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re: How much of your gross salary do you save/invest?
Posted on 11/29/24 at 7:36 am to Paul Allen
Posted on 11/29/24 at 7:36 am to Paul Allen
quote:
I know people who have saved 15-20% and have done extremely well. For those saving 35-50% are you retiring at 45?
Like the OP I have no kids, I'm around 42%. Hoping to semi-retire (work 2-4 days per week) at 45.
Yah I'm thinking the people saving huge %'s probably have aspirations of early retirement and that's what motivates us to do it.
0
Posted on 11/29/24 at 7:43 am to jlovel7
Between my pension and my Roth, I'm putting about 18% of my gross check into those.
Posted on 11/29/24 at 8:07 am to I Love Bama
quote:
I live in a country where the cost of living is crazy cheap.
This year I have saved/invested 95% of my income
Damn Son! What country are you living in?
Posted on 11/29/24 at 8:09 am to ItzMe1972
I always saved 10% while working.
Retired before 50 for the most part with multiple real estate investments.
___________
Similar. My savings rate went higher to something like 20% in my 40s. Retired to become full time investor at age 55, with a focus in real estate.
Retired before 50 for the most part with multiple real estate investments.
___________
Similar. My savings rate went higher to something like 20% in my 40s. Retired to become full time investor at age 55, with a focus in real estate.
Posted on 11/29/24 at 8:18 am to Bard
Between my pension and my Roth, I'm putting about 18% of my gross check into those.
_________
Don't know your age, but I made non-retirement investing a priority in my early 40s, even if it meant not maxing out retirement money some years. This made it easier to "retire" young. It also helped kick start real estate investing. No regrets so far.
_________
Don't know your age, but I made non-retirement investing a priority in my early 40s, even if it meant not maxing out retirement money some years. This made it easier to "retire" young. It also helped kick start real estate investing. No regrets so far.
Posted on 11/29/24 at 8:42 am to jlovel7
I'd say we're around 30% for our household savings rate and that includes retirement savings, pension, taxable account, 529s, and regular old HYSA. We have two kids (8 and 3) and the younger one will be hitting daycare next fall, right now she goes to my parents house during the week, so that will be an added cost for a few years and I'm sure savings will tick down a bit. Right now though we're in a stretch where we can put a good chunk away and it's been a nice boost. Things can change in a hurry, so I figure it's a good time to really pack as much away as possible, but still live a good life.
A couple of years ago I had a colleague who went through a lot of medical issues and eventually had to retire early. He was in his late 40's and had to retire, but he was fortunate that he had invested and saved and that lessened the burden. So since then I've been more aware of making sure we save and invest more.
A couple of years ago I had a colleague who went through a lot of medical issues and eventually had to retire early. He was in his late 40's and had to retire, but he was fortunate that he had invested and saved and that lessened the burden. So since then I've been more aware of making sure we save and invest more.
Posted on 11/29/24 at 8:51 am to jlovel7
ever since my first job out of college it has been 15% of my money goes to retirement from every paycheck. 20 years later that has not changed and it appears to be working well for me. I'll have the option to retire modestly at 55 or I can work longer and live quite a bit more comfortable/free spending retirement at 65.
I do not consider employer matches or any other retirement contributions in my tracking because they are different for every job and I just want to consider them bonus money.
I do not consider employer matches or any other retirement contributions in my tracking because they are different for every job and I just want to consider them bonus money.
This post was edited on 11/29/24 at 8:52 am
Posted on 11/29/24 at 9:01 am to KWL85
quote:
Don't know your age, but I made non-retirement investing a priority in my early 40s, even if it meant not maxing out retirement money some years.
1) I look at my investments as part of my retirement.
2) People need to play around with online calcuators. By maxing my 401K each year and both of us maxing our IRAs each year we effectively reduce our gross income for tax purposes by $47000. A many on this board say, I'd rather keep the money myself tha pay Uncle Sam a large amount each April. If people play around with income tax calculators and paycheck calculators online they may find that they are able to put away a lot more money than they are currently without impacting their lifestyles.
This post was edited on 11/29/24 at 9:02 am
Posted on 11/29/24 at 9:47 am to KWL85
quote:
Don't know your age, but I made non-retirement investing a priority in my early 40s, even if it meant not maxing out retirement money some years. This made it easier to "retire" young. It also helped kick start real estate investing. No regrets so far.
Mid-50s, looking at about 10 years until retirement. My non-retirement investments are coming via inheritance, but I never really thought (nor did much) about retirement before my md-40's so I'm playing a bit of catch-up by funding the Roth to supplement my pension.
Posted on 11/29/24 at 9:49 am to Suntiger
quote:
Damn Son! What country are you living in?
he lives in medellin, Colombia if i am not mistaken
Posted on 11/29/24 at 9:54 am to jlovel7
12% gross, 20% of agi.
I max 401k(employee&employer), roth, hsa. Put some in 529s for kids.
I max 401k(employee&employer), roth, hsa. Put some in 529s for kids.
Posted on 11/29/24 at 9:57 am to Fat Bastard
A little outside Pereira, Colombia
Look up the cost of living here. One of the cheapest places in the world. Direct flights to USA for when I need to get back for family or work stuff.
No seasons. Sunny almost all year around 75-85 degrees.
Look up the cost of living here. One of the cheapest places in the world. Direct flights to USA for when I need to get back for family or work stuff.
No seasons. Sunny almost all year around 75-85 degrees.
Posted on 11/29/24 at 10:09 am to I Love Bama
Posted on 11/29/24 at 10:10 am to VABuckeye
Agree,with your comments, but other considerations factor in. Money not tied to a retirement account opened up opportunities for me to make more than the tax deferrals. And just for clarity, it is a deferral and not necessarily savings. I am currently making more in retirement than I did while working. The diversification was good for me. And I did both. Just saying that I did not make maxing out retirement plans my top priority every year.
Posted on 11/29/24 at 10:43 am to Fat Bastard
I spend about double that but pretty good breakdown.
Posted on 11/29/24 at 10:54 am to KWL85
quote:
I am currently making more in retirement than I did while working. The diversification was good for me. And I did both. Just saying that I did not make maxing out retirement plans my top priority every year. I am currently making more in retirement than I did while working. The diversification was good for me. And I did both. I am currently making more in retirement than I did while working.
Absolutely. I also have a brokerage account that we add to weekly. I’m also on target to make more in retirement than I make working.
Posted on 11/29/24 at 5:27 pm to VABuckeye
What do ya'll do with 401K company matching.
ie. 5K matched by employer.
add it to the top(amount save/invest) and bottom(total income)?
ie. 5K matched by employer.
add it to the top(amount save/invest) and bottom(total income)?
Posted on 11/29/24 at 5:48 pm to lsu xman
Top. It goes into the 401k.
Posted on 11/29/24 at 6:15 pm to jlovel7
We are about 40%
Posted on 11/29/24 at 8:58 pm to lsu xman
quote:
add it to the top(amount save/invest) and bottom(total income)?
In my opinion if you add it to the top you have to add to the bottom as well
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