming you live frugally and/or can find a secure job that turns into a pension later on in life.

Ultimately, your senior year of high school is both a time to enjoy the present and look forward to the future. You have big decisions to make, but if you live frugally (as you should), these decisions will be much easier. Make smart choices, avoid debt, and your post-high school years will be much richer for it.

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