How Much Money You Need To Save By EVERY AGE

Summary by Krater

The video outlines recommended net worth, savings, and investment milestones for every decade of life from age 20 to 60, explaining how to hit them through credit cards, retirement accounts, and consistent investing.

From the video

Answers: How much money should I have saved by every age?

• Net worth milestones by age
• Retirement savings benchmarks
• Credit card building strategies
• Roth IRA investing
• Compound interest and investing habits

What it concludes

• At 20 years old, the average net worth is -$27,129, largely driven by student loans.
• By age 30, you should aim to have a credit score of 750 or higher, be free of bad debt, and have 1x your salary saved.
• By age 40, you should aim to have 3x your salary saved, max out your retirement accounts, buy a house, and invest 5 to 7x your spending.
• By age 50, you should aim to have 5 to 6x your salary saved, have about $450,000 invested, and have around 7x your salary saved for retirement.
• By age 60, you should aim to have 10 to 12x your salary saved, have your primary residence paid off, and maximize retirement accounts.