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hey everyone it's zac beck it is important to establish goals whether they are personal professional relational or financial and the reason why is when you and i have a goal set it gives us something to work towards but more importantly it provides us with the proper motivation to do the hard work necessary on a daily basis to achieve it now when it comes to setting goals this is something many people struggle with there was a recent study conducted in the united states and over half of americans have difficulty setting specific financial goals and that actually relates most importantly to our savings goals that we should have depending upon our age and our stage of life so what i want to do in this video is share what goals you and i should have set for our savings when it comes to our age but more importantly provide you with strategies that you can employ right now so you can achieve these savings goals so let's jump into it right now many people associate saving money with saving money for retirement and this is because right now retirement is not an easy goal to achieve in the united states of america cost of living is high most employers don't provide as many benefits as they did previously such as pension funds and realistically when it comes to actually utilizing social security to live on your retirement that is not going to be adjusted for cost of living expenses so it's going to make it very difficult for many people to do so so it really becomes incumbent upon all of us to set our own savings goals in order to achieve retirement long term down the road now you might have asked the question yourself how much money do i need in order to retire now some experts might say you need to you know save as much as a million dollars which might even be a little low depending upon where you live and your cost of living in the area of your state but what i want to talk about right now is what goals and benchmarks you and i can set right now depending upon our age so by the time we reach the age of retirement our finances won't even be a stressor in our life so let's see what those steps are [Music] one of the benchmarks you or i can use in order to assess how much money we should have saved is if we actually look at our annual income so let's start by if you are the age of 30 if you're the age of 30 right now you want to ideally have at least your entire annual income saved by the age of 30. now if you go up to the age of 40 you want to have three times the amount of your annual income then if you go up to the age of 50 you want to have six times the amount of your annual income you hit the age of 60 and then you want eight times the amount of your annual income and lastly if you reach the age of 67 you want to have 10 times the amount of your annual income saved and invested specifically hopefully in a retirement account such as a roth ira a 401k a 403 b a 457 or some other retirement account that you have but the reason why this is an important assessment to look at and a goal to achieve right now is that cost of living is expensive being able to have constant stream of income coming into your account is very important and you might be sitting here right now and perhaps you are in a negative trajectory where you actually don't even have any money saved you were actually in debt this should provide you or i with all the more motivation in order to step up our savings rate pay down our debt so that we can actually move forward and achieve our goals now this took me quite some time to get to but right now i've actually achieved my savings goals that i need to specifically based off of my age as i mentioned before by the time you're the age of 30 you should at least have saved up the entire amount of your annual income for your savings now this could be different for our different people if you make 20 grand a year you want to have 20 grand a year saved if you make 100 grand a year you should have 100 grand a year saved it just depends upon where your income is right now but if you can use that as a barometer as a metric that provides you with motivation in order to move forward as i previously said for many people these benchmarks are very difficult to hit as a matter of fact in the united states of america most people in their forties have less than one hundred thousand dollars in savings for their retirement and this will not actually be able to reach the goal that they need by a time say they want to retire at 65. all the more so let's say if you want to retire early and actually be able to have more what's called the fire movement you know financially independent retired early approach to your life then you have to look at savings as a vehicle for you to achieve that goal you really need to uptake your amount of savings and try and uh magnify that even on a greater basis in order to get that rate up so that way you can retire earlier so all that to say wherever you are right now if you are in debt if you do not have any savings right now or perhaps you're sitting fine right now you should employ strategies such as cutting spending paying down debt investing into the stock market through retirement accounts such as roth ira or 401k and doing everything you can to not fall victim to lifestyle inflation that way you won't find yourself in a negative trajectory when it comes to your finances you can start moving forward on a positive trajectory for your finances [Music] now when it comes to hitting these benchmarks it is important to understand that there should be specific goals you or i should be setting then on an annual basis in order to achieve them now there was a recent study conducted by the black tower financial management group and they determined that the average millennial will need to save over 386 thousand dollars over the course of their career in order to retire and this equates to about eight thousand dollars a year and when i say that you have to invest that much money what you're doing is you're putting it into a retirement account and then investing into the stock market it's not just sending that money into your savings account because you need that money to grow over time due to compound interest so when you think about it from this perspective eight thousand dollars a year is not that that much money relative to how much money you're going to make over the course of your career so if you automate your investments if you automate your savings and automate your finances in your life that will enable you to then have money automatically going into either a 401k and a roth ira and perhaps other investment vehicles that you can employ right now so it's just a matter of setting that system up and sticking to it no matter what recessions come no matter how good the stock market goes you just stick to your plan and then move forward on that in order to achieve and hit your savings goals [Music] another compelling reason why you or i should be setting aside this money on an annual basis irrespective of our age is that if you have a 401k with your employer the likelihood is that your employer will match every contribution that you make so basically you're doubling your money just simply by utilizing this account now you have to talk to your human resources department talk to your employer and make sure they do their employer match if they do i would strongly advise and recommend that you do so once again bearing in mind that i am just a guy on youtube i'm not a financial planner anything to that extent i'm just giving you my thoughts but i do think that is a wise take to move forward on because that will help augment your savings and then expect the process by which you can save your money over time and specifically if you do that if you try and set aside at least eight grand a year starting maybe the time you're you know 25 30 and then do that until the age of normal retirement say 6567 you could very well have saved over a million dollars at that time now you could also look at other ways to expedite this by saving more so you invest 10 10 000 a year go to 12 000 14 15 just try and find whatever savings rate is worthwhile for you depending upon what your living expenses are and obviously if you can cut down your living expenses while still enjoying the present not being a popper or anything to that extent but then you can augment your savings into these other accounts it will expedite the process by which and the timeline by which you can achieve financial independence so just think about that [Music] now an important thing to know when it comes to saving money is think about saving money in terms of percentages instead of terms of just numerical dollars and i know i just talked about how you might need to set aside eight thousand dollars a year and invest that so that way you can achieve some of your long-term financial goals but if you think of just a set percentage of your income is set aside for savings that will make it a little bit easier of a pill to swallow because generally over the course of your career you hopefully will be making more money so if you're going to be making more money you want the percentage of your income going into your savings to remain at least the same if not actually increase what you don't want to do is just set a numerical dollar amount that you are going to save every year and then as your income grows you just continue to save the same amount because then you're allowing lifestyle inflation to play a role where then you're going to spend that money on maybe frivolous things or things that you don't need so once again it's all about setting up systems that are automatic that track your income and if you have in your mind you're going to save a set percentage of your income you'll be able to do so so what i would recommend is looking at trying to augment your savings rate as much as possible so you can achieve those goals i mentioned previously depending upon the age that you're at so once again it is a difficult thing to do at first because it requires sacrifice and requires discipline and self-control but i have personally found that once you have a system in place and once you develop a habit it's so much easier to maintain that over the long term without even thinking about it because it's just on autopilot so try and consider ways in which you can adopt these strategies of automating your finances paying down your debt saving money investing into retirement accounts and then doing everything you can to then generate more income so that way you can expedite that process because as more income comes in your percentage of your money that you're setting aside is going to go forward and how actually augment the process by which you achieve these goals [Music] with all that being said i'd like to thank you for taking the time to watch the video today if you wouldn't mind please like the video it actually really helped the channel out for the youtube algorithm help push this video to other people who might need to hear an encouraging message like this furthermore if you have any questions or comments please comment down below i'd love to interact with you get to know you and do any research i can on your behalf to try and help you achieve your goals lastly if you wouldn't mind please subscribe to the channel this would actually really help the channel out for the youtube algorithm but more importantly it would mean a lot to myself personally because i'm going to continue everything i can to create content that i hope makes a positive impact in your life and if you do subscribe to the channel please tap the notification bell that will notify you every single time i post a video which i do on a weekly basis once again i'd like to thank you for taking time to watch a video today i look forward to hearing from you next time see you later [Music] you