Is 58K at age 28 the right amount saved at this point?

I don't have a wife or kids to drain my paycheck every month, so I have been able to put chunks away to save. I have paid off all of my student loans because I'm not one of the millennial deadbeats waiting for the bailout (I'm an honorable man, won't screw over anyone that hasn't done the same to me), and the GI bill is paying my MBA tuition plus a 3800 housing stipend for New York. I'm currently stocking away 3K every month consistently now for the last year. Is this a good amount saved at 28, or should I have more by now?

Update:

I have it all in a 2.45% high yield savings account from CIT bank, and my goal is to have 500K by 40 (still hopefully not married with kids). I want to retire by 50 to travel the world and enjoy life to the fullest

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  • cool
    Lv 6
    1 year ago
    Favourite answer

    You are extremely wise and successful.

    CIT Bank is also insured by the FDIC, so your deposit is protected by the government in case of a financial crisis

    You are in the top 1% in terms of savings, in the UK for example most people have less than £100 savings. You are doing very well.

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    • cool
      Lv 6
      1 year agoReport

      the majority of americans have credit card, mortgage or student loan debt. metsfan presumably has none of those things

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  • 1 year ago

    Yes, that's a nice start. Keep the attitude that all eggs are not chickens until they hatch. You buy a house, you have a child, the child has special needs. You have a good start, you should really get with a fiduciary financial planner in case you have obstacles. You can roll with these with proper continued planning.

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  • B
    Lv 7
    1 year ago

    it is not. it should be invested in a higher return like dividend paying stocks where the company increases its dividend each year. you should be able to reinvest the dividends, also. a rule of thumb is 3 times your age in savings, at a minimum.

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  • Anonymous
    1 year ago

    All this bragging and you still manage to sound like a plebeian.

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  • John
    Lv 4
    1 year ago

    Depends on your income

    If you start working at 15, and bank like you are supposed to, by 28 you should have half to three quarters of a million.

    Unless you are paying too much. For rent, cars, gas, food clothing and all your other luxurious lifestyle things like entertainment.

    You own a luxurious television?

    You are paying too much.

    You can afford about a hundred hundred and a half rent btw at 28 and 58k.

    You own tv?

    You can afford gas at a quarter a gallon oil at 35 cents a quart for that luxury you call a car at 28 and 58k.

    At 65 when you retire. You living on the street paying today's prices.

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  • Anonymous
    1 year ago

    Most folks have at least twice that much by their late 20’s

  • 1 year ago

    Yes and I would say you are in good shape too.

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  • 1 year ago

    it sounds good to rne

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  • Anonymous
    1 year ago

    That is a good amount so far.

    You are invested WAY too conservatively.

    You will not be retiring at age 50 if you only have 500k at age 40 and are invested at 2.45%. Sorry.

    You have the potential to be quite wealthy with the amount you have to invest each month, but you are screwing it up by putting it in a savings account.

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  • Anonymous
    1 year ago

    Sounds good to me.

    I am 41 and only have 143k put away, but two kids, a house, two cars.

    • SumDude
      Lv 7
      1 year agoReport

      :only" ?? You have more than most people. But as an aside, are you paying extra on your mortgage? The return on interest saved is tax free.

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