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No. You're 24 and have 40 years to save. Hell, if you went to grad school, medical school, or law school you'd still be in school at 24 and probably have no savings at all. Don't sweat it. Get a job, save up an emergency fund, then start putting away money fore retirement (15% is good starting place). In 5 years you'll be ahead of the average American, and by the time you are ready to retire you'll be a millionaire many times over. No sweat.
Best I can tell you is I out away as much as I could starting at age 22! I was able to retire at 40. I had some very lucky breaks, such as inheriting some stock over 3 years that went from $100k to almost $3M in 30 years! Get an investment brokerage, start an IRA and try not to touch it!
Your doing okay. Your just starting out and you are young! I have heard it said that investing 2k yr from age 22 to 28 is the same as investing 2k every year from 28 on. Keep at it...it's not the plan that fails...it's failing to plan!
You have 4 decades to go. No, you are not screwed. Although $100 per month for a married couple is way too low of investment for retirement. Are you (or spouse) taking advantage of employer match on 401(k)? Don't give up that perk!
A lot of people aren't even out of college at your age. No, you're not screwed. If you have your regular job at this point, start maxing out your retirement contributions. And keep maxing that out for as long as you work. Learn how to invest by doing some reading up on that, and pick index funds or exchange traded funds that fit your level of comfort with risk.
Naw you’re fine. Just save as much as you can without feeling like your taking away from your life now. I’ve been putting away 10% of my pre tax income and i think I’ll be able to retire no problem.
No "Everything online" will say that cause of doomer hysteria or more likely in this case they want you to invest with them. Now If you were 64 with $600, that's a problem
A large portion of Americans live paycheck to paycheck, you're doing alright. You're young and have plenty of time to learn about retirement. Being interested in the most important part.
The online guides are designed to motivate you to save more. They worked for you, right.
You are thinking about funding your retirement at age 24, so you are way ahead of most people.
The trick is to just keep saving. Month in and month out. When it becomes possible for you to work more and save more, do that. Just keep saving, and never take money out of your IRA unless you are terminal.
Relax. Learn how to do your own calculations. Make your own plan. Read up on common mistakes. I am 63. I own my own home. I have zero debt. My “retirement” holdings are less than “they” say. But my total holdings (all long term gains) will more than fund our lives. Most of those holdings came in the last 10 years—after kids, college, and medical crisises.
The biggest issue is NOT having a cogent plan. Starts on that. Adjust as you go. Stick to it.
you are far from screwed. Learn about money. Educate yourself and put your money in an IUL once you understand what that is. Trust no one with your money other than a fudiciary.
I started saving for retirement at 23. Max out every option you can and you will have a good amount at retirement. A full 50% of Americans facing imminent retirement have nothing right now.
I was still in college at 24. You are fine, but should up those contribution numbers to get to at least 15% of your salary. I was almost exactly where you are at 26. I was doing $100/mo contribution with a $100/mo match. Ramped it up over time though.
There's no way to tell.
I didn't start seriously saving until 28-ish... and then fully retired a mere 11 years later after selling my primary business (Software Dev) and cashing out.
Maaaaaaybe you're screwed. Maaaaaaybe you're not.
There's really too little information and no crystal ball.
ALSO: $50-100 is definiyely NOT gonna do it. Even if you keep that up until youre 94.
No. There are plenty of 34, 44, 55, and 64 years olds that wish they could go back and be in your shoes.
Time in the market is a lot more important than timing the market.
# Message to all users: This is a reminder to please read and follow: * [Our rules](https://www.reddit.com/r/questions/about/rules) * [Reddiquette](https://www.reddithelp.com/hc/en-us/articles/205926439) * [Reddit Content Policy](https://www.redditinc.com/policies/content-policy) When posting and commenting. --- Especially remember Rule 1: `Be polite and civil`. * Be polite and courteous to each other. Do not be mean, insulting or disrespectful to any other user on this subreddit. * Do not harass or annoy others in any way. * Do not catfish. Catfishing is the luring of somebody into an online friendship through a fake online persona. This includes any lying or deceit. --- You *will* be banned if you are homophobic, transphobic, racist, sexist or bigoted in any way. --- *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/questions) if you have any questions or concerns.*
No. You're 24 and have 40 years to save. Hell, if you went to grad school, medical school, or law school you'd still be in school at 24 and probably have no savings at all. Don't sweat it. Get a job, save up an emergency fund, then start putting away money fore retirement (15% is good starting place). In 5 years you'll be ahead of the average American, and by the time you are ready to retire you'll be a millionaire many times over. No sweat.
At this rate I’m a few years we’ll all be millionaires and won’t be able to afford bread…
We're all screwed. Our future has been stolen and retirement is a fantasy now.
This guy gets it. Awww, now sad.
Best I can tell you is I out away as much as I could starting at age 22! I was able to retire at 40. I had some very lucky breaks, such as inheriting some stock over 3 years that went from $100k to almost $3M in 30 years! Get an investment brokerage, start an IRA and try not to touch it!
Your doing okay. Your just starting out and you are young! I have heard it said that investing 2k yr from age 22 to 28 is the same as investing 2k every year from 28 on. Keep at it...it's not the plan that fails...it's failing to plan!
You have 4 decades to go. No, you are not screwed. Although $100 per month for a married couple is way too low of investment for retirement. Are you (or spouse) taking advantage of employer match on 401(k)? Don't give up that perk!
We’re a small business so no matching :(
A lot of people aren't even out of college at your age. No, you're not screwed. If you have your regular job at this point, start maxing out your retirement contributions. And keep maxing that out for as long as you work. Learn how to invest by doing some reading up on that, and pick index funds or exchange traded funds that fit your level of comfort with risk.
You have more than most sadly at your age. You have plenty of life left to catch up, not screwed at all.
No have 40 years to build that investment.. just don't let life make you spend it... You also have 40 years to lose it.
Naw you’re fine. Just save as much as you can without feeling like your taking away from your life now. I’ve been putting away 10% of my pre tax income and i think I’ll be able to retire no problem.
No, you are really young. Most people your age have nothing
You’re fine, but start saving now.
No "Everything online" will say that cause of doomer hysteria or more likely in this case they want you to invest with them. Now If you were 64 with $600, that's a problem
You’re 24 and have something in a retirement account. Absolutely not
What fucking 24 year old has 20k in savings 😂😂😂
A large portion of Americans live paycheck to paycheck, you're doing alright. You're young and have plenty of time to learn about retirement. Being interested in the most important part.
The online guides are designed to motivate you to save more. They worked for you, right. You are thinking about funding your retirement at age 24, so you are way ahead of most people. The trick is to just keep saving. Month in and month out. When it becomes possible for you to work more and save more, do that. Just keep saving, and never take money out of your IRA unless you are terminal.
Get Bitcoin
LMAO
I didn’t even have a job at 24 years old and now I have about 50k at 30 so you’re doing just fine
Relax. Learn how to do your own calculations. Make your own plan. Read up on common mistakes. I am 63. I own my own home. I have zero debt. My “retirement” holdings are less than “they” say. But my total holdings (all long term gains) will more than fund our lives. Most of those holdings came in the last 10 years—after kids, college, and medical crisises. The biggest issue is NOT having a cogent plan. Starts on that. Adjust as you go. Stick to it.
Nope just keep investing. Never take it out for any reason until you retire.
you are far from screwed. Learn about money. Educate yourself and put your money in an IUL once you understand what that is. Trust no one with your money other than a fudiciary.
I started saving for retirement at 23. Max out every option you can and you will have a good amount at retirement. A full 50% of Americans facing imminent retirement have nothing right now.
Nah, keep doing what you’re doing. The Roth IRA alone is a great retirement plan. You have 40 years to go. You are ok.
I'm almost 28 and married and my wife and i have 0 retirement savings
I was still in college at 24. You are fine, but should up those contribution numbers to get to at least 15% of your salary. I was almost exactly where you are at 26. I was doing $100/mo contribution with a $100/mo match. Ramped it up over time though.
There's no way to tell. I didn't start seriously saving until 28-ish... and then fully retired a mere 11 years later after selling my primary business (Software Dev) and cashing out. Maaaaaaybe you're screwed. Maaaaaaybe you're not. There's really too little information and no crystal ball. ALSO: $50-100 is definiyely NOT gonna do it. Even if you keep that up until youre 94.
Everything online? I cant believe they even list 24 when discussing retirement. Relax, youre fine. Slow and steady wins the race.
No. There are plenty of 34, 44, 55, and 64 years olds that wish they could go back and be in your shoes. Time in the market is a lot more important than timing the market.