Most people in their thirties who were lucky (?) enough to go to college are dealing with the one-two punch of student loan debt and an over-saturated job market that forces them to take low-paying jobs, often unrelated to their field of study.
So as you might imagine, these people were not too happy (or whatever the word is for being angry and finding something hilarious at the same time) when MarketWatch recommended they have double their salary saved by the time they’re 35.
By 35, you should have twice your salary saved, according to retirement experts: https://t.co/utJe3CuIN7— MarketWatch (@MarketWatch) May 13, 2018
How?!— stewart murray (@lovingthepanda) May 13, 2018
do any of you know real people? just curious.— Christopher Sebela (@xtop) May 14, 2018
0 x 0 is still 0— Andrew Saldana (@AndrewDSaldana) May 13, 2018
Alright so i just need to win the lottery.— Gustavo Buquera (@BuquerA_) May 13, 2018
The article also mentions that “Millennials, the generation 20s to mid-30-year-olds fit into, have delayed marriage and home ownership from happening in their 20s (as was the norm decades ago).” Perhaps it’s because they hate shelter or because, you know, they can’t afford it.
To be fair, the article is just quoting advice from Fidelity, a Boston-based investment firm that suggests you should “Aim to save at least 1x your income at 30, 3x at 40, 7x at 55, 10x at 67.”
The article also acknowledges that “Today’s 30-year-olds (and the soon-to-be 30-year-olds) are plagued with crippling student debt, which just hit a record $1.31 trillion and affects millennials more than any generation before them,” and that “Not everyone is saving—or can save—that much toward retirement.”
At least the firm is admitting that its advice is kind of bullshit.
Anyone in their 30s looking for actual advice on achieving finical security can probably safely ignore this article and just do something more practical, like cutting out avocado toast.
It’s tough, but we all have to make scarifies.