How much money should a twenty seven year old person have saved?

Answer 1

Hi, I will try my best, It is hard to answer because it depends on what you are saving for and how much you want to have when, also what vehicles you are usisng to save, like Bank savings, CDs, 401k etc. These are an imporatant factor that makes a big diference.

Best advice I can give you is to read "The Truth About Money" by Ric Edelma. very easy to understand, very informative and inexpensive book.

I want my children to have at least $10,000 saved by the time they are 18. But again,it depends on personal goals and means and what you are saving in and for.

Say you are saving for retirement, my husband who is a Financial advisor for individuals,families,and samll businesses, uses the following information to acertain the amount:

0- What amount of income will you require to be able to live off your savings? 1- When do you want to retire?-(what age) 2- How much income a month, from your savings would you like to have when you retire? 3- What is the vehicle you are using to save? Unless you have a roth IRA or a VUL you'll have tp pay distribution taxes and you need to calculate those by figurig out what income braket will you be in at the time you wish to retire.

4- WHAT ARE YOU ABLE TO SAVE NOW? very imporatnt number.

5- If you can't save enough to reach your goal, What can you cut back on, to be able to save sufficient. Hope this helped you at least some.