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View Poll Results: What percentage of your gross yearly income do you save for retirement? "Income" = payche
0% - 2% 3 2.46%
3% - 5% 1 0.82%
6% - 8% 1 0.82%
9% - 11% 8 6.56%
12% - 14% 5 4.10%
15% - 17% 7 5.74%
18% - 20% 5 4.10%
21% - 23% 10 8.20%
24% - 26% 7 5.74%
27% - 29% 4 3.28%
30% - 32% 13 10.66%
33% - 35% 8 6.56%
36% - 38% 6 4.92%
39% - 41% 5 4.10%
42% - 44% 11 9.02%
45% - 47% 1 0.82%
48% - 50% 7 5.74%
51% - 53% 3 2.46%
54% - 56% 3 2.46%
57% - 60% 2 1.64%
More than 60% 12 9.84%
Voters: 122. You may not vote on this poll

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What percentage of your gross income do you save?
Old 10-24-2005, 05:43 PM   #1
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What percentage of your gross income do you save?

How much of your gross yearly income do you save?
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Re: What percentage of your gross income do you save?
Old 10-24-2005, 06:05 PM   #2
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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
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Re: What percentage of your gross income do you save?
Old 10-24-2005, 06:06 PM   #3
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Re: What percentage of your gross income do you save?

Around 23%, plus 6% match...
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Re: What percentage of your gross income do you save?
Old 10-24-2005, 06:46 PM   #4
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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.
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Re: What percentage of your gross income do you save?
Old 10-24-2005, 06:59 PM   #5
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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?
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Re: What percentage of your gross income do you save?
Old 10-24-2005, 07:06 PM   #6
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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.
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Re: What percentage of your gross income do you save?
Old 10-24-2005, 08:07 PM   #7
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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.
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Re: What percentage of your gross income do you save?
Old 10-24-2005, 08:17 PM   #8
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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.
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Re: What percentage of your gross income do you save?
Old 10-25-2005, 12:03 AM   #9
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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.
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Re: What percentage of your gross income do you save?
Old 10-25-2005, 01:51 AM   #10
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Re: What percentage of your gross income do you save?

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

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Re: What percentage of your gross income do you save?
Old 10-25-2005, 04:44 AM   #11
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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).
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Old 10-25-2005, 04:53 AM   #12
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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??

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Re: What percentage of your gross income do you save?
Old 10-25-2005, 05:22 AM   #13
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Re: What percentage of your gross income do you save?

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?
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Re: What percentage of your gross income do you save?
Old 10-25-2005, 05:40 AM   #14
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Re: What percentage of your gross income do you save?

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.
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Re: What percentage of your gross income do you save?
Old 10-25-2005, 06:54 AM   #15
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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!
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Re: What percentage of your gross income do you save?
Old 10-25-2005, 08:35 AM   #16
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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?
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Re: What percentage of your gross income do you save?
Old 10-25-2005, 08:44 AM   #17
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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.
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Re: What percentage of your gross income do you save?
Old 10-25-2005, 08:46 AM   #18
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Re: What percentage of your gross income do you save?

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Re: What percentage of your gross income do you save?
Old 10-25-2005, 09:03 AM   #19
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Re: What percentage of your gross income do you save?

I spend around 45%, the rest goes into savings and pays taxes.
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Re: What percentage of your gross income do you save?
Old 10-25-2005, 09:09 AM   #20
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Re: What percentage of your gross income do you save?

Quote:
Originally Posted by Martha
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?
In addition to high cost areas I would think kids and no health care would also put some pressure on the $50k figure. Both taken together would put a lot of pressure on that figure. My guess is that the level of health care coverage for those in the $50k bracket is lower on average than those in the $80k or $100k bracket. Otherwise I agree it's a decent balance point.
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