How Much You Should Have Saved for Retirement by 40, 50, 60 & What To Do If You’re Behind

Description

How much should you have saved for retirement by 40, 50 and 60… and what should you do if you’re nowhere close?In this episode, Anthony O’Neal breaks down the retirement savings benchmarks for each age, explains how catch-up contributions can help later starters, and shares the financial order to follow when rebuilding. He also challenges the shame that often comes with feeling behind and reveals why creating margin, eliminating consumer debt and following a clear strategy matter more than panicking over a number.So, whether life brought divorce, caregiving, job loss, or an unexpected setback, this episode will not only help you face your finances honestly but also help you determine your next step and start building toward financial freedom.KEY POINTS [00:00] – Introduction[01:19] – When your bank account doesn’t match your resume[03:47] – By 40, aim for three times your annual salary[08:33] – By 50, aim for six times your annual salary[09:02] – Catch-up contributions give late starters more room[11:31] – At 50, your financial security must become the priority[11:48] – By 60, aim for eight times your annual salary[16:46] – The financial order for eliminating debt, building savings and investingQUOTES “You don’t have time to waste margin on the wrong priority.” — Anthony O’Neal “Panicking has never once built a dollar of wealth. But clarity and determination [have].” — Anthony O’Neal “Financial freedom is a decision before it is ever a destination.” — Anthony O’Neal ABOUT ANTHONY ONEAL:Anthony O'Neal is a nationally bestselling author, speaker, and host of The Table with Anthony O'Neal. He holds a Bachelor of Science in Finance & Banking and is a professor of Consumer Economics at Virginia Union University. Since 2014, he's helped millions of people get out of debt, build wealth, and break generational poverty. His mission is to help you maximize your income, eliminate debt, and create a life of freedom and legacy.📅 BOOK ANTHONY TO SPEAK AT YOUR EVENT: bookings@anthonyoneal.com🤝 SPONSOR THE TABLE PODCAST: partner