More is better, of course.
More is better, of course.
Could easily get by on 15%.
if your parents paid for your education, you could retire at 55 with 20% savings rate
If you win the lottery you don't have to save any money at all.
I'm 30, have a low-paying job, and about $500 in the bank. No savings, 401k, or investments.
How am I doing? Should I go ahead and kill myself?
Fynanchals wrote:
I'm 30, have a low-paying job, and about $500 in the bank. No savings, 401k, or investments.
How am I doing? Should I go ahead and kill myself?
Well, at least Hillary won..............
rebel rouser wrote:
Could easily get by on 15%.
10% is enough for most middle class (50-100k) people. For a person making 100k, the math works out to something like you get 25k of SS and 50k from the investment and since you don't pay payroll or have to save, you pretty much replace your income.
20% lets you retire after 35 years instead of 40. Getting above average returns and you might be able to bring in the years by 5 years.
The real issue is your odds of working at a high paying job til 65 isn't great. Too many health issue and job losses.
Flagpole's new handle. Fast 'n' Fresh.
I'm 33 and have been saving just in my 401k - 24% a year for the past 10 years. This year I bumped up to 31%.
Or you could just go on vacation now since thanks to all those miles when you are 60 you will either die from your enlarged heart or won't be able to walk because of your bad knees.
I was a track coach for a quarter-century-plus. I have a 401-type thingy (okay, I don't exactly know what it is) with a balance in the very low six figures; and I have about $15k (between checking and savings) in the bank. I turn 65 this spring.
If I'm physically capable, I have to keep working until I croak. Retirement is completely out of the question.
And that's okay, except for the possibility of being long-term disabled at some point. At which time my spouse will need to divorce me (so she has a chance of retaining something) and I'll throw myself on charity.
Cool. I'll quit residency so that I can take a job that will allow me to save. That sounds like a good financial plan.
Don't you have state pensions in America?
Am I doing OK compared to other people 33 y/o?
1. $180k salary (Mine + Spouse)
2. $65k in stocks/mutual funds, $8k checking account, $30k savings account
3. $300k 401k (Mine + Spouse)
4. $25k in an HSA
5. $10k Studen Loan Debt left
6. $230k mortgage on a home valued at $410k
savingssavingssavings wrote:
Am I doing OK compared to other people 33 y/o?
1. $180k salary (Mine + Spouse)
2. $65k in stocks/mutual funds, $8k checking account, $30k savings account
3. $300k 401k (Mine + Spouse)
4. $25k in an HSA
5. $10k Studen Loan Debt left
6. $230k mortgage on a home valued at $410k
I'd say you're way above average. FWIW, my wife and I make about $120k (combined) and we have about $415k in retirement accounts (ages 37,38). She has a bit of student loan debt left (not sure how much), and we owe about $65k on our mortgage. I've got $30k in a checking account as well.
Alright thanks - I don't have anyone to talk to about this and I'm always worried I'm not saving enough.
savingssavingssavings wrote:
Am I doing OK compared to other people 33 y/o?
1. $180k salary (Mine + Spouse)
2. $65k in stocks/mutual funds, $8k checking account, $30k savings account
3. $300k 401k (Mine + Spouse)
4. $25k in an HSA
5. $10k Studen Loan Debt left
6. $230k mortgage on a home valued at $410k
Lucky for you I told your wife I'm not interested in anything serious. You might not be so lucky with her next lover. Get ready to split everything.
savingssavingssavings wrote:
Am I doing OK compared to other people 33 y/o?
1. $180k salary (Mine + Spouse)
2. $65k in stocks/mutual funds, $8k checking account, $30k savings account
3. $300k 401k (Mine + Spouse)
4. $25k in an HSA
5. $10k Studen Loan Debt left
6. $230k mortgage on a home valued at $410k
Yeah, you're doing great. You're ahead of me:
36 y/o
$145 combined income (me + spouse)
$175k 401k
$25k Roth IRA
$20k across checking & savings
$13k in college savings for a 1.5 y/o
And I'm projecting I'll be able to retire by 55 given our current contribution level (just starting maxing out two 401k's). So you're ahead of that, just keep it up.
Save, but enjoy life while you are young. You never know what will happen and we may not even make it to retirement age.
savingssavingssavings wrote:
Am I doing OK compared to other people 33 y/o?
1. $180k salary (Mine + Spouse)
2. $65k in stocks/mutual funds, $8k checking account, $30k savings account
3. $300k 401k (Mine + Spouse)
4. $25k in an HSA
5. $10k Studen Loan Debt left
6. $230k mortgage on a home valued at $410k
You are ahead of 99% of people. Congrats.