A lot of us want to be rich, but the majority just want to be comfortable financially. But it’s hard to know if you’re on track or not.

So this blog is going to take a look at how much money you should have saved up at different stages of your life. It could well be depressing reading, but it’ll give you a benchmark at least. 🙂

NB: This is going to be maths heavy, so if you hate maths, tough shit. I’ve also made a bunch of assumptions.

I’ve assumed you want to retire on either £3,000 per month or £5,000 per month. So there will always be two numbers.

The investment return I’ve assumed you’ll make is 7% a year. This isn’t ridiculously high or ridiculously low. It’s certainly achievable (and beatable) for most people.

I’m assuming you retire at age 65. Most of us want to retire earlier, some of us have no intention of retiring at all. So fuck it, just picked an old person number.

I’ve assumed you can get a 5% return on your investments when you come to retire.

I’ve assumed two options here. First option is you have a lump sum of money and you never contribute anything else to it. The second option is you have a lump sum of money and you contribute 0.5% of the total each month. So you got £50k saved up? You’re putting aside £250 a month as well.

Hopefully it’ll make sense when you read it. Don’t panic, I got your back.

**0 Years Old**

Single lump sum investment to achieve £3k per month - £8000

Single lump sum investment to achieve £5k per month - £13000

Lump sum + 0.5% monthly contribution to achieve £3k per month - £4200 (£21pcm)

Lump sum + 0.5% monthly contribution to achieve £5k per month - £7000 (£35pcm)

**10 Years Old**

Single lump sum investment to achieve £3k per month - £15900

Single lump sum investment to achieve £5k per month - £26500

Lump sum + 0.5% monthly contribution to achieve £3k per month - £8600 (£43pcm)

Lump sum + 0.5% monthly contribution to achieve £5k per month - £14300 (£72pcm)

**20 Years Old**

Single lump sum investment to achieve £3k per month - £33000

Single lump sum investment to achieve £5k per month - £55000

Lump sum + 0.5% monthly contribution to achieve £3k per month - £17600 (£88pcm)

Lump sum + 0.5% monthly contribution to achieve £5k per month - £29500 (£148pcm)

**30 Years Old**

Single lump sum investment to achieve £3k per month - £69000

Single lump sum investment to achieve £5k per month - £115000

Lump sum + 0.5% monthly contribution to achieve £3k per month - £37000 (£185pcm)

Lump sum + 0.5% monthly contribution to achieve £5k per month - £62000 (£310pcm)

**40 Years Old**

Single lump sum investment to achieve £3k per month - £155000

Single lump sum investment to achieve £5k per month - £255000

Lump sum + 0.5% monthly contribution to achieve £3k per month - £83000 (£415pcm)

Lump sum + 0.5% monthly contribution to achieve £5k per month - £137000 (£685pcm)

**50 Years Old**

Single lump sum investment to achieve £3k per month - £390000

Single lump sum investment to achieve £5k per month - £650000

Lump sum + 0.5% monthly contribution to achieve £3k per month - £210000 (£1050pcm)

Lump sum + 0.5% monthly contribution to achieve £5k per month - £350000 (£1750pcm)

**60 Years Old**

Single lump sum investment to achieve £3k per month - £1750000

Single lump sum investment to achieve £5k per month - £2900000

Lump sum + 0.5% monthly contribution to achieve £3k per month - £930000 (£4650cm)

Lump sum + 0.5% monthly contribution to achieve £5k per month - £1550000 (£7750pcm)

Makes for some harsh reading, doesn’t it?

But look how easy it is to set your kids up for life? A single lump sum investment of only £8,000 can see your kids retire comfortably in 65 years.

If you’ve been holding off investing, bad you. Naughty!

But literally, the sooner you can start the better. There is no point delaying another few weeks or months because that leads into years. And before you know if, you need £350,000 and to be saving £1,750 every month to retire how you want.

The other two ways to make this easier is to reduce how much you spend… which at £3,000 isn’t the easiest thing in the world, but it’s doable.

Or to increase the return you can make, above 7%. This is possible, and should be your goal. First step is to educate yourself.

You can get a head start by learning how to Make Money Your Bitch, and take full control over your finances and investing.

Or if you want to really step things up, you can always apply to work one on one to get your personal investment strategy set up.

Whatever you choose to do, make sure you do it sooner rather than later!