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Many experts recommend you have at least three to six months' expenses in an emergency fund, and your expenses can vary with age. You should probably have an amount equal to your income saved for retirement by age 30, twice your income by 35, three times your income at age 40, and so on.To save more money, consider setting up automatic savings transfers and taking advantage of your employer's 401 match.. While that may sound like a lot, think of it this way: If you lose work and can't immediately find another job, you're financially secure for at least three months.
Ultimately, it's up to you to decide how much you want to save for emergencies. We've looked at the average annual expenses by age group according to the, then multiplied the numbers by three and six to give you a range of how much you should expect to save. For example, the cost of average monthly expenditures for Americans under age 25 is $3,274.42. We've rounded that up to the nearest dollar and multiplied it by three and by six, for a range of $9,825 to $19,650.
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