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re: 20% saving for retirement???
Posted on 11/3/12 at 9:35 am to LSUKTR
Posted on 11/3/12 at 9:35 am to LSUKTR
I don't think it's realistic for the vast majority of Americans. When I was 22 I saved money for:
a. Buying a house so I didn't have to rent.
b. Buying the next car so I didn't have to finance.
c. Emergencies.
My savings for retirement was more like 10% and I thought that was pretty disciplined.
Keep in mind, most people don't make 100K a year. To save 20% they'd have to stop eating.
a. Buying a house so I didn't have to rent.
b. Buying the next car so I didn't have to finance.
c. Emergencies.
My savings for retirement was more like 10% and I thought that was pretty disciplined.
Keep in mind, most people don't make 100K a year. To save 20% they'd have to stop eating.
1
Posted on 11/3/12 at 9:57 am to Zach
It is possible if you have the mindset. My motivation to save is seeing a lot of our elderly living off only social security, barely making it because of poor decisions in the past. I want to reward myself in retirement and will do what it takes to get to my "number." My wife and I are currently saving 18% of our post tax income in a 401k and two Roths and the only reason I'm not saving more is because we are saving heavily for a house, vehicle, and a small vacation/emergency fund. My wife and I are in our mid 20s and early in our careers so our income is far below 100k but we're still able to do it.
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