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Started By
Message
Savings Advice from the MT Experts
Posted on 6/18/14 at 3:10 pm
Posted on 6/18/14 at 3:10 pm
Realistically how much money through home equity, 401K, Stocks, and Cash should a married couple have saved with an average age of 29 years old. Dual Income. I know there is probably no easy answer, but maybe some general tips of the experts.
Also have a house and a car financed, but neither should be considered upside down. Also no other debt.
Also have a house and a car financed, but neither should be considered upside down. Also no other debt.
This post was edited on 6/18/14 at 3:31 pm
3
Posted on 6/18/14 at 3:26 pm to Colonel Flagg
quote:
Duel Income.
MMA couple?
Posted on 6/18/14 at 3:26 pm to Colonel Flagg
quote:For a married couple there's probably more truth in that statement than you realize....
Duel Income.
To answer your question, from all those sources I'd say between 2X & 4X of your combined annual dual incomes.
Posted on 6/18/14 at 3:27 pm to TheHiddenFlask
Poor spelling didn't look over it.
Posted on 6/18/14 at 3:30 pm to LSURussian
Damn we got some saving to do also. We got a late start because of college and had to live a little before kids.
Posted on 6/18/14 at 3:34 pm to Colonel Flagg
quote:Based on your definition of 'savings' in the OP, I included your home equity.
Damn we got some saving to do also.
Are you including that in your comparison to my reply?
By 29, total savings from all those sources of 2X annual joint income should be pretty doable without extenuating circumstances I would think. 4X would be real good.
Posted on 6/18/14 at 4:03 pm to LSURussian
Yeah we aren't there. Sadly we weren't really earning money until average age 26 and we had to pay off loans. I just hope to look at it we will just work until we are older.
With my negative outlook of society I don't really ever expect to not work though.
With my negative outlook of society I don't really ever expect to not work though.
This post was edited on 6/18/14 at 4:11 pm
Posted on 6/18/14 at 4:46 pm to Colonel Flagg
quote:
how much money through home equity
Not even a question you can or should be asking. Home equity is bonus money and only occurs when you sell a property.
Posted on 6/18/14 at 4:49 pm to VABuckeye
Reverse home mortgage brah!
Posted on 6/18/14 at 4:55 pm to Colonel Flagg
quote:Well, that sucks.
With my negative outlook of society I don't really ever expect to not work though.
Don't buy into all the doom and gloom crap. I've heard it all my life and it hasn't happened yet.
As far as getting a slightly late start, don't fret about it. You will be shocked how the power of compound interest (or dividends) will enrich you over the next 35 years.
As Warren Buffet has said many times, 'It's not timing the market that's important, it's time in the market that builds wealth.'
Posted on 6/18/14 at 4:58 pm to I Love Bama
Well, if you are old enough to get one then sure. 
Posted on 6/18/14 at 5:15 pm to VABuckeye
The only reason I brought up home equity is because we put a considerable amount down on our home. It was probably the wrong term. It was mainly due to having a much lower mortgage meaning hopefully more potential savings down the line.
This could have been a dumb thought though.
This could have been a dumb thought though.
Posted on 6/18/14 at 5:17 pm to LSURussian
quote:
between 2X & 4X of your combined incomes
What is your thought process here? I'm thinking I'll be around 1.5X by 29 (avg), and I don't feel like I'll be way off.
Posted on 6/18/14 at 5:17 pm to LSURussian
quote:
Well, that sucks.
Well I don't plan on waiting to retire and have fun. I don't know what to expect as far as the cost of living in my old age either. I hope to do some fun things while young. Like we already took several nice vacations before children.
Posted on 6/18/14 at 5:20 pm to Colonel Flagg
Not a dumb thought at all. The only problem with counting home equity as an asset is that it only matters if you are borrowing against it or selling the house.
Posted on 6/18/14 at 8:27 pm to VABuckeye
I know I won't get any honest answers but what x(salary) do folks actually have?
I'm 34 and have a combined 1.61x yet that puts us well ahead of "projected income at 65" and almost at that projected # for 55. So what gives? I think the x(salary) is because right now I'm way behind that curve and by the time I retire we'll be well ahead of that curve.
Eta: I'm strictly speaking of our current combined. Starting salaries we're over 3x.
I'm 34 and have a combined 1.61x yet that puts us well ahead of "projected income at 65" and almost at that projected # for 55. So what gives? I think the x(salary) is because right now I'm way behind that curve and by the time I retire we'll be well ahead of that curve.
Eta: I'm strictly speaking of our current combined. Starting salaries we're over 3x.
This post was edited on 6/18/14 at 8:59 pm
Posted on 6/18/14 at 9:03 pm to poochie
I'm 35.. we have 300k in 401k, 100k cash, 150k ira & stock. Car has been paid off. Only debt is the house. I think we have done ok so far but i always feel like its never enough.
Posted on 6/18/14 at 9:07 pm to Teauxler
quote:
I'm 35.. we have 300k in 401k, 100k cash, 150k ira & stock. Car has been paid off. Only debt is the house. I think we have done ok so far but i always feel like its never enough.
Over half a mill at 35...yeah, you're doing ok.
Posted on 6/18/14 at 9:13 pm to Sigma
Well thanks... i set a goal when i was 25 to have a half mil by the time i was 35. Did it in 35 and two months. Income has been good but we never let it change our lifestyle.
Posted on 6/18/14 at 9:23 pm to Teauxler
Hoping to get there by 40!
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