How much money is good to have at age 30?

DireEmblem

This is a time old question and difficult to answer.

A start could be to answer the questions of at which age would you like to retire, and what income would you like to receive to live comfortably?

From these you can work back, and check based on your current savings, and how much further you can afford to save on a monthly basis, are you on track?

There is also the fact that you have no guarantee of good health when you retire, so you should also look to enjoy your life whilst on the road to retirement.

If you are on target/ahead, then excellent - you can potentially think about retiring earlier.

if not, then you need to potentially look to rebalance your lifestyle to save more, or consider changing your goals.

On the plus side, you are looking into this at 30, so have plenty time yet!

MarcoM

just borrow as much as you can and don't save, when you need money the state will be there with other people's money (i.e. taxpayers) to bail you out. This is the way we are told to behave by the government.

Black_Cat2

MarcoM said:

just borrow as much as you can and don't save, when you need money the state will be there with other people's money (i.e. taxpayers) to bail you out. This is the way we are told to behave by the government.

If I could find a cat emoji with huge eyes I would insert it here!  Take it back... here it is... 🙀

thegentleway

MarcoM said:

just borrow as much as you can and don't save, when you need money the state will be there with other people's money (i.e. taxpayers) to bail you out. This is the way we are told to behave by the government.

States/governments and people are quite different; pretty sure states/governments don’t plan for retirement 

NottinghamKnight

thegentleway said:

MarcoM said:

just borrow as much as you can and don't save, when you need money the state will be there with other people's money (i.e. taxpayers) to bail you out. This is the way we are told to behave by the government.

States/governments and people are quite different; pretty sure states/governments don’t plan for retirement 

They'd be a lot more prudent if they did!

fiisch

It's too far away to worth worrying about in terms of whether you're on track, ahead or behind your peers.  I've just turned 34, and I've resolved after much worrying that all you can do is maximise your savings rates in the most efficient way possible and hope it's enough when the time comes.  You can't save additional money if you don't have it, but if you're wondering whether you shouldn't buy that daft car (my vice is fast cars) or take that third holiday next year and instead save/invest the money, the answer is invariably yes, irrespective of the pot you've already amassed, but you have to weigh-up living for the now versus your future nest-egg.

I'd say at 30 that's a great position to be in - your investments are well ahead of mine, but I'm on the housing ladder in our family "forever home" with no aspirations to move barring a huge upturn in fortune.

For pensions, the number I have in my head is £100k by 40 minimum is needed for an "okay" retirement, so you're >10 years ahead of that.