Need motivation to save more for retirement?
Check this link out, “How does your retirement savings progress stack up?”
For age 30-39 year old, the national stats are:
Average Contribution Rate*
7%
Average Account Balance
$40,500
For age 30-39 year old, MY local stats (based on zip code) are:
Average Contribution Rate*
10%
Average Account Balance
$65,200
Currently, I only have 5.5k in ROTH IRA from 2014, so I am behind on my account balance.
However, with my current retirement savings plan, I will be putting away 18K in ROTH 403b and 5.5k in ROTH IRA annually; which means I can catch up within less than 3 years. Another encouraging note is that I am only at the beginning of my 4th decade and the stats are from 30-39 year olds.
I know everyone should pace themselves and saving for retirement or obtaining financial freedom is by no means a race. But sometimes knowing what others are doing is helpful to motivate ourselves to do the same or excel beyond the average. Also, knowing what locally people your age are saving for retirement also gives you a good idea of your saving rate adjusted for cost of living.
Start saving and planning for retirement now. I love medicine so much that I don’t think I ever want to retire from medicine. I just want to practice medicine as a hobby rather than a livelihood one day!
- What is your saving rate?
- What types of financial vehicles are you using for retirement savings? (403b, 401, Roth IRA, etc.)?
Comment below!