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Re: How much do you put away?
Old 04-03-2007, 11:36 AM   #61
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Re: How much do you put away?

Salary for DH and myself combined: about $105,000
current savings rate: about 28-30%
family of 4.
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Re: How much do you put away?
Old 04-03-2007, 02:45 PM   #62
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Re: How much do you put away?

Dang! I'm poorer than I realized! Nah!

Gross salary? 42K
Yearly savings? 16-17K (this includes TSP and Def. Comp)
Yearly living expenses? 20K + 5K for the fun stuff
Projected/hoped for age at ER/FI? 50 or 55
What dollar amount are you shooting for? not sure yet...but do realize I need to define that goal (duh!)

Also, my time is clicking away towards two pensions - one I will start drawing at age 50 or 55....the other at age 60.

Currently 36
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Re: How much do you put away?
Old 04-03-2007, 02:49 PM   #63
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Re: How much do you put away?

We save about 60% of our gross salary. This does not include the money that my and DW companies apply to pensions.

The money goes into 401ks, IRAs, and After-Tax Accounts.

We do not scrimp.... But we are not wasteful either. The 40% we spend includes our mortgage and 2-3 nice vacations a year...
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Re: How much do you put away?
Old 04-03-2007, 03:15 PM   #64
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Re: How much do you put away?

Wife and I gross 135K. We're both 39 and have 4 yr old twins. Grandma pays for daycare and intends to pay all of college! (I would never tell another parent that without the anonymity of this forum because they'd kill me).
We have about 190k in 401k and IRA's, 65k in managed stock fund and 250k in home equity.
Currently I max out my 401k to 15.5k/yr along with company match and since my wife just returned to work PT, we'll be putting some $ into our IRAs.

I recently found/joined this forum and am realizing I just might RE by 55.
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Re: How much do you put away?
Old 04-04-2007, 01:53 PM   #65
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Re: How much do you put away?

I'm 39, DH is 46 next month.

Combined gross salary: $147k
Savings per year around 20% or so of gross salary
Net worth (including house and mortgage) somewhere around $700k

Planned FI/RE December the year DH turns 50.
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Re: Oh yeah, one other thing
Old 04-04-2007, 03:43 PM   #66
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Re: Oh yeah, one other thing

Quote:
Originally Posted by Scout
How much do you have saved already and at what age?
Sorry
6.5k into 401k each year for me
4k into Roth for me
2.4k into 401k for wife
wife's Roth was just opened, will be 3k for first year.

comes out to around 16% of income... this does not include the matches on the 401ks.

I am 34, wife is 33, total of 140k already set aside. Most of it is in my 401k (95k) and Roth (27k). I have a normal retirement with 9% return now... without setting aside another penny. Any higher return/more set aside is for ER.
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Re: How much do you put away?
Old 04-04-2007, 08:37 PM   #67
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Re: How much do you put away?

I'm a teacher without a lot of cash, and still a little time before retiring! And I just found THE BEST guide I've ever seen for how much to put away. It's all in this new book called, "SAVING FOR RETIREMENT WITHOUT LIVING LIKE A PAUPER OR WINNING THE LOTTERY" by Gail MarksJarvis. She gives the most useful advice about how much to save and where to save it... I couldn't believe it when I read that $25 a paycheck could really make a difference, but it IS already (for me). IF you're at all curious about how to save and where to put your money (or if you think you need to live like a pauper just to have enough money so you don't have to eat cat food when you retire!) I really recommend this book. My goodness, I never thought I would be the kind of person touting some book, but this one has really helped me get organized and I'm so thankful I found it now!
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Re: How much do you put away?
Old 04-05-2007, 08:57 AM   #68
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Re: How much do you put away?

I am 32, DH is 34, no kids.

His gross salary is 85K, I've been in school and hope to start earning $ soon. We also have income from a rental property, but it's slightly in the red.
Yearly savings is 24K.
Living expenses are around 60K
We hope to FIRE when he retires from the military at 42.
So far we've accumulated 120K (plus 300K equity in the rental), and hope to have 4-500K to supplement his pension and the income/sales profits from the rental.

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Re: How much do you put away?
Old 04-05-2007, 10:52 AM   #69
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Re: How much do you put away?

WM,

Is DH maxing out his TSP contributions? It is a great program to add to the mil pens.
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Re: How much do you put away?
Old 04-05-2007, 04:16 PM   #70
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Re: How much do you put away?

Quote:
Originally Posted by Fireup2025
WM,

Is DH maxing out his TSP contributions? It is a great program to add to the mil pens.
Hi Fireup2025, yes, he is now. Until recently we were saving in Roths and then taxable accounts, thinking that we needed access to funds before 59 1/2. But now that we know about rolling over to IRAs and doing 72t withdrawals, we are TSP coverts!

The other reason I was wary of the TSP, honestly, is that I couldn't find good "neutral" sources of info about it that I trusted. Probably I could have looked harder, it wasn't a priority, but that's been a great benefit of hanging around here
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Re: How much do you put away?
Old 04-09-2007, 03:46 AM   #71
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Re: How much do you put away?

Quote:
Originally Posted by dmpi
OK. Since you asked, here is mine:

Salary: DW & I make a combined 200K.
Yearly savings (from salary): 120K
Yearly living expenses: 28K (for last year).
Projected/hoped for age at ER/FI: 55-57 (7-10 more years)
What dollar amount are you shooting for: 5M
Question: So how do you manage to keep total tax amount at $52k? That is 26% total, for everything (assuming $200k is gross)! Am I missing something or do you live in a very low tax area. We get hit with AMT and can't even get close that total tax rate. Just curious.
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Re: How much do you put away?
Old 04-09-2007, 09:07 AM   #72
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Re: How much do you put away?

Gross salary? $235K
Yearly savings? $80K
Yearly living expenses? 155K
Projected/hoped for age at ER/FI? Never
What dollar amount are you shooting for? 18.5M
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Re: How much do you put away?
Old 04-10-2007, 12:25 PM   #73
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Re: How much do you put away?

Quote:
Originally Posted by PPT
Gross salary? $235K
Yearly savings? $80K
Yearly living expenses? 155K
Projected/hoped for age at ER/FI? Never
What dollar amount are you shooting for? 18.5M
So, why are you here, PPT?
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Re: How much do you put away?
Old 04-10-2007, 01:31 PM   #74
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Re: How much do you put away?

27, single, no kids, no debt

Income- $43,000 pre tax
Savings per year- 20K minimum not counting company match. Max 401K and Roth IRA. Anything left goes into MM for house savings.
Age at ER/FI- Hopefully 49
Dollar amount shooting for- 1.75M May sound low to some but 4% is $70,000 which is almost $35,000 in today's dollars which is more than enough for me.
Savings to date- $65,000
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Re: How much do you put away?
Old 04-10-2007, 03:30 PM   #75
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Re: How much do you put away?

Quote:
Originally Posted by TargaDave
Question: So how do you manage to keep total tax amount at $52k? That is 26% total, for everything (assuming $200k is gross)! Am I missing something or do you live in a very low tax area. We get hit with AMT and can't even get close that total tax rate. Just curious.
I was reading this and I thought, hey that guy's just like about where we are... I look again and it us! Now to answer your question. We have a few thing going for us. We have no kids, so we have only two exemptions. We paid off our house so we have no mortage. We use the standard deduction. We also max out our 401Ks (15K x 2 ). We happen to live in state with no state income tax. This year I think we paid around 42K in income taxes + 2600 in property tax. Every year we are getting closer and closer to paying AMT tax. Just a matter of time. I've run out of ammo to dodge taxes.
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Re: How much do you put away?
Old 04-10-2007, 03:51 PM   #76
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Re: How much do you put away?

Alot more than 90% of Americans. Way more than anyone I know.
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Re: How much do you put away?
Old 04-11-2007, 02:27 AM   #77
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Re: How much do you put away?

Quote:
Originally Posted by dmpi
I was reading this and I thought, hey that guy's just like about where we are... I look again and it us! Now to answer your question. We have a few thing going for us. We have no kids, so we have only two exemptions. We paid off our house so we have no mortage. We use the standard deduction. We also max out our 401Ks (15K x 2 ). We happen to live in state with no state income tax. This year I think we paid around 42K in income taxes + 2600 in property tax. Every year we are getting closer and closer to paying AMT tax. Just a matter of time. I've run out of ammo to dodge taxes.
dmpi, We are in the same gross income category, though not for too much longer. Your #'s are impressive though I still can't figure out how you avoid AMT (then again I never did understand the tax code). We have 2 kids, another 4% for state and local taxes, and higher real estate taxes (not the most pricy area but they sure add up). We max out with $40k tax deferred (reg 401k and individ 401k) but still have been paying AMT for some time. Go figure. :P Looking forward to much less earned income, taxes and stress. 8) Good luck on your environmental endeavors.
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Re: How much do you put away?
Old 04-11-2007, 08:46 AM   #78
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Re: How much do you put away?

We aim to save 75% of our net income every month. In addition we both max out our 401k.

I feel for those of you have fallen into the AMT trap. We have been there previously. It is hard when you have no kids and no mortgage and live in a high tax state.
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Re: How much do you put away?
Old 04-11-2007, 11:05 PM   #79
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Re: How much do you put away?

Quote:
Originally Posted by Azanon
Scout.... continue to be blown away by these claiming 40-60% of gross saved just for retirement. I still havent decided if i believe them yet, because i dont know what's better for their behalf; believe it and think they're crazy, or not believe it and just think its human nature to lie. I make this statement light-hearted and not intended to offend.

Despite this i'll continue to think of my puny 22-25% of gross as massive, because it is compared to my peers.
I am in the same boat!!!
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Re: How much do you put away?
Old 04-11-2007, 11:25 PM   #80
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Re: How much do you put away?

Quote:
Originally Posted by dmpi

We are strong believer in environmental causes. We have plans for the extra money. The plans are a bit fuzzy right now, but they involve buying up land to protect small animal habitat. My DW & I are both long distance runners, and we are blessed to be able to run on urban trails that actually contain wildlife. As the years go by we have seen the animal habitat slowly being destroyed by construction. We want to do our little part to help.
I'm sure some of you guys think this is silly.
Two thumbs way UP!! 8)
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