How much money should you have saved according to your age?

Economist Kimmie Greene has a method that allows people to dose their money

Money is vitally important in today’s world. Thus, everything related to this manages to decide the future of people and countries. Economic crises, for example, represent an earthquake that directly affects the lives of the majority of the citizens of the Planet.

Many people have a salary that allows them to live. Others, on the other hand, accumulate amounts of money that take away certain problems from their day to day. There are even those who do not know how much they have in their account, although these cases are not very common.

Thus, becoming rich is part of the dreams of many. The desire to be able to have such a large amount of capital that allows them to leave work and worries behind to be able to live without worries dominates the thoughts in many cases.

However, often this is not the case. Money calls money and those who have had the talent, ability and luck to become millionaires end up embarking on new  professional projects.

There are family sagas that go through this life successfully multiplying their heritage. And there are those who end up on the prestigious Forbes  magazine list as the world’s great rich. Spanish businessmen are no strangers to this select club, since there are usually several figures from our country in this ranking every year.

However, as we have already mentioned, these are exceptional cases . Most people have a salary and must save over the years to get what they want. But on many occasions this is not usually possible for various reasons such as poor planning.

Savings according to age

Therefore, the economist Kimmie Greene , vice president of Matters Communication, has developed a method that can help many. This is based on an annual savings capacity that every five years must have saved a full salary. Thus, the expert offers some age ranges with what we must have saved to have a good mattress at old age.

Thus, according to the economist , if we save an annual salary every five years, we can retire without worries . In addition, a part of these could even be spent on other whims.

  • At age 20 : 25% of the total salary for the year at the time.
  • At age 30: you must have 100% of your current salary saved.
  • At age 35: double the annual salary at the time.
  • At age 40 : triple the current annual salary.
  • At age 45 : savings must be four times.
  • At age 50: workers must have saved five times their salary at that age.
  • At age 55: you must already have six times the annual salary.
  • At age 60: at this age, workers must have seven times saved.
  • At age 65 : at retirement age you must have a minimum of eight times your annual salary, according to the Greene method.
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