I’m almost 40 and according to the wisdom found everywhere on the internet, I don’t have enough saved for retirement. Which worries me because I’ve been saving for as long as I’ve had a proper job with access to a retirement vehicle. But also because the internet wisdom doesn’t make sense or sound feasible.

According to what I’ve read, you’re supposed to have:

  • 1x your income when you’re 30
  • 3x your income when you’re 40
  • 6x at 50
  • 8x at 60
  • 10x when you retire

I’m almost 40 and I have just barely over 1x saved. So it feels like I’m 10 years behind. However, my income has grown substantially over the course of my 30s, more than doubling. So accounting for growth in income, I do have almost 3x my salary in my late 20s. But similarly, the above advice could be interpreted as needing 6x the income you had when you were 30 by they time you’re 40. And by that metric, I’m doing even worse!

  • @[email protected]
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    31 year ago

    I’ve never got any of those milestones and I think I’m on track with my career/retirement planning. Every situation is personal. You might be doing other things that are not showing up on that score card, but never the less has a huge impact on your ability to retire.