Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Re: average savings
Old 07-28-2006, 01:03 PM   #41
Recycles dryer sheets
 
Join Date: Aug 2003
Posts: 474
Re: average savings

Quote:
Originally Posted by brewer12345
We are SITCOMs (Single Income, Two Children, Oppressive Mortgage).
Then I guess we are SIFCOMs (just doesn't have quite the ring).

We saved about 45% of gross last year. Trying to claw our way back up to the 50% we were able to save as DINKs, but our 44% marginal tax rate means I don't think it can happen.

It goes without saying (but I will say it anyway) that we have a highly non-representative sample here. Not only of the US, but likely even of the readers of the forum.
__________________

__________________
bongo2 is offline   Reply With Quote
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!

Re: average savings
Old 07-28-2006, 03:52 PM   #42
Recycles dryer sheets
 
Join Date: Jan 2006
Posts: 309
Re: average savings

I am saving $45,000 per year on a salary of $68,500 (plus 4% match) so 66%

Edit....

I should clarify how I get to this number - I take home $4000 after taxes per month

--I put 700 a month into RRSP thru work (8% me, 4% work) right off my cheque
--Receive 350 a month from live in girlfriend
--2,500 a month in savings on top of the 700 quoted before (my expenses are in the $1300 monthly range as no mortgage balance left on home)
--3,000 or so in tax refunds based on above that goes right into savings again

I actually have about $40,000 in unused RRSP room so if I max that out I'd be looking at about a $15,000 tax refund as well which would mean I'd save just under 90% of my gross salary from work in the year I caught up.

__________________

__________________
accountingsucks is offline   Reply With Quote
Re: average savings
Old 07-28-2006, 07:44 PM   #43
Full time employment: Posting here.
 
Join Date: Jun 2006
Posts: 718
Re: average savings

Doing well about 35k a year. We have enough I think. If in 7 more years the market gains or loses 0 percent we will be fine. My luck it will be some crap ass 7 year bear market and will drag us on Anything made will be gravy and hopefully a 5 yr ER woo woo
__________________
Mwsinron is offline   Reply With Quote
Re: average savings
Old 07-31-2006, 05:18 PM   #44
Recycles dryer sheets
 
Join Date: Nov 2004
Posts: 107
Re: average savings

Saving approximately 25% of the gross salary and all of bonuses.
__________________
polloloco is offline   Reply With Quote
Re: average savings
Old 08-01-2006, 10:22 AM   #45
Confused about dryer sheets
 
Join Date: Aug 2006
Posts: 4
Re: average savings

Now saving about 90% of net income monthly:

$1000 - Roth and mutual funds

$500 - CD/savings

Of course it can be easy when you're in the military, heheh.
__________________
jmcconnor is offline   Reply With Quote
Re: average savings
Old 08-03-2006, 10:46 AM   #46
Dryer sheet aficionado
 
Join Date: Sep 2005
Posts: 42
Re: average savings

We are saving nearly 30% of gross.* Duel income, 2 kids

8000 Roths
5000(includes match) 401
5200- 457
That's retirement.

13200 Cash-ING- Once we get Cash up to 35k, I'll increase 401/457/College funds.

4000 a year ESA's for kids
1000 a year 529's

Also adding $100 a month to mortgage.
With direct deposit, this has been less painful then I ever imagined it could.

Mudd
__________________
Mudd is offline   Reply With Quote
Re: average savings
Old 08-03-2006, 11:56 AM   #47
Thinks s/he gets paid by the post
OAG's Avatar
 
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,598
Re: average savings

2004 Gross 66%; after taxes 75%, 2005 Gross 75%; after taxes 82%, 2006 Gross 48%; after taxes 61% (relocation costs, sold home, bought home etc., late 2005); projected 2007 Gross 67%; after taxes 79%.
__________________
Vietnam Veteran, CW4 USA, Retired 1979
OAG is offline   Reply With Quote
Re: average savings
Old 08-03-2006, 08:43 PM   #48
Recycles dryer sheets
 
Join Date: Jan 2006
Posts: 329
Re: average savings

About 51% of gross for me this year.
__________________
NinjaPigeon is offline   Reply With Quote
Re: average savings
Old 08-04-2006, 10:27 AM   #49
Recycles dryer sheets
 
Join Date: Dec 2002
Posts: 129
Re: average savings

Using CCdaCE-math (tm) we're at about 62% of gross.

This is a pretty recent development as we've been mainly banging away at the student loans and mortgage for the last ten years. Now we're debt free and even though reducing debt has similar effect on net worth I must say it's far more satisfying to have all resources directed at the asset accumulation column instead of both.
__________________
WRBT is offline   Reply With Quote
Re: average savings
Old 08-04-2006, 11:19 PM   #50
Recycles dryer sheets
 
Join Date: Jun 2004
Posts: 51
Re: average savings

A tick over 50% of gross.
__________________
I'll be done Jan 1, 2015, but who's counting.
SonnyJim is offline   Reply With Quote
Re: average savings
Old 08-07-2006, 07:07 PM   #51
Recycles dryer sheets
 
Join Date: Jun 2005
Posts: 223
Re: average savings

I'm saving 34% of gross, all into tax-advantaged retirement accounts. I could conceivably have extra to go into regular taxable investments, but I'm not going to push myself too hard there. I figure 34% is way better than average, so if I have a little left over to play with, I'm going to play. 8)
__________________
SLC Tortfeasor is offline   Reply With Quote
Re: average savings
Old 08-14-2006, 09:13 PM   #52
Confused about dryer sheets
 
Join Date: Aug 2006
Posts: 2
Re: average savings

I live in New Zealand where savings rates are very low.

We save about 40% of after tax income - we only have 1 income, two kids and my wife is at college studying.
__________________
ptolemy is offline   Reply With Quote
Re: average savings
Old 08-21-2006, 03:57 PM   #53
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Re: average savings

Before kids.............45% of net.............after 2 kids................30% of net...........

Kids are expensive, but we afford them all the opportunities that are available for them we can.......

Oh yeah, no cable tv (since 1987!), don't party much at all, negotiate everything.............same stuff as everyone else.............
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Re: average savings
Old 08-22-2006, 08:56 AM   #54
Dryer sheet aficionado
 
Join Date: Sep 2005
Posts: 42
Re: average savings

FinanceDude- "don't party much at all"

Remember when "Party" became a verb? I know I'm old because by the time we would go out in the college days, I'm now in bed sleping for nearly an hour.
__________________
Mudd is offline   Reply With Quote
Re: average savings
Old 09-01-2006, 12:15 PM   #55
Dryer sheet aficionado
 
Join Date: May 2006
Posts: 29
Re: average savings

DW and I save 25% of our gross income plus company matching of 6% for each.

401K total approx $40K
Emmigrant Direct $44K
other savings $10
IRA $10K

No CC debt and no kids for now, just a mortgage on a 3 years old house.

We are aggressively saving more each year and will plan to semi retire at 45 and really ER at 50. 8)


Duke
__________________
mudbuddha is offline   Reply With Quote
Re: average savings
Old 09-01-2006, 01:22 PM   #56
Recycles dryer sheets
 
Join Date: Jun 2005
Posts: 223
Re: average savings

Quote:
Originally Posted by mudbuddha
DW and I save 25% of our gross income plus company matching of 6% for each.

401K total approx $40K
Emmigrant Direct $44K
other savings $10
IRA $10K

No CC debt and no kids for now, just a mortgage on a 3 years old house.

We are aggressively saving more each year and will plan to semi retire at 45 and really ER at 50.* 8)


Duke
I, too, am a satisfied Emigrant Direct user. It sounds like you have a disproportionate amount of cash in that savings account though.
__________________
SLC Tortfeasor is offline   Reply With Quote
Re: average savings
Old 09-01-2006, 01:59 PM   #57
Dryer sheet aficionado
 
Join Date: May 2006
Posts: 29
Re: average savings

Yes, i am looking into some no load MF and max out on our IRA too...we just got the roth IRA set up as well as the Emigrant Direct. It takes a little whie to set up but once set up, it'll be easy to transfer monies around.

What do you recommend?

Duke
__________________
mudbuddha is offline   Reply With Quote
Re: average savings
Old 09-01-2006, 11:33 PM   #58
Confused about dryer sheets
 
Join Date: Sep 2006
Posts: 5
Re: average savings

Currently at 37% of gross income. About 20% of GI goes into tax advantaged accounts. The reaminder heads towards 529s for three younings, non-tax advantaged savings, and some short term savings.

I have no housing expenses (nor a house either) and am eligible for a pension in 9 years at which point a house will become a requirement.
__________________
saltydog is offline   Reply With Quote
Re: average savings
Old 09-19-2006, 06:46 PM   #59
Recycles dryer sheets
 
Join Date: Jun 2005
Posts: 223
Re: average savings

Quote:
Originally Posted by mudbuddha
Yes, i am looking into some no load MF and max out on our IRA too...we just got the roth IRA set up as well as the Emigrant Direct.* It takes a little whie to set up but once set up, it'll be easy to transfer monies around.

What do you recommend?

Duke
Yeah, it is time consuming to set things up. Getting my accounts all interlinked was sort of a pain, but you're right that it's nice to be able to move money around.

Don't look to me for investment advice! I'm only getting into it. I've got a variety of stock mutual funds, and a few stocks for just playing around. Vanguard's target retirement date funds (or "lifecycle" funds as they're known in other circles) are good no-brainers.
__________________
SLC Tortfeasor is offline   Reply With Quote
Re: average savings
Old 09-20-2006, 10:01 AM   #60
Full time employment: Posting here.
 
Join Date: Mar 2005
Posts: 557
Re: average savings

Quote:
Originally Posted by ptolemy
I live in New Zealand where savings rates are very low.
Mind if I ask why? Are retirement issues handled by the government?
Are medical issues handled by the government? If not, how?

Just curious

__________________

__________________
uncledrz is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Automatic payments from a money market (savings) account a FIRE and Money 4 04-07-2007 01:14 PM
more than average savings- average spending shorttimer Young Dreamers 23 11-04-2006 05:32 PM
The Upside to Low Savings Rate? REWahoo FIRE and Money 0 03-29-2006 10:08 PM
Lowest Savings Rate Since 1933 Mountain_Mike FIRE and Money 15 01-31-2006 02:09 PM
EE bonds to ??? cute fuzzy bunny FIRE and Money 1 12-24-2003 01:33 PM

 

 
All times are GMT -6. The time now is 12:42 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.