|
|
What percentage of your salary are you saving towards retirement?
05-12-2011, 06:50 PM
|
#1
|
Recycles dryer sheets
Join Date: Jul 2010
Posts: 51
|
What percentage of your salary are you saving towards retirement?
Just curious how much people are putting away.
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
05-12-2011, 06:53 PM
|
#2
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
|
Quote:
Originally Posted by dooo42
Just curious how much people are putting away.
|
I had coffee and a danish for breakfast, a cheeseburger and fries for...
Oops. Sorry, wrong thread...
__________________
Numbers is hard
|
|
|
05-12-2011, 06:58 PM
|
#3
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2011
Location: NC Triangle
Posts: 5,807
|
Well, I am on the final push towards ER (will be submitting my resignation this coming Monday!), and for this year I am socking away 60% of my gross salary. Couldn't keep that up for long, though...
|
|
|
05-12-2011, 07:01 PM
|
#4
|
Recycles dryer sheets
Join Date: Aug 2010
Location: Columbus, OH
Posts: 112
|
13% to 401K plus a 5% company match so 18% total. Another 8-9% into Roth IRA/taxable savings. So a total of around 26-29% or so.
|
|
|
05-12-2011, 07:06 PM
|
#5
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Posts: 5,350
|
It's difficult to say exactly but i'll give it a try. The easy part: 33% goes into 401K pre-tax. I'm left with about $32,000. ~20% of that goes to taxes leaving $25K(I rounded down). Of the $25K, $5K(or 20%) goes to ROTH IRA. Leaving $20K. Approx. $8K of that goes into cash savings for large future purchases and some will end up as retirement money but don't know how much. If I don't count any of the cash as retirement money then I guess i'm at a minimum of 53%(33% pre-tax,20% after tax). However $5K of that $8K will probably end up as retirement money so that's another 20% putting me at up to 73%. That's on an income of around $48K/yr pre-tax.
|
|
|
05-12-2011, 07:17 PM
|
#6
|
Recycles dryer sheets
Join Date: Sep 2006
Posts: 177
|
For some time we have been doing:
~20% 403B supplemental
~11% Roth
6.25% Employee contrib to pension
May tighten the spending belt and add some more as we are coming down the home stretch.
|
|
|
05-12-2011, 07:31 PM
|
#7
|
Recycles dryer sheets
Join Date: Jan 2007
Posts: 398
|
About 55% of my before-tax salary, and 80% of my after-tax salary.
|
|
|
05-12-2011, 07:34 PM
|
#8
|
Full time employment: Posting here.
Join Date: Jan 2008
Posts: 649
|
~30% between 401k, Roth IRAs and taxable
__________________
"There is no dignity quite so impressive, and no independence quite so important, as living within your means." Calvin Coolidge
|
|
|
05-12-2011, 07:39 PM
|
#9
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Location: Boise
Posts: 7,882
|
I save 108.8% of gross salary, depending on how you define things.
How? My gross salary is only a percentage of my total income, and I spend only a small percentage of my total income. Basically I spend somewhat less than my other income.
2Cor521
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
|
|
|
05-12-2011, 07:45 PM
|
#10
|
Full time employment: Posting here.
Join Date: Apr 2011
Posts: 625
|
About 60%. We LwayBOM.
This may have been interesting as a poll.
|
|
|
05-12-2011, 07:59 PM
|
#11
|
Recycles dryer sheets
Join Date: Jan 2011
Posts: 57
|
Re: Percentage
Geeze I am a piker compared to the rest.
company matches 50% of first 6% so that means 9%
And then I actually did an extra 2% on top of that since they did the 2% rollback on the payroll taxes so that means a net of 11%
Plan to retire at 60. I think that I will able to swing it.
|
|
|
05-12-2011, 08:07 PM
|
#12
|
Full time employment: Posting here.
Join Date: Jul 2010
Location: San Francisco
Posts: 862
|
I do about 30%, it varies from year to year as once I fully fund my 401k and my Roth I don't have a hard and fast goal, some years just have more expenses to cover. I'd really like to get it up to 50%, but I don't really have any areas I'm willing to squeeze more than I already am and the Bay Area is expensive. Ah well.
|
|
|
05-12-2011, 08:53 PM
|
#13
|
Thinks s/he gets paid by the post
Join Date: Nov 2006
Location: Bossier City
Posts: 2,183
|
35% from my salary to my TSP, no matching from Uncle Sam, my employer. 20% of my wife's pay into her 401k. I guess that's a total of around 42% of our combined income into tax-deferred 401k type accounts, plus whatever we can scrape up into our Vanguard Roth IRA's. Yep, it's tight...
|
|
|
05-12-2011, 09:20 PM
|
#14
|
Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
|
For a couple of years in the late 1990s, spouse and I were saving over 80% of our take-home pay.
It wasn't that we were especially well compensated. It's that we were both either working or parenting, and those two activities were still cutting into time that we would rather have spent sleeping.
Halfway through the year 2000 spouse found our "dream home", and shortly after that our savings rate plummeted.
This post crunches the numbers on how much you'd have to save for how long to be financially independent:
How many years does it take to become financially independent? | Military Retirement & Financial Independence
Scroll down to the tables assuming 5% or 6% rates of return, or use the handy formula at the end of the post with your own projections.
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
|
|
|
05-12-2011, 09:21 PM
|
#15
|
Confused about dryer sheets
Join Date: Oct 2010
Posts: 4
|
I should be saving over 80% this year after taxes. I spend < $30K a year, but make over $275K. Probably a little extreme, but my job is not really sustainable for the long term if you want to have a life.
|
|
|
05-12-2011, 09:35 PM
|
#16
|
Thinks s/he gets paid by the post
Join Date: Jul 2005
Posts: 4,366
|
I like 15%, excluding employer match, starting with your first job. That's what I recommended to DS. Should be able to pull an early house downpayment out of that and retire in your 50's while maintaining your lifestyle. Obviously dependent on investment returns and salary increases, so adjust lifestyle as necessary by switching to inflation-only spending adjustments as retirement approaches instead of increasing to match pay raises.
Wish I had done that. Instead I had to depend on stock options. A little luck is always good.
|
|
|
05-12-2011, 09:49 PM
|
#17
|
Moderator Emeritus
Join Date: Aug 2007
Location: Northern Illinois
Posts: 16,599
|
35% in my 401k - not much $ working 3 days a week
|
|
|
05-12-2011, 09:59 PM
|
#18
|
Recycles dryer sheets
Join Date: Dec 2010
Posts: 445
|
33% of gross.
|
|
|
05-12-2011, 10:00 PM
|
#19
|
Dryer sheet wannabe
Join Date: Nov 2010
Posts: 11
|
I'm doing 10% to the company plan with 100% match and 5% to 401K, that's 25% pretax. Then ROTH IRA and the same amount for investiment. I think total ~35%.
|
|
|
05-12-2011, 10:18 PM
|
#20
|
Thinks s/he gets paid by the post
Join Date: Nov 2009
Location: SF East Bay
Posts: 4,342
|
My savings rate varied greatly while I was working - from zero up to about 30% of gross at peak. During the years I was saving nothing, I was buying and selling houses, the profits from which ended up going into my taxable account, so I was saving in effect, but not into tax-deferred accounts.
I've always looked for opportunities to either spend less, save more, or take advantage of promising investment opportunities - just not necessarily all at the same time.
__________________
Contentedly ER, with 3 furry friends (now, sadly, 1).
Planning my escape to the wide open spaces in my campervan (with my remaining kitty, of course!)
On a mission to become the world's second most boring man.
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|