Late 30s, single. I max out 401k, HSA, ESPP ($25k), auto-contribute $2k monthly to an index fund, and pay down over $1300 in mortgage principal every month (two properties). I view all of that as going towards my retirement. On top of that I can save about 5k per month which goes to buying more real estate. Make about 300k in work compensation and 50k in passive income.
Late 30s, single. I max out 401k, HSA, ESPP ($25k), auto-contribute $2k monthly to an index fund, and pay down over $1300 in mortgage principal every month (two properties). I view all of that as going towards my retirement. On top of that I can save about 5k per month which goes to buying more real estate. Make about 300k in work compensation and 50k in passive income.
2023 update. I'm 38, single, live in Brooklyn and make $200k as an executive speechwriter. I rent, have maxed out Roth since 22 and have maxed out 401 for the last two years. I'm slowly saving enough to put in a downpayment on a place, either in NYC or in the suburgs. Problem is, jobs like mine are mostly in cities. Ideally, I could find an executive writing gig with big pharma in the suburbs, and move there
Umm hate to be the bearer of bad news but $200k is over the income limit to contribute to a Roth IRA
oh, is it? Just got this job with the pay increase. good to know. I guess i'll keep maxing out the 401k and start investing to some index funs
35 years old, single, make about $75k, live in a low cost of living area.
I max out 401k, Roth IRA, HSA, plus will be putting about $13k toward mega back door Roth IRA. Comes out to approximately $3600/month.
Only debt is mortgage with about $85k left on it.
how do you save that much while making $75k? granted, I live in NYC, and not in a low cost of living area, and it probably doesn't help that I love eating out 5 days a week
Just curious. What's your age, gross annual salary, and how much are you putting away strictly for retirement each month (regardless of where that money came from, investment vehicles, etc.)?
35 years old, single, make about $75k, live in a low cost of living area.
I max out 401k, Roth IRA, HSA, plus will be putting about $13k toward mega back door Roth IRA. Comes out to approximately $3600/month.
Only debt is mortgage with about $85k left on it.
how do you save that much while making $75k? granted, I live in NYC, and not in a low cost of living area, and it probably doesn't help that I love eating out 5 days a week
I probably spend $500 a week, ($2000 a month) on foood
Age 52. Wife makes 75K per year. I make 215K. Max out my 401K at 27K. Company match is 7% so another 15K. Wife puts in 30% of her salary and gets a 9% match. So together we put around 65-70K per year into our 401K plus I also mix with a Roth 401K. We also do a backdoor Roth conversion each year of 6K each. Deposit into a nearly empty IRA, then immediately convert it to a Roth. We have 2.4M currently in 401ks, Roths, etc. Also 900K in home equity. We paid completely for kids college and private schools.
The key to being a high saver is to live below your means, especially when it comes to housing and cars. A lot of people over buy their house. Its understandable that people want the best schools for their kids but people would be better off spending less on housing and paying separately for private schools. We live in a rural area with a lower cost of living, and no state income tax. Other things are every time you get a promotion don't raise your living standard too much. Plan on your income being what it is forever, don't expect your situation to change or some eventual windfall because its highly unlikely that will happen.
24, income varies from 150k to 300k. This year was closer to the latter. I have my Robinhood set up to invest $500 every trading day into VOO. My uninvested cash is collecting 3.75% APY also through Robinhood, which seems incredible to me since interest rates have been so low my entire adult life. As I’m paid annually, I know theoretically I should just put every dollar I plan to save into the market as soon as possible, but I find this system mentally easier. Either
A- the market climbs back and I’m glad I at least got some shares cheap, or
B- the market tanks and I’m glad I have some cash left over
Sharing even though I’m way behind many of the posters in this thread.
I spent most of my 20s working lower paying jobs and internships, pursuing a grad degree that I didn’t even use, and generally being a depressed mess. My one saving grace was that I didn’t go into debt for that degree (combo of a scholarship and work savings from living at home with the parents for 2 years after undergrad). I didn’t get a job with a 401k until I was 28 and didn’t start investing outside of that retirement account until I was 30, so I missed most of the bull run of the 2010s.
I just turned 33 and I currently make $80k and put 16% into a 401k (12% of my salary + 4% match). I have been bumping up the total contribution by 1% each year and will keep doing so as long as I reasonably can. I also sock away any excess funds into my brokerage account and a recently opened Roth IRA. I am in line for a promotion in early 2023, which should give me enough extra income to start saving for a house down payment.
Current totals: ~$12k in taxable brokerage ~$52k in retirement accounts (401k and Roth IRA combined).
Not amazing, but far ahead of where I was just a few years ago. My goal is to to hit $100k in savings by 35, which seems within reach as long as the market doesn’t crater (knock on wood). I often wonder how much better off I’d be had I started at 22 and rather than 28, but I also think I’m a better person for having taken the path that I have.