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Old 05-14-2011, 01:39 PM   #81
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Originally Posted by Calgary_Girl

I'm not sure why but my observations so far are that this seems to be an American phenomenon? I'm Canadian and I attended the local University (student pop. 26K+) and lived at home as did all of my friends from high school. DH (who is American) was actually pretty surprised by this for some reason. He claims most American college kids leave home to attend College/University and live on campus as this is seen as a "right of passage". Not sure if I believe him or not but it does seem to be more common in the States.....

As for our own two kids, they will be attending the local University and live at home just like I did if they expect us to pay any of their tuition. If they prefer to leave home to go to a different University, then they can expect to pay for the difference. Sorry girls.....
Your husband is right, it is very commonly done and is sort of a rite of passage.

You are right that they should be responsible for the difference (w/ student loans, etc)

IMO.
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Old 05-14-2011, 01:44 PM   #82
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...we were walking zombies with no debts and few outside activities.
And the problem was
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Old 05-14-2011, 03:34 PM   #83
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And the problem was
... we were parents...
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Old 05-14-2011, 10:36 PM   #84
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In 2010, we saved 41% of gross (single income family) toward retirement. The countdown is on - less than a year to go!!
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Old 06-10-2011, 09:17 AM   #85
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Both my husband and I save 25% of our incomes, 20% goes to our 401k and 5% to IRAs.
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Old 06-10-2011, 10:01 AM   #86
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Currently live on 24% of gross and save around 60% of gross. About half my savings are pre-tax, using HSA, 401k, and 401k company match to their limits.

LBYM FTW!
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Old 06-10-2011, 04:47 PM   #87
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Wow you guys have insane savings rates. I thought we were doing good with 20-25% each over the past 22 years. We could have saved more once the kids got their BS degrees (debt free) and we married them off, but.....

My favorite brother died of stomach cancer at the age of 48 in 2002. He went from diagnosis to dead in less than 2 months. It was not a pretty death either. And exactly one month later my BFF's husband died of an aneurysm at the age of 45. We decided to take the entire summer off on Maui after my brother's death and haven't worked a summer since. So I guess we've been semi-retired since we were 47 and 49 and so haven't saved as much as we could have.

I guess everyone copes differently.
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Old 06-10-2011, 05:28 PM   #88
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Even though I've become a SAHM and we are living off of one income, we are still socking away approx. 36% of DH's gross salary. If I was still working, it would be closer to 50%. C'est la vie.....
Sounds about like my house. Three kids, one SAHM, over the past 5 years we have saved between 30-41%, including college savings for the kids.
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Old 06-10-2011, 11:33 PM   #89
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I think it speeds the process of establishing independence.

I went to Minneapolis from LaCrosse, WI for school. It's about a 3 hr drive (or 4 and a half by bus ).

That's close enough to come home for the weekend but far enough to start cutting the apron strings.

I have about 18 years before I have to worry about it (my daugher is 2 months old), but I'm leaning towards expecting her to pay most of her living expenses regardless of where she lives (even at home), while we cover full tuition and books as long as she is passing.

I don't think extending the nest into the twenties is good for either parent or child.



Quote:
Originally Posted by arebelspy View Post
Your husband is right, it is very commonly done and is sort of a rite of passage.

You are right that they should be responsible for the difference (w/ student loans, etc)

IMO.
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Old 06-11-2011, 08:40 AM   #90
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I save around 36K a year on a salary of 58,800. But I get some rental income that pretty much covers food, clothing, gas and misc expenses. I sometimes get profit sharing of up to 15% but not every year and I don't count that as my savings. If I get a bonus I might save it but don't get one every year. I don't even think about investment income on non retirement accounts but I might spend some dividends.
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Old 06-11-2011, 02:08 PM   #91
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We varied between zero and 33% during our working years, depending on that year's circumstances. For example, we saved more after the mortgage was paid off.
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Old 06-14-2011, 12:00 PM   #92
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Single income two kids. Right now we are saving 25% gross towards retirement. Retirement savings is only the maximum allowable contributions to an HSA, Roth 401k, and two Roth IRAs.

We're spendthrifts compared to many on this board.

This year we will probably put another 5-10% gross into our "general savings" slushfund that will pay for cars, college, home improvements, toys, etc in pre-retirement years.
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Old 06-14-2011, 12:40 PM   #93
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Life #1 - married, DINKs. Once we paid off the $10K down payment loan we took from FIL, I increased my TSP 401(k) from 5% to 10%. I increased it by an additional 1% every year once the TSP rules changed to allow up to 15%. TSP match was 5% for entire period from 1988 to 2007 (FIREd). I also saved $800 per month (average) of my aftertax income and invested it in EE govt bonds and mutual funds. Husband (CSRS) saved 5% with a 5% match from TSP.

Life #2 - widowed, single income (less than half of when DINKS), modest survivor pension, single tax bracket . I increased my TSP contributions to 19% with a 5% match. I had to decrease my own DCA into mutual funds but maintained a rate of approx $400 per month between 2005 and 2007.

FIREd - 2007 to present, combo of modest survivor pension and fixed annuity income. I maintained approx $500 per month DCA, sometimes more between 2007 until 2010. Currently adding only $100 per month, plus reinvesting approx $480 per month of TE muni bond fund dividends.

Future - when I can draw my own deferred FERS retirement in 2014, I will step up the DCA again. I can't do that right now.
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Old 06-14-2011, 01:29 PM   #94
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I'm saving around 20-25% of gross income. Geez, I feel like maybe I spend too much money after seeing what percentages people are saving!!
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Old 06-14-2011, 02:07 PM   #95
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It varies between 20% and 30%. Last few years it was about 30%, but last year we bought a cabin in the mountains, and so it will likely be more like 20%. That, plus a FERS pension, should have us pretty set.
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Old 06-14-2011, 02:39 PM   #96
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Originally Posted by Hamlet View Post
I think it speeds the process of establishing independence.

I went to Minneapolis from LaCrosse, WI for school. It's about a 3 hr drive (or 4 and a half by bus ).

That's close enough to come home for the weekend but far enough to start cutting the apron strings.
You grew up in Lax? I went to school at the U there and lived there until 1993...........
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Old 06-14-2011, 02:59 PM   #97
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24% of Gross, including principal that goes toward increasing home equity.
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Old 06-14-2011, 03:37 PM   #98
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DW and I save about 55% of our income. Once we slay the mortgage (in less than a year) this will be in excess of 65%. We are LBYM fanatics.

I am shooting for ER at 45... DW has her dream job, so her desire to do this isn't as strong as mine. No kids makes planning this so much easier.
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Old 06-14-2011, 09:29 PM   #99
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Saving rate depends on how many years before I ER. After settling the home mortgage, I managed to save 70% of after tax income. In my last year before ER, I tried to live on 10% of after tax income and save the rest. Some months I managed, some months I don't.
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Old 06-15-2011, 03:41 AM   #100
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35% of gross plus a portion of my share of company profit disbursement
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