Net Worth Number At Every Age You Should Try Reaching As A High Earner
5/26/202623 min
Discover what you could aim to save at every age — from your 20s through your 60s —and where your net worth stands. Host Andrew Giancola breaks down how much high earners could target saving across every decade, using a three-tier framework — "on pace," "ahead of the curve," and "elite" — to help you gauge where you stand. He discusses strategies like maxing a 401(k), funding a backdoor Roth IRA, building a taxable brokerage account, and planning around catch-up contributions and Roth conversions. Then, Andrew reacts to a video on average and median net worth data by age, unpacking why what you see on social media often looks very different from reality. The video Andrew reacts to, via @braidenshaw: https://www.instagram.com/p/DJUhkxevC62/ Interested in working with a financial advisor? Visit nerdwalletwealthpartners.com NerdWallet Wealth Partners LLC (NWWP) is a SEC registered investment adviser. Registration does not imply a certain level of skill or training, nor does it constitute an endorsement by any securities regulator. The content presented by NWWP on its Your Next Dollar podcast is for informational and educational purposes only and is not intended as personalized investment, tax, or legal advice to any person. The views, strategies, examples, and figures discussed are intended to be general in nature, subject to change at any time based upon market or other conditions and may not be suitable for every individual. Any hypothetical illustrations used are for educational purposes only and do not represent a guarantee or prediction of future results. All investments carry risk, including the potential loss of principal, and past performance is not a guarantee of future results. NWWP's investment advisory services are only offered where NWWP and its representatives are registered. Before making any financial decision, seek advice from a qualified investment, tax, or legal professional. The ‘on pace,’ ‘ahead,’ and ‘elite’ categories are illustrative planning frameworks only and are not individualized recommendations or guarantees of retirement outcomes. Appropriate savings targets vary based on goals, retirement timeline, spending needs, taxes, and personal circumstances.
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First 90 secondsAndrew Giancola· Host0:00
Today on Your Next Dollar, we're diving into one of the most misunderstood questions in personal finance. How much should you actually have at every age, and how much should you be saving at every age? We're gonna go into the 20s, the 30s, the 40s, the 50s, and the 60s to talk about some of the challenges and the strengths at every single decade. The things that you do in your 20s are gonna be very different than the decisions you make in your 30s and 40s. We're gonna talk about the specific numbers that you wanna hit in each decade. We're gonna talk about some of the ways to think about these frameworks and how to think about your savings rate. Because long term, what you need to understand is every single person's situation is different. The way you want to live in your retirement may be different than someone else down the street from you. And so we wanna make sure that we are focusing on our own retirements and our own savings rate going forward. So welcome to Your Next Dollar, powered by NerdWallet Wealth Partners, the show where we help you make smarter decisions with your money today so you can build the life you want and your financial future. I'm Andrew Gincola. Let's dive in. So today, we're diving deeper into how much you should have saved at every age as a high earner. And I wanna talk through at the top of the show here why your savings rate matters. There's three reasons why you should consider or be thinking about your savings rate. Now, in this episode, our entire goal is to get the gears flowing, because personal finance is very personal, and so your savings rate may be very different than the person down the street from you who has different financial goals. And so we wanna make sure that we are thinking through this in a way that makes sense for our own situation. So number one is it-- this is