How much of your paycheck do you put into savings? | Page 3 | TigerDroppings.com

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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
15925 posts

re: How much of your paycheck do you put into savings?


quote:

wish I could still do a Roth


You can, if you're over the income limit for a Roth ($127K for single I think) you can contribute to a non deductible IRA with post tax dollars and convert them to a Roth the next day. It's called a backdoor IRA, and it's perfectly legal (for now). Check with your accountant to make sure you do it properly though.






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jimbeam
USA Fan
University of LSU
Member since Oct 2011
32140 posts
 Online 

re: How much of your paycheck do you put into savings?


What??!!

Never heard of that. Good news for when I'm a n OT baller



This post was edited on 7/12 at 4:32 pm


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Azazello
Tennessee Fan
Member since Sep 2011
1011 posts

re: How much of your paycheck do you put into savings?


Right now, nothing.

Living paycheck to paycheck sucks. Looking forward to a raise, albeit small, when I get promoted soon.







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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
15925 posts

re: How much of your paycheck do you put into savings?


quote:

What??!!

Never heard of that. Good news for when I'm a n OT baller




Yep, it's tricky, and may not be the best option because if you already have a non-employer sponsored IRA, SEP-IRA, or SIMPLE IRA and you decide to convert a nondeductible IRA to a Roth, ALL of the IRA assets are subject to a heavy tax rate. There's a way to circumvent this risk:

HIDE OTHER IRAs. Rollover all the pre-tax money to an employer sponsored retirement plan: 401k, 403b or 457. Most employer-based plans accept incoming rollovers. Then convert non-deductible contributions to a ROTH.

Complete guide on this HERE

It's a lot of work, but worth it when you consider the value of having tax free growth and distributions in retirement.






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jimbeam
USA Fan
University of LSU
Member since Oct 2011
32140 posts
 Online 

re: How much of your paycheck do you put into savings?




Everyone says out of college, live like you still are to be able to save more. Would the suggestion be to just increase your lifestyle as income increases? I know historically money doubles every 7-10 years. Wait until you're 30 to start spending more on the finer things in life(with good sense o course)

I'm just not sure when to stop eating ramen and driving my 1999 truck






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dlmast87
Ohio State Fan
Amishville
Member since Dec 2007
1363 posts

re: How much of your paycheck do you put into savings?


We live off of my paycheck and save hers so 50%. I max out our roths, save 4% for the 401k and the rest goes to a house fund, car fund, ect. No debt.





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Fat Bastard
New Orleans Saints Fan
Paradise
Member since Mar 2009
16391 posts

re: How much of your paycheck do you put into savings?


quote:

whatever is comfortable everywhere else



thug POS






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saderade
New Orleans Saints Fan
America's City
Member since Jul 2005
21164 posts

re: How much of your paycheck do you put into savings?


quote:

How much of your paycheck do you put into savings?

Whatever we don't spend that month- but it is nice to have no debt (other than a piece of property) and we don't pay to live right now.






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Overbrook
Tulane Fan
Member since May 2013
1859 posts

re: How much of your paycheck do you put into savings?


About 40%. But I got started late and I'm 56. I wish I could get more tax deferred contributions into an IRA and Roth where i can manage my money, instead of these 403Bs, but so be it.





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TRUERockyTop
Tennessee Fan
Los Angeles
Member since Sep 2011
5074 posts

re: How much of your paycheck do you put into savings?


Between $400-500





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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
11360 posts

re: How much of your paycheck do you put into savings?


quote:

Right now, nothing.

Living paycheck to paycheck sucks. Looking forward to a raise, albeit small, when I get promoted soon.


Tighten your belt and find a way to put away $25, $50 or $100 a pay. There's always a way to save something.






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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
11360 posts

re: How much of your paycheck do you put into savings?


quote:

About 40%. But I got started late and I'm 56. I wish I could get more tax deferred contributions into an IRA and Roth where i can manage my money, instead of these 403Bs, but so be it


I'm several years younger than you but also got a late start due to getting my business through 2004-2010. It was a difficult period for the company.

Now we max our IRAs, 401Ks and have been putting money into a DRIP every month. Real estate is also making a nice comeback in Northern Virginia so while I'm not counting on it, it would appear that we will have a significant pile of equity in our house when we decide to sell.

The next step for us is to take our health insurance payments out of the business and purchase personal policies and start HSA accounts. I need to talk to some professionals about it with ObamaCare in place to see how it affects what I want to do which is go to high deductible plans.






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Hu_Flung_Pu
USA Fan
Central, LA
Member since Jan 2013
5421 posts

re: How much of your paycheck do you put into savings?


25%





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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
6573 posts

re: How much of your paycheck do you put into savings?


Just put away as much as you can, especially tax free in investments, but not so much you live paycheck to paycheck.





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Ford Frenzy
New Orleans Saints Fan
337 posts
Member since Aug 2010
5623 posts

re: How much of your paycheck do you put into savings?


13% into my simple IRA....and about 10% of my take home pay into savings





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LSUengineer'12
LSU Fan
The Best Side
Member since Dec 2011
843 posts

re: How much of your paycheck do you put into savings?


32-39%
10% into retirement and the remainder into regular savings. 24 and Single (Single as in not married. Have a gf of 2.5 years) without rent/mortgage.



This post was edited on 7/16 at 10:34 am


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jimbeam
USA Fan
University of LSU
Member since Oct 2011
32140 posts
 Online 

re: How much of your paycheck do you put into savings?


:|

what kind of engineer?






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LSUengineer'12
LSU Fan
The Best Side
Member since Dec 2011
843 posts

re: How much of your paycheck do you put into savings?


Civil...

Should've done Petro or Mechanical lol. That's where the money is!

But I like what I do, so it's all good.



This post was edited on 7/16 at 11:11 am


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jimbeam
USA Fan
University of LSU
Member since Oct 2011
32140 posts
 Online 

re: How much of your paycheck do you put into savings?


same here. one year left of school. focusing on environmental side.





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ell_13
USA Fan
Alex Box
Member since Apr 2013
24551 posts

re: How much of your paycheck do you put into savings?


quote:

Civil...


Almost did this. So glad I didn't. I don't think I would have liked the job, mostly.

quote:

But I like what I do, so it's all good.


Most important thing (barely)






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