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Heres how much money you should have saved by the time youre 30
Investment firm Fidelity Investments told Marketwatch that you should have a years salary saved up by the age of 30. - photo by Herb Scribner
Experts told MarketWatch you should have a certain amount of money saved up before you hit your 30th birthday.

Investment firm Fidelity Investments told MarketWatch that Americans should have a years salary saved up by age 30.

By 35, you should have twice your salary saved, the firm said.

Currently, the median retirement savings for a 30-year-old worker stood around $45,000.

MarketWatch acknowledged the expert advice doesnt align with reality.

The problem? Not everyone is saving or can save that much toward retirement, according to the MarketWatch article. Either theyre living paycheck to paycheck, dont know about the accounts available to them or simply arent thinking about the amount of money theyll need in their futures. Only a third of Americans are saving money in an employer-sponsored or tax-deferred retirement account, according to the U.S. Census Bureau.

Such problems as student debt, rising housing prices and wedding costs have derailed todays millennial generation from saving for the future.

Alexander Rupert, assistant portfolio manager at Laurel Tree Advisors, told MarketWatch the balance between spending and saving is important.

Its important to be saving for retirement while doing all these things at the same time, he said.

This advice comes as Northwestern Mutuals 2018 Planning & Progress Study shared that 78 percent of Americans feel extremely or somewhat concerned about not saving enough money.

In fact, 66 percent of respondents believe theyll outlive their savings.

The study found 21 percent of Americans have no savings for the future, while 10 percent have less than $5,000 tucked away.

On average, Americans have $84,821 in retirement savings, which CNBC called far from enough.

Rebekah Barsch, vice president of planning for Northwestern Mutual, told CNBC its never too late to start saving.

"The good news is that it's rarely too late to start," she said. "In fact, we often compare financial and physical fitness because the hardest part is taking the first step. However, once people commit to a strategy and start seeing positive results, they're motivated to meet and even exceed their goals."
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