re: How much do you save per month?

401k- $1,166
Savings - $3100

The savings is a kind of catch all for the time being. I'm building this up to make a nice lump payment on student loans. Then we'll transition my wife's new income to the primary savings method. That will hopefully be +/- $5,000 a month. That will depend on whether or not we invest in other things.

My savings rate was 65% but I am going to try starting a consulting business, so my income will go down a fair bit, so we will only be saving about 1/3. But over time, that will increase as my business takes off.

Well, I will hit 65 in 7 years and am trying to retire with 1.7M. 1.5 to live on and 200K to risk in some crazy venture - restaurant, flipping a house or whatever.
Not there yet. Have had jobs I would describe as "middle management" my entire life. Didn't really start saving until I was 35 and I got a little inheritance money to help. I don't have a defined benefit plan...just S/Security. I probably saved $1,200 a month, on average, since I was 35. I did pretty well in the downturn - cashed out before Dow dropped to 10000 and started back in before it was back to 7K and fully in before Dow 8000.
I need this stock market rally to continue on for 2 years (which I think it will do) and then I'll pull out into safer stuff. And if it works, I should meet my goal.

50% is 401K, 45% taxable, 5% Roth. I so wish I had more Roth. I dutifully put my $6,500 in each year, but I started way late.

I max 403b and 457 and put max in retirement system of 9%.

I also max my SEP for my side business.

I make a nice living so this is not a hardship. I would say for most people start with 10% and try to save any and all raises. Married couples should try to live on one income if possible. It makes it easier to save more and be flexible.

When I was in the Army, I maxed the TSP every year and IRAs. My wife and I are both savers, but we still enjoy family trips and eat out whenever we want.

I guess I will retire for the most part at 61, but I may keep working at least part time.

quote:

---

$300/month into a traditional IRA

---

Hmmmm....I just looked at it. I used to have a T-IRA, but now it just says Single Account. Not sure what that is. I am calling my advisor tomorrow. Hah