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.
wow, what's your job? doctor?
No, just a role on the business side of a tech company. Fairly typical position for someone to be in a few years out of business school (I have classmates who are earning much more who went into finance or other very lucrative areas, but that wasn't for me).
Fellow Atio, I agree with you which is why I bumped flagpole's post from 10 years ago and 5 years ago. With discipline you could be in your 60s and not worry about your finances whatsoever.
I've been able to live on a teacher's salary with a stay home wife (for 12 years) and 2 kids in NYC. Granted , I live in a small apartment but I'm able to retire and with my wife back to work full time (not a high paying job, but decent health care for her and the kids) we cant complain at all.
That guy responded to himself. He was asking me. I spend $100-$150/week on food.
wow that's what I need to do
Thanks for the clarification. For reference, I’m single, retired and spend about 6k per year on food. 95% of meals are prepared at home; eat out and entertain people about once a month.
It doesn’t look like I ever posted on this 2012 thread.
10 years later, I’m over 50 now and haven’t changed my thoughts much on retirement.
That is, I don’t think much about it and don’t intensively plan for it. I’ll work into my 70’s and should be fine living off of my wife’s and my social security plus our home equity. Money from my 401k plus get teacher’s pension will be spending money.
My 401k contributions are only about $10k/year from me plus an equal amount from my employer. I’m far from maxing out. I’m not sure of my current 401k balance. I haven’t checked in a while. I don’t buy any stocks or have any other investments.
I make a decent living and spend a lot of it. I’m about to order a brand new Cadillac, which I will likely keep for ten years. I’m hoping to make some decent money in the next 20 years, and we’ll see how it goes from there. Thinking about retirement is thinking about dying. I’m not thinking about that now.
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.)?
Mid 40s, $210k base, another $100+k bonus
Annually (based on upcoming 2023 federal allowances):
I put away the federal max to my 401k + employer contribs which totals 29k
Employer also contribs to a separate retirement plan for me: 23k
I fund to federal max in HSA and don't touch it (employer puts in $1k, I put in $6750)
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.)?
Mid 40s, $210k base, another $100+k bonus
Annually (based on upcoming 2023 federal allowances):
I put away the federal max to my 401k + employer contribs which totals 29k
Employer also contribs to a separate retirement plan for me: 23k
I fund to federal max in HSA and don't touch it (employer puts in $1k, I put in $6750)
I put $750 / employer puts $750 in RHSP
I no longer contribute to the kids 529.
how much do you having in retirement now? mortgage payment?
Annually (based on upcoming 2023 federal allowances):
I put away the federal max to my 401k + employer contribs which totals 29k
Employer also contribs to a separate retirement plan for me: 23k
I fund to federal max in HSA and don't touch it (employer puts in $1k, I put in $6750)
I put $750 / employer puts $750 in RHSP
I no longer contribute to the kids 529.
how much do you having in retirement now? mortgage payment?
I totally forgot - I also do the old backdoor roth every year. That's $6500 of post tax money. I fully expect that loop hole will be closed soon enough, though.
The 529s can cover 2-3 years of full price all-in college expenses for kids.
In my name, I have about $1M in retirement accounts. Wife has about half that. I have $4k/month mortgage
how much do you having in retirement now? mortgage payment?
I totally forgot - I also do the old backdoor roth every year. That's $6500 of post tax money. I fully expect that loop hole will be closed soon enough, though.
The 529s can cover 2-3 years of full price all-in college expenses for kids.
In my name, I have about $1M in retirement accounts. Wife has about half that. I have $4k/month mortgage
why do you contribute to an IRA? seems like youll have enough in retirement funds already. Why not do a brokerage account or real estate so you have more liquid investments?
I totally forgot - I also do the old backdoor roth every year. That's $6500 of post tax money. I fully expect that loop hole will be closed soon enough, though.
The 529s can cover 2-3 years of full price all-in college expenses for kids.
In my name, I have about $1M in retirement accounts. Wife has about half that. I have $4k/month mortgage
why do you contribute to an IRA? seems like youll have enough in retirement funds already. Why not do a brokerage account or real estate so you have more liquid investments?
It's a backdoor roth. So the money ends up in a Roth rather than a trad IRA. This means once it is in the Roth, all gains and withdrawals are tax free. If I put the equivalent in a personal brokerage account, I would have to pay cap gains. Yes, it is now tied up in a retirement account, but I would save even more annually if I could. Btw, I do also put excess money in my personal brokerage account.
I’m a person who socked away as much as possible in retirement accounts - and now I regret it. Had I just invested more outside the retirement accounts, I could sell stocks and pay zero or 15% fed tax rates on just the capital gains rather than 22% on the whole value. Moreover, what I don’t sell before death would pass to heirs untaxed. Passing my retirement accounts on to heirs, however, will get taxed at their rare rather than stepped up without tax.
I’m a person who socked away as much as possible in retirement accounts - and now I regret it. Had I just invested more outside the retirement accounts, I could sell stocks and pay zero or 15% fed tax rates on just the capital gains rather than 22% on the whole value. Moreover, what I don’t sell before death would pass to heirs untaxed. Passing my retirement accounts on to heirs, however, will get taxed at their rare rather than stepped up without tax.
Roth IRAs were intended to help average working Americans save, but IRS records show Thiel and other ultrawealthy investors have used them to amass vast untaxed fortunes.
I’m a person who socked away as much as possible in retirement accounts - and now I regret it. Had I just invested more outside the retirement accounts, I could sell stocks and pay zero or 15% fed tax rates on just the capital gains rather than 22% on the whole value. Moreover, what I don’t sell before death would pass to heirs untaxed. Passing my retirement accounts on to heirs, however, will get taxed at their rare rather than stepped up without tax.
I’m a person who socked away as much as possible in retirement accounts - and now I regret it. Had I just invested more outside the retirement accounts, I could sell stocks and pay zero or 15% fed tax rates on just the capital gains rather than 22% on the whole value. Moreover, what I don’t sell before death would pass to heirs untaxed. Passing my retirement accounts on to heirs, however, will get taxed at their rare rather than stepped up without tax.
well how much mone do you have in retirement accounts?
My wife and I earn $180k. We have maxed out our 401ks which are valued at $2.5M. Our hous le is paid off. We own our 3 cars. We have $300K in Roths. We have about $800K in stocks and mutual funds and $150K in cash. Our daughter is going to run at an Ivy next year where we will pay $60K. Flagpole paid nothing for his kid because he is only an average saver. Super savers like me get crushed but it is okay.
My wife and I earn $180k. We have maxed out our 401ks which are valued at $2.5M. Our hous le is paid off. We own our 3 cars. We have $300K in Roths. We have about $800K in stocks and mutual funds and $150K in cash. Our daughter is going to run at an Ivy next year where we will pay $60K. Flagpole paid nothing for his kid because he is only an average saver. Super savers like me get crushed but it is okay.
Well done, Brother. You're doing VERY well for yourself and should be VERY proud. MOST people haven't saved NEARLY the amount you have (that's my Flagpole impression)
are you using your stock money to pay for education or do you have 529? Do you have an age that you will retire or are you looking to save a certain amount?
My wife and I earn $180k. We have maxed out our 401ks which are valued at $2.5M. Our hous le is paid off. We own our 3 cars. We have $300K in Roths. We have about $800K in stocks and mutual funds and $150K in cash. Our daughter is going to run at an Ivy next year where we will pay $60K. Flagpole paid nothing for his kid because he is only an average saver. Super savers like me get crushed but it is okay.
Why didn’t the Ivy give her any athletic money? I know they “don’t” but we know how it really works.
