More than 2,500 US adults said they would need to earn, on average, $233,000 a year to feel financially secure and $483,000 annually to feel rich or to attain financial freedom, according to a new survey from Bankrate. Just for comparison’s sake, the median earnings for a full-time, year-round worker in 2021 was $56,473, according to the US Census Bureau. Of course, there is no objective or “right” answer to these questions.
One of the most valuable benefits, however, is likely to be the matching contribution your employer may make to your 401. So try to save at least as much as required to get your full match. And if you’re 50 or older, you also can take advantage of the catch-up contributions you can make every year, which can not only reduce your current year tax bill but might offer you an even bigger matching contribution from your employer.