How much money should someone have in their savings?
I do have about 20k in stocks, so I’m wondering how much you should have in your savings account. Is there a rule of thumb on how much you should have by a certain age, percentage of income, etc?
You should have at least six months’ worth of living expenses saved in an accessible savings account (not in a CD or stocks). This is your emergency fund, and it needs to be available if you need it.
For retirement, I found a chart in an ING Newsletter (a link follows; the chart is on page 2). You should have saved for retirement a multiple of your income that is dependent on your age. For example, at 45, you should have 4.1 times your income saved for retirement; so if you make $50,000 per year, you should have $205,000 saved. By the time you’re 65, you should have 15 times your income saved.
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