How much did you have saved up for retirement at age 30?

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NeutrinoPerson
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Re: How much did you have saved up for retirement at age 30?

Post by NeutrinoPerson » Fri Feb 27, 2015 10:41 am

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Caduceus
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Re: How much did you have saved up for retirement at age 30?

Post by Caduceus » Fri Feb 27, 2015 10:49 am

Neutrino, amounts saved at 30 are not at all good indicators of a person's financial future. At that age, things like human capital or number of future kids matter much more. Someone who will go on to have 3 kids in the next five years, with one spouse working part-time or not at all, will have a present-value "cost" that dwarfs whatever net worth they have at 30. A dual income couple with no kids and no desire for kids and no retirement savings may even be in a "better" situation, financially speaking.

I think net worths are more comparable nearer retirement than so far away from it. So the takeaway from this thread should be to save what you can, build your human capital, notice how divergent the stories are (many had nothing saved, some had so much saved, and all did fine).

Dulocracy
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Re: How much did you have saved up for retirement at age 30?

Post by Dulocracy » Fri Feb 27, 2015 10:56 am

Meg77 wrote:I'm 31 and a year ago I had $201K in retirement accounts. No idea whether it is or will be "enough," but I'm happy with my savings efforts and results so far!
For some reason, I always thought that you were the same age that I am. Actually, not some reason: a good reason. 77 was the year I was born. In any event, kudos on getting that much money by that age!
I'm not a financial professional. Post is info only & not legal advice. No attorney-client relationship exists with reader. Scrutinize my ideas as if you spoke with a guy at a bar. I may be wrong.

Dulocracy
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Re: How much did you have saved up for retirement at age 30?

Post by Dulocracy » Fri Feb 27, 2015 10:59 am

NeutrinoPerson wrote:I'm pretty far behind most in this thread, but I just maxed my 2015 Roth IRA so I'm now up to 43k between 401k and Roth in total, so I got that going for me, which is nice.

:oops: :oops: :oops: :oops: :oops: :oops: :oops: :oops:

Cranking up my 401k savings rate in the meantime. I want to hit 100k by age 30 between 401k / IRA. Maybe not realistic, but a goal's a goal.
As someone who had nothing in retirement accounts at 30, I will tell you that it is not the end of the world. One can, with an aggressive savings strategy, get caught up. Of course, setting that money aside before 30 is preferable. Just be glad that you figured it out before so many of us.
I'm not a financial professional. Post is info only & not legal advice. No attorney-client relationship exists with reader. Scrutinize my ideas as if you spoke with a guy at a bar. I may be wrong.

NeutrinoPerson
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Re: How much did you have saved up for retirement at age 30?

Post by NeutrinoPerson » Fri Feb 27, 2015 11:08 am

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angelescrest
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Re: How much did you have saved up for retirement at age 30?

Post by angelescrest » Fri Feb 27, 2015 11:17 am

NeutrinoPerson wrote:I should have asked for salary data, too. :oops:

I still find this thread disheartening. I've been worried sick and busting ass, yet I'm somehow still behind people who "screwed up and only had $x00,000" by age 30? Or had no time to save until they were in their late 20's? Either people here make incredible salaries or I am doing something seriously wrong.
Don't fall into keeping up with the Boglehead joneses. Posting this thread seems to have given you more worry than anything else, but you are doing fine. You've got decades ahead of you. Set a goal and stick with it. If you're going to feel bad, feel bad because you're not accomplishing the goals you set out to, not because you're not accomplishing your neighbor's goals.

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JDCarpenter
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Re: How much did you have saved up for retirement at age 30?

Post by JDCarpenter » Fri Feb 27, 2015 11:19 am

NeutrinoPerson wrote:I should have asked for salary data, too. :oops:

I still find this thread disheartening. I've been worried sick and busting ass, yet I'm somehow still behind people who "screwed up and only had $x00,000" by age 30? Or had no time to save until they were in their late 20's? Either people here make incredible salaries or I am doing something seriously wrong.
always good advice: DO NOT MEASURE YOURSELF BY OTHER POSTERS ON THIS SITE!!!!!

Dude (or Dudette), if you are talking 100K by 30, you are golden compared to the norm. OK, if you are a Goldman VP, a hedgie, still in the NFL, headlining sold-out arena tours, or the like, maybe not. Otherwise, you are doing great.

Hell, my nephew is a well paid engineer (not in IT) and he was justifiably thrilled to barely nose over that line the week before his 3oth birthday--and he was correct.

IGNORE the numbers people post. Maybe look at their percentages. Listen to their hints. Do NOT kick yourself.

Plus, look at the entire thread. A ton of us have posted numbers less than what you are talking about--and most of us in that camp are feeling great later in life. I can't imagine having had 100K at the age of 30. In fact, I rechecked my numbers last night, and it was actually $22,177 in 2015 equivalent that DW and I jointly had in retirement accounts--to balance our negative net worth. Would it have been nice to have had more? Sure, but we were building human capital (both our own and, by then, 2 babies)--and even in hindsight, that was the most important thing.

Sorry for being so harsh, but you are beating yourself up over nothing.
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Spectre
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Re: How much did you have saved up for retirement at age 30?

Post by Spectre » Fri Feb 27, 2015 11:38 am

NeutrinoPerson wrote:I should have asked for salary data, too. :oops:

I still find this thread disheartening. I've been worried sick and busting ass, yet I'm somehow still behind people who "screwed up and only had $x00,000" by age 30? Or had no time to save until they were in their late 20's? Either people here make incredible salaries or I am doing something seriously wrong.
I'm 28 (will be 29 this year), with roughly $67,000 saved between a maxed 457 and maxed ROTH IRA. I started investing at 24 with $1,000 into a Vanguard Target Retirement Fund. I'm a government employee that just started making $55,000 this year. I was making $49,000 last year, which was the first year I started maxing my 457. I'm trying to figure out how to contribute more into my 401k but its tough with my current income and employer deductions (pension, medical, etc.). If I was to compare myself to others on this forum I would be kicking myself for not making six figures already.

Thanks to guidance of this forum I feel fortunate to have saved what I have. As many other's have said, do not compare yourself with others (especially on this forum), be proud of where you're at, keep saving and continue trying to increase your human capital.

Wolkenspiel
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Re: How much did you have saved up for retirement at age 30?

Post by Wolkenspiel » Fri Feb 27, 2015 11:46 am

By 30, a couple of years after getting my PhD, I had zero retirement savings and a net worth oscillating around zero. It took another five years to start any systematic saving, retirement or otherwise. I focussed on developing an exciting career - it never occurred to strive for early retirement. If things go well, I expect to work until at least 65. Hopefully it will be fun for a bit longer, and my investment goal is "consumption smoothing" over an undetermined time horizon, not leaving my job behind.

I agree with the minority here that retirement savings at 30 are not an infallible indicator of a financial success/happiness later in life.

cusetownusa
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Re: How much did you have saved up for retirement at age 30?

Post by cusetownusa » Fri Feb 27, 2015 11:56 am

NeutrinoPerson wrote:I should have asked for salary data, too. :oops:

I still find this thread disheartening. I've been worried sick and busting ass, yet I'm somehow still behind people who "screwed up and only had $x00,000" by age 30? Or had no time to save until they were in their late 20's? Either people here make incredible salaries or I am doing something seriously wrong.
How many times do people have to tell you not to compare yourselves to others. You are doing better than 99% (and doing better than the majority even on this site) of the worlds population by 30 and you keep focusing on the handful of people who have more than you at age 30. You are worrying about nothing...better off spending your time doing something you enjoy.

hadron
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Re: How much did you have saved up for retirement at age 30?

Post by hadron » Fri Feb 27, 2015 12:02 pm

At 30 I probably had a networth of around 200k.
I'm turning 35 next month with total savings around 600k

musbane
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Re: How much did you have saved up for retirement at age 30?

Post by musbane » Fri Feb 27, 2015 12:30 pm

At 30 I was newly married and our net worth in today's dollars was about minus $50,000. (Boat loan plus credit card debt.)

At that time I first realized that I really was going to have to work for a living.

Got a job paying $7,000/ yr (1977 dollars) went back to school nights.

Retired at 53. That was 14 years ago.

knowsnothing
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Re: How much did you have saved up for retirement at age 30?

Post by knowsnothing » Fri Feb 27, 2015 12:58 pm

at 30 I had about 140k not counting home equity.

Mr. Digweed
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Re: How much did you have saved up for retirement at age 30?

Post by Mr. Digweed » Fri Feb 27, 2015 7:41 pm

Nothing saved.

gbru316
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Re: How much did you have saved up for retirement at age 30?

Post by gbru316 » Fri Feb 27, 2015 8:45 pm

cusetownusa wrote:
NeutrinoPerson wrote:I should have asked for salary data, too. :oops:

I still find this thread disheartening. I've been worried sick and busting ass, yet I'm somehow still behind people who "screwed up and only had $x00,000" by age 30? Or had no time to save until they were in their late 20's? Either people here make incredible salaries or I am doing something seriously wrong.
How many times do people have to tell you not to compare yourselves to others. You are doing better than 99% (and doing better than the majority even on this site) of the worlds population by 30 and you keep focusing on the handful of people who have more than you at age 30. You are worrying about nothing...better off spending your time doing something you enjoy.

Easier said than done. However, it's probably better to try to keep up with the Bogleheads than the Joneses.

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vitaflo
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Re: How much did you have saved up for retirement at age 30?

Post by vitaflo » Fri Feb 27, 2015 9:24 pm

NeutrinoPerson wrote:I'm pretty far behind most in this thread, but I just maxed my 2015 Roth IRA so I'm now up to 43k between 401k and Roth in total, so I got that going for me, which is nice.

Cranking up my 401k savings rate in the meantime. I want to hit 100k by age 30 between 401k / IRA. Maybe not realistic, but a goal's a goal.
I had 47k at 30 (inflation adjusted), so you'll beat what I had, which I felt was plenty. I am doing very well now because I haven't changed my QOL even though my salary has gone up drastically since I turned 30.

Somewhere in my early 30's my mother-in-law told me "these are your money making years, be smart and save now so you don't have to later when you're less able to". She was right. Just keep feeding those raises and promotions into retirement instead of things you don't need and you'll be really far ahead in no time.

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SC Hoosier
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Re: How much did you have saved up for retirement at age 30?

Post by SC Hoosier » Fri Feb 27, 2015 9:36 pm

Envy is the sideways glance, looking at what someone else has, instead of looking at what you have with gratitude. Why is it that we always compare ourselves with people that have more instead of those who have less?
I live in No Payment Land. It is wonderful, and I'd love for you to live here too.

dolphinsaremammals
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Re: How much did you have saved up for retirement at age 30?

Post by dolphinsaremammals » Sat Feb 28, 2015 7:23 am

Pretty close to nothing. I was in grad school until my mid-twenties. Then I had loans to pay off.

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hoppy08520
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Re: How much did you have saved up for retirement at age 30?

Post by hoppy08520 » Sat Feb 28, 2015 3:45 pm

In today's dollars, I had $50,000, all in TSP/401(k) when I was 30 years old. No home (yet) or significant possessions so that was all my net worth.

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tc101
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Re: How much did you have saved up for retirement at age 30?

Post by tc101 » Mon Mar 02, 2015 9:26 pm

When I was 30 I had noting saved for retirement. I started serious saving and investing about the time I was 32 and managed to retire about 55 but part of the reason was a modest inheritance and some lucky real estate investments.
. | The most important thing you should know about me is that I am not an expert.

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Hexdump
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Re: How much did you have saved up for retirement at age 30?

Post by Hexdump » Tue Mar 03, 2015 9:13 am

00000, nil. nada.

I didn't start saving for retirement until I was 40. I made up for lost time though. :D

Tony Angeleno
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Re: How much did you have saved up for retirement at age 30?

Post by Tony Angeleno » Tue Mar 03, 2015 11:38 am

After burning through my meager savings due to unemployment at age 28, I was financially at the nadir. I took a job at one-third my old wages and languished there for the next two years, until my chosen industry turned around. During that time, I had a sub-compact, maybe one to two hundred dollars (1970 to 1972), some clothes and cooking utensils, and a few boxes of text books.

Twenty years later, we had a networth of $1.5m, then added 10 years and $1m, another 10 years (age 70) and $2.5m more. Still growing. I retired a few years before 65. Wife's smarter and retired a lot earlier. Money not adjusted for inflation.

What was in my favor: Share the same vision with my life, LBYM developed during the two lean years, practical education and two incomes to generate investment funds. Stable jobs with pensions. Also the US government has been tinkering to stabilize the economy for the last few decades.

What got in the way: Bad investments, natural disasters and vanity.

From my observation, I can conclude that given the proper prerequisites and with average luck, one could start at 30 and be able to accumulate enough for a reasonable retirement. It might even be possible to start at 40, but at that age there is little room for errors. Of course, there are always exceptions for the smart, the lucky, and others.

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prudent
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Re: How much did you have saved up for retirement at age 30?

Post by prudent » Tue Mar 03, 2015 12:44 pm

SC Hoosier wrote:Envy is the sideways glance, looking at what someone else has, instead of looking at what you have with gratitude. Why is it that we always compare ourselves with people that have more instead of those who have less?
When that concept finally dawned on me years ago, it changed my whole perspective. I seriously think it kept me from doing some less-than-ethical things - I had the knowledge, the skill and the means to take advantage of others in order to put more in my own pocket, but was able to resist compromising myself in order to get "more".

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Re: How much did you have saved up for retirement at age 30?

Post by Yeti » Fri Mar 06, 2015 11:34 am

NeutrinoPerson wrote:(removed)
Slightly off topic but just an observation - why have you been editing all of your posts to "removed"?

Yeti

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