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Re: average savings
Old 07-26-2006, 08:36 AM   #21
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Re: average savings

Quote:
Originally Posted by macdaddy
14k into the new roth option 403(b).* SO works for a public school district and qualifies for the 403(b).* The roth option is brand new and her school district's benefits office only started allowing it last week.

2 public school teachers or otherwise 403(b) eligible employees would be able to put away 4k into roth iras and 14k into roth option 403(b)s each, for total roth contributions of 36k per year.* and in texas (no state tax), their total tax burden would be less than 10%.* talk about a sweet deal!!!

Nice

I wonder when the TSP will give us the Roth Option?
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Re: average savings
Old 07-26-2006, 09:05 AM   #22
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Re: average savings

In the past couple years my income has gone up considerably while my wife has stopped working to go into nursing school. Because we don't have kids yet we have been able to live in our nice little condo with a reasonable 200K mortgage and opressive taxes. We have been saving around 40% of my gross.

Now we're on the house hunt and talking seriously about kids. To get a single family home of a livable size around here we're going to have to take on a 400-500K mortgage

The thought of having to rely totally on my bonus for savings (bonus = around 50% of comp) is causing me to loose sleep

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Re: average savings
Old 07-26-2006, 10:23 AM   #23
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Re: average savings

Geez, some of you guys are great savers.
I'm hitting 16% pretax with 5% match. 1 income, new baby at home.
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Re: average savings
Old 07-26-2006, 10:28 AM   #24
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Re: average savings

for me not having children allows me the luxury( ha ha) of being able to stash about 50 percent. I realize this wont be the case down the road of life. Lucky to have being disciplined enough to start saving around 20 .
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Re: average savings
Old 07-26-2006, 11:16 AM   #25
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Re: average savings

I have been saving about 30% of my gross income. My DBF just moved in with me, and he is going to pay a set amount toward the mortgage/bills - I will save all of this, which will be equal to another 6% of my income.

He saves about 20% of his income.

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Re: average savings
Old 07-26-2006, 12:27 PM   #26
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Re: average savings

I think we're hitting around 40% of Gross, give or take a little.

Quote:
Originally Posted by Bimmerbill
Geez, some of you guys are great savers.*
I'm hitting 16% pretax with 5% match.* 1 income, new baby at home.*
I think it depends on where you are in your career and income ranges.* If your pay raises are growing faster than your spending increases, that can go a long way in boosting that percentage of net/gross income saved.
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Re: average savings
Old 07-26-2006, 12:41 PM   #27
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Re: average savings

I save 20% of income. When I was working full-time, I saved about 45%.
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Re: average savings
Old 07-26-2006, 12:49 PM   #28
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Re: average savings

25% of gross + 6% match, give or take...
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Re: average savings
Old 07-26-2006, 12:57 PM   #29
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Re: average savings

Due to changing jobs I was not eligible for 401k for first year but this allowed me to save to build house. So this year it will be around 18%. Historically around 35% of gross about 10 of the 35 coming from employer match/profit sharing, which should resume next year.
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Re: average savings
Old 07-26-2006, 03:01 PM   #30
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Re: average savings

Quote:
Originally Posted by saluki9
Now we're on the house hunt and talking seriously about kids.* To get a single family home of a livable size around here we're going to have to take on a 400-500K mortgage*
For the past couple of years, we (me, wife, & son) have been renting and saving about 40% of gross income.* However, in a few weeks we'll be the proud owners of a $400k+ mortgage and our savings will be reduced to about 20% of gross income.* Although apartment living facilitates a higher savings rate, it does take its toll in other ways.
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Re: average savings
Old 07-26-2006, 04:39 PM   #31
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Re: average savings

I save approx. 8% of my after tax.* Plus, I stash 4% of my gross and wife does 2% of hers.* We both get a match up to that point.* So, 4+4 and 2+2* for a total of 12% gross and adjusting my after tax savings back to gross...

8 after tax is ...8/.8 ...approx. 10% gross...

A grand total of 12+10%=22% gross.* If you can handle my "fuzzy math".

I can't afford to be poor, I'm just "Puh".*

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Re: average savings
Old 07-26-2006, 05:33 PM   #32
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Re: average savings

32% of gross income saved.
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Re: average savings
Old 07-26-2006, 06:06 PM   #33
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Re: average savings

Quote:
Originally Posted by PsyopRanger
Nice

I wonder when the TSP will give us the Roth Option?
Yeah Psyop I thought you might be jealous. I don't know how long they will let the roth options on the big accounts remain. Compared to the 4k/year roth iras, it's sheltering so much money that it feels like fraud somehow. Plus they will all start to adjust with inflation next year.
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Re: average savings
Old 07-26-2006, 06:36 PM   #34
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Re: average savings

I save about 30% of gross income, 50% after taxes. Looks like members of this forum are very disciplined savers.

Watching CNN after Katrina I saw Aaron Brown interview John Edwards. They were discussing the financial resources available to the people affected by the hurricane. Edwards noted that the mean NW of US families overall was ~$60K, that the mean NW of a Hispanic family was $8K and the mean NW of an African American family was $6K. Since Oprah obviously skews the mean, there must be many, many families with a negative NW.

I found these statistics absolutely frightening. How can so many people who live paycheck to paycheck ever hope to be financially independent, or to do something special for their kids? If they are in this position in a country with high employment, they must be slaves to debt.

Made me feel very fortunate........
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Re: average savings
Old 07-27-2006, 07:40 AM   #35
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Re: average savings

I'm saving in the neighborhood of 18-20% of gross household income specifically for retirement (not counting matching), with all money going in tax-advantaged plans (TSP or Roth).
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Re: average savings
Old 07-27-2006, 09:04 AM   #36
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Re: average savings

40% (max into 401k type plan, roth, and the rest are taxable investing...dividend paying stocks) plus will have something from a defined benefit pension when retire and mortgage paid off around 40...). Getting some nice increases in household income this summer and fall...so might increase the amount....
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Re: average savings
Old 07-27-2006, 11:14 AM   #37
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Re: average savings

those who dont save at least 10 percent of gross income are in for a real shocking future. A future filled with anxiety and desperation. I dont know if I could sleep at night not having a solid nest egg.
Freedom is all I crave and my savings allow me to follow my chosen path and persue my dreams on my owqn terms. It sure feels wonderful to awake and know that I could drop out of society, vacation for several yrs and still be sitting on solid ground. I often try to scare my friends into saving as much income as they can. Mind you to each there own..... cheers from west coast of Canada..
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Re: average savings
Old 07-27-2006, 11:35 AM   #38
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Re: average savings

I saved approx. 35% of my income before taxes in 401K and after total - invested pretty aggressively in stocks/re. It took 23 years to RE. Now I need to start spending my money.......a weird experience but worth the freedom!
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Re: average savings
Old 07-27-2006, 12:36 PM   #39
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Re: average savings

We (DINKs in the DC area) save about 45% of our pre-tax income (counting matches into the TSP).

But to my mind, a more interesting figure is how much different people live on. Our yearly expenses, not counting mortgage interest and principal, are about 35K. Mortgage payments about 26K. If we made 100K, we could hardly save as much. If we earned more, we'd probably save most of what didn't go to taxes -- so I feel comparing savings rates is a little pointless.
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Re: average savings
Old 07-28-2006, 10:01 AM   #40
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Re: average savings

Sad to say only 29%. I thought it was much more!!! Oh well, momma always needs a new pair of shoes. I got to learn how to re-sell them all on ebay.
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