Average Saving Per Year???

[bbbamI]

I am older than you think..........

Well now, that's a shame.....

 

[semtex]

this year is tough for us. The HF i worked imploded. I had to take a role with deep pay cut, just to stay in the same industry. Sigh, the easy money time is gone.

Cash: 30k
401k: 30K

 

[DaveNineFive]

Good question - I haven't looked at this in a while! Gross income: about $95k (a lot of my pay is based on monthly bonuses, so it varies)

Cash savings: $16,800
401k contributions: about $9,500k
401k match: about $3,800k

Total: about $30,100

So I save 31% of my gross income. I save cash because I'm still scraping together a home down payment. I've neglected my Roth IRA to focus on that until I own my home. Once we own a house with under $200k in loans I'll get down to business on those retirement accounts!

Of course once you add my new wife's student loans and lower savings into this, that percentage is going to drop off a cliff in October...

 

[eridanus]

1) 25% for cash
2) 18% for 401k/Roth/HSA/SEP
3) 8% for taxable brokerage
4) 0 for 529

 

[ChiSaver]

1) 12k in cash
2) 33k in 401k's
3) 63k in taxable
4) 12.6k in 529's (3 kids, 350 a month each)

Works out to about 33% savings on gross pay. Just refinanced to a 15 year mortgage 4 months ago and have kids private schooling that eats into the savings a bit.

 

[aaronc879]

I reduced my pre-tax investments so the $ amount has gone down.

saving $16K minimum per year then up to another $6K but $4K is more likely so ~$20K total

total income pre-tax: $45K base(made $49K last year but i'm too worn out for overtime anymore)

save 44.4%

That's down from the 55.5% I was saving but there was more pre-tax included in that figure.

 

[Charlotte]

These are my final 2008 numbers, but 2009 probably won't be real different.

Gross income: ~238,000
Cash saved: negligible
401ks: 31,000 + 20,000 in company matches
Taxable investment accts: 86,000
529s: 7,000

Total savings in 2008 ~143,000

We won't say how much our net worth went down, despite the 143k that was added..

Charlotte

 

[Meadbh]

2008:
Corporation: $90K ($60K market, $30K cash/cash equivalents)
Personal: $7K RRSP (market)
Total: $97K, or ~48% of gross earnings

2009 plan, subject to change:
Corporation: 90K ($30K market, $30K precious metals/commodities/$30K cash)
Personal: $9K in RRSP (GICs), $5K in TFSA (GICs)
Total: $104K, or ~52% of projected gross earnings

Translation:
RRSP = registered retirement savings plan, like an IRA
TFSA = tax free savings account, like a Roth
GIC = guaranteed investment certificate, like a CD

Nobody gives me any free money.

 

[Amethyst]

Nearly half our income goes to Federal, State, Local, and Property Taxes. The irony is that we are a government employee and a government retiree, so we are indirectly paying our own salary/pension! (The rest of it, we feel sure, goes to indirectly support some large extended family of non-taxpayers).

$22.5K to TSP (only I contribute). I do not receive any matching from employer.

DCA'ing ~ $2K/month into the market. I wonder when my balances will start looking like I'm putting money in there! Lately, I always get the feeling that the money is going into a big black hole.

All other funds, that we do not have to spend, are going toward the mortgage and home equity loan principal balances. I can't rest, I mean retire, until those are zero'd out.

 

[45th Birthday]

I look at this as an income statement; portfolio management (which bin it goes into) is separate:

_________________2008 Actual____________2009 Plan

Income___________411,271_______________442,394

Spending_________308,587________________308,696

Savings__________102,684________________133,699

 

[W2R]

Income - $372K

These are my final 2008 numbers, but 2009 probably won't be real different.

Gross income: ~238,000

I look at this as an income statement; portfolio management (which bin it goes into) is separate:

_________________2008 Actual____________2009 Plan

Income___________411,271_______________442,394

Spending_________308,587________________308,696

Savings__________102,684________________133,699

After reading this thread, I feel so poor!! My salary will never hit six figures.

You all have done really well.

 

[Calgary_Girl]

Based on combined gross income of $161K:1) Cash/TFSA: $26K2) RRSP's: $25K (incl. company matches of almost $14K)3) Taxable Acct: $10K4) RESP: $2500 (for 1 child but this amount will double since kid #2 is due in Dec. )Not incl. employer matches on the RRSP's, we save almost 40% of our gross income. We're putting a lot in cash right now since I'll be going on maternity leave in Nov. for one year (and not sure yet if I'll be going back to work at the end of it).

 

[NW-Bound]

Saving? I no longer expect to make any stinkin' savin'.

With iffy part-time work (1099 and W2), if I make enough to avoid dipping into my portfolio, I feel good already. Don't want to sell low, ya know?

 

[freebird5825]

1) Cash - 10% of FIRE net income saved, for fun travel or big ticket items. dh2b matches.

2) Retirement (401k, IRA..) - N/A, I'm FIREd.

3) Investment (meaning incomes goes into taxable account) - 20% of FIRE net income is invested through DCA into existing MFs, most of current targets are TE type.

4) Kids education (429 plans...) - N/A, my dogs already have their licenses.

 

[brewer12345]

Ah, we now put about 35k into various flavors of retirement accounts. We also amortize about 15k of debt a year. When times were better the bulk of my bonus pay was lofted into taxable accounts, but those days are over.

 

[aaronc879]

After reading this thread, I feel so poor!! My salary will never hit six figures.

You all have done really well.

It's all relative. You feel poor but probably nearly double my income. I know many people who would love to have my $45K/yr income. In my family, i'm the one with a "high income". My income nearly doubles my brothers, cousins and several of my friends'(all in their 20's and 30's). It's all relative. Just LBYM, whether you make $20k or $200K

 

[Moemg]

(for 1 child but this amount will double since kid #2 is due in Dec. )Not incl. employer matches on the RRSP's, we save almost 40% of our gross income. We're putting a lot in cash right now since I'll be going on maternity leave in Nov. for one year (and not sure yet if I'll be going back to work at the end of it).

Congratulations !

 

[SecondCor521]

It varies, but north of 30% of gross at the moment. Bulk of that is going into the 401(k), with some going to kids' 529s/ESA's and some going to a taxable account.

2Cor521

 

[freebird5825]

It's all relative. You feel poor but probably nearly double my income. I know many people who would love to have my $45K/yr income. In my family, i'm the one with a "high income". My income nearly doubles my brothers, cousins and several of my friends'(all in their 20's and 30's). It's all relative. Just LBYM, whether you make $20k or $200K

I agree completely. Cut expenses and be so much happier.
My FIRE total gross income is just about half my pre-FIRE gross income. Only because one of those income sources was not affected by FIREing. It really made no sense to keep w*rking, because my earned income (salary) was destroyed by payroll deductions and taxes. The more you make...the more they take.

 

[Ronstar]

2008:

1) Cash / Investment $40k
2) Retirement (401k, IRA..) $23k

Saved 34.4% of Gross Income

 

[Alan]

This is our last year accumulating.

I looked back over the last few years as I do do keep track of saving for ER as a % of income and it was running at ~50% thru' 2007 when last child graduated and it was 62% in 2008 and running at 65% ytd 2009.

 

[UncleHoney]

Even retired we are averaging 37% savings of our gross and half of that is tax deferred.

If I really get greedy I could kick it up a notch to 49% by taking SS. But I'm not going to do that .............. I'm waiting till it's even more.

 

[Finance Dave]

Cash = $2k (to emergency fund)

Retirement = $45k of our money + $16k from company match/cash balance pension. This $61k is spread among IRA, 401k, cash balance plans, etc.

Investments = $0 (our investments ARE retirement savings)

Kids = no children

Play money = $2k (we save for hobbies/fun/vacations, although this is spent the following year) We just increased our savings for this because our 15 year anniversary is in 2011 and we want to go somewhere nice/expensive, like Hawaii or Germany.

 

[aaronc879]

Even retired we are averaging 37% savings of our gross and half of that is tax deferred.

How do you contribute to tax deferred savings if you have no earned income? Can you put pension income into an IRA?

 

[UncleHoney]

How do you contribute to tax deferred savings if you have no earned income? Can you put pension income into an IRA?

All the interest earned in tax deferred accounts is tax deferred too, even though I don't make any contributions.