What percentage of your gross income do you save?

SLC Tortfeasor · 10-24-2005, 05:43 PM

How much of your gross yearly income do you save?

yAyA · 10-24-2005, 06:05 PM

I'm currently only saving 10% but I plan to up it to 22% by the end of the year

HFWR · 10-24-2005, 06:06 PM

Around 23%, plus 6% match...

Outtahere · 10-24-2005, 06:46 PM

I save 15% or more to my 401k plus there is a 1% match, 15% to my savings and then any bonuses or windfalls go right to the bank too.

SLC Tortfeasor · 10-24-2005, 06:59 PM

I see some people actually save more than 60% of their gross incomes. I find that amazing. How do you do it? Do you have extremely high incomes? Live like paupers? Already have the house paid off?

Robert the Red · 10-24-2005, 07:06 PM

About 1/3 to taxes, 1/3 for living (including mortgage), and 1/3 for savings (all for retirement goal). If you count the employer match of 5%, pushes up the savings percentage a little.

brewer12345 · 10-24-2005, 08:07 PM

Dunno, ask me after bonuses are handed out.

SLC, what is up with the icon? I think its hysterical, but appears to be meaningless.

wildcat · 10-24-2005, 08:17 PM

I am still @ 0% (didn't want to skew the poll) but I imagine the more ya make the higher the gross % saved among us at least. Hope to swim in that pool at some point but I doubt it.

laurence · 10-25-2005, 12:03 AM

I felt reticent voting, because while we will have saved ~29% this year, things seem to be saying we will not be able to maintain that rate. Kudos to those of you able to save more, our mortgage just chews up the income.

I thought about mentioning the fact that I'm in a 20 year fixed instead of a traditional 30 year, and that I think my payments to principle should at least partially count towards savings, and stir up the house as asset vs. liability debate again, but I refrained.

Honkie · 10-25-2005, 01:51 AM

Quote:

Originally Posted by SLC Tortfeasor

I see some people actually save more than 60% of their gross incomes.* I find that amazing.* How do you do it?* Do you have extremely high incomes?* Live like paupers?* Already have the house paid off?

Just polled in the 60% plus category. The precise figure is 64%. Yes we have high income, but importantly, we mostly live well within it.

Cheers

Honkie

HKMike · 10-25-2005, 04:44 AM

I'm in a similar situation to Honkie (and also living in Hong Kong). We save almost 60% (57% to be exact).

Honkie · 10-25-2005, 04:53 AM

Well spotted HKMike!! (my handle isn't quite as obvious as yours).

Should we let the others know that local taxation means that our net is a minimum of 83% of our gross??

Cheers
Honkie

TargaDave · 10-25-2005, 05:22 AM

Quote:

Originally Posted by Honkie

Just polled in the 60% plus category. The precise figure is 64%. Yes we have high income, but importantly, we mostly live well within it.

Cheers

Honkie

Honkie, So what percentage for taxes and living? That only leaves 36% for both taxes and living expense. Wouldn't "high income" put you in the 33% tax bracket plus all local taxes?

Honkie · 10-25-2005, 05:40 AM

Quote:

Originally Posted by TargaDave

Honkie,* So what percentage for taxes and living?* That only leaves 36% for both taxes and living expense.* Wouldn't "high income" put you in the 33% tax bracket plus all local taxes?*

Last year I paid less than 8% of gross income in taxes, leaving a little over 28% for living expenses.

azanon · 10-25-2005, 06:54 AM

Wow, those are some really excessive savings rates some of you have. You guys know you cant take it with you when you die, right? Just making sure!

**Martha** · 10-25-2005, 08:35 AM

I have this very unscientific feeling that most families can get along in the US with about $50,000 a year in income. I know plenty have less and plenty have more, but $50,000 feels like a nice number to me. You won't be able to live in NY or SF or buy a house in San Diego, but you could get along. I think below that number it is very difficult to save and above that number it gets easier.

Am I full of it?

Dawg54 · 10-25-2005, 08:44 AM

Last 5 years I have been able to save 50+ % a year. Of course being single, no debt, small house with low expenses helps a lot. Fortunate to have been in good health so not much going to health care. Also, the company I work for has been very profitable so bonuses have been good. Hopefully 2006 will be the same and I can close out my career on a high note. *

Martha, I think that is pretty much true. I can't imagine a family of 4, with mortgage, being able to save very much. I'm sure there are exceptions.

**REWahoo** · 10-25-2005, 08:46 AM

Quote:

Originally Posted by Martha

Am I full of it?

Thankfully we have the Fifth Amendment for situations like this.......

dm · 10-25-2005, 09:03 AM

I spend around 45%, the rest goes into savings and pays taxes.

View Poll Results: What percentage of your gross yearly income do you save for retirement? "Income" = payche
0% - 2%	3	2.54%
3% - 5%	1	0.85%
6% - 8%	1	0.85%
9% - 11%	8	6.78%
12% - 14%	5	4.24%
15% - 17%	7	5.93%
18% - 20%	5	4.24%
21% - 23%	10	8.47%
24% - 26%	7	5.93%
27% - 29%	4	3.39%
30% - 32%	13	11.02%
33% - 35%	8	6.78%
36% - 38%	6	5.08%
39% - 41%	4	3.39%
42% - 44%	11	9.32%
45% - 47%	1	0.85%
48% - 50%	6	5.08%
51% - 53%	2	1.69%
54% - 56%	3	2.54%
57% - 60%	2	1.69%
More than 60%	11	9.32%
Voters: 118. You may not vote on this poll

10-24-2005, 05:43 PM	#1
SLC Tortfeasor Recycles dryer sheets Join Date: Jun 2005 Posts: 214	What percentage of your gross income do you save? How much of your gross yearly income do you save?

10-24-2005, 06:05 PM	#2
yAyA Dryer sheet aficionado Join Date: Oct 2005 Posts: 45	Re: What percentage of your gross income do you save? I'm currently only saving 10% but I plan to up it to 22% by the end of the year

10-24-2005, 06:06 PM	#3
HFWR Give me a museum and I'll fill it. (Picasso) Give me a forum ... Join Date: May 2005 Posts: 5,486	Re: What percentage of your gross income do you save? Around 23%, plus 6% match...

10-24-2005, 06:46 PM	#4
Outtahere Thinks s/he gets paid by the post Join Date: Sep 2005 Posts: 1,677	Re: What percentage of your gross income do you save? I save 15% or more to my 401k plus there is a 1% match, 15% to my savings and then any bonuses or windfalls go right to the bank too. __________________ Dogs aren't our whole lives, but they make our lives whole. - Roger Caras

10-24-2005, 06:59 PM	#5
SLC Tortfeasor Recycles dryer sheets Join Date: Jun 2005 Posts: 214	Re: What percentage of your gross income do you save? I see some people actually save more than 60% of their gross incomes. I find that amazing. How do you do it? Do you have extremely high incomes? Live like paupers? Already have the house paid off?

10-24-2005, 07:06 PM	#6
Robert the Red Recycles dryer sheets Join Date: Aug 2005 Posts: 292	Re: What percentage of your gross income do you save? About 1/3 to taxes, 1/3 for living (including mortgage), and 1/3 for savings (all for retirement goal). If you count the employer match of 5%, pushes up the savings percentage a little.

10-24-2005, 08:07 PM	#7
brewer12345 Give me a museum and I'll fill it. (Picasso) Give me a forum ... Join Date: Mar 2003 Posts: 9,368	Re: What percentage of your gross income do you save? Dunno, ask me after bonuses are handed out. SLC, what is up with the icon? I think its hysterical, but appears to be meaningless. __________________ “When you realize that you are one of the rare few who observe moral principles in their relationships with others, there is a temptation to sink into amorality, not out of conviction or pleasure but simply to avoid further pain, because there is no greater suffering than being an angel in hell, whereas a devil feels at home wherever he goes.” – Martin Page, How I Became Stupid

10-24-2005, 08:17 PM	#8
wildcat Thinks s/he gets paid by the post Join Date: Feb 2005 Posts: 1,906	Re: What percentage of your gross income do you save? I am still @ 0% (didn't want to skew the poll) but I imagine the more ya make the higher the gross % saved among us at least. Hope to swim in that pool at some point but I doubt it. __________________ "These walls are kind of funny. First you hate 'em, then you get used to 'em. Enough time passes, gets so you depend on them"

10-25-2005, 12:03 AM	#9
laurence Moderator Emeritus Join Date: Feb 2005 Location: San Diego Posts: 4,826	Re: What percentage of your gross income do you save? I felt reticent voting, because while we will have saved ~29% this year, things seem to be saying we will not be able to maintain that rate. Kudos to those of you able to save more, our mortgage just chews up the income. I thought about mentioning the fact that I'm in a 20 year fixed instead of a traditional 30 year, and that I think my payments to principle should at least partially count towards savings, and stir up the house as asset vs. liability debate again, but I refrained.

10-25-2005, 04:44 AM	#11
HKMike Confused about dryer sheets Join Date: Aug 2005 Posts: 6	Re: What percentage of your gross income do you save? I'm in a similar situation to Honkie (and also living in Hong Kong). We save almost 60% (57% to be exact).

10-25-2005, 04:53 AM	#12
Honkie Recycles dryer sheets Join Date: Jun 2005 Posts: 201	Re: What percentage of your gross income do you save? Well spotted HKMike!! (my handle isn't quite as obvious as yours). Should we let the others know that local taxation means that our net is a minimum of 83% of our gross?? Cheers Honkie

10-25-2005, 06:54 AM	#15
azanon Thinks s/he gets paid by the post Join Date: Jul 2004 Posts: 1,505	Re: What percentage of your gross income do you save? Wow, those are some really excessive savings rates some of you have. You guys know you cant take it with you when you die, right? Just making sure!

10-25-2005, 08:35 AM	#16
Martha Administrator Join Date: Feb 2004 Location: minnesota Posts: 10,074	Re: What percentage of your gross income do you save? I have this very unscientific feeling that most families can get along in the US with about $50,000 a year in income. I know plenty have less and plenty have more, but $50,000 feels like a nice number to me. You won't be able to live in NY or SF or buy a house in San Diego, but you could get along. I think below that number it is very difficult to save and above that number it gets easier. Am I full of it? __________________ . Do not rely on the information provided--my posts are not to be taken as legal advice. Needless to say you must consult with your legal representative. I am not responsible for errors. If I offended you with cya I apologize. If I did not, I tried.

10-25-2005, 08:44 AM	#17
Dawg54 Thinks s/he gets paid by the post Join Date: Feb 2005 Location: Mississippi Posts: 3,340	Re: What percentage of your gross income do you save? Last 5 years I have been able to save 50+ % a year. Of course being single, no debt, small house with low expenses helps a lot. Fortunate to have been in good health so not much going to health care. Also, the company I work for has been very profitable so bonuses have been good. Hopefully 2006 will be the same and I can close out my career on a high note. * Martha, I think that is pretty much true. I can't imagine a family of 4, with mortgage, being able to save very much. I'm sure there are exceptions. __________________ Full time golf bum.......

10-25-2005, 09:03 AM	#19
dm Recycles dryer sheets Join Date: Mar 2005 Posts: 281	Re: What percentage of your gross income do you save? I spend around 45%, the rest goes into savings and pays taxes.