If you want to retire by 65, you should be saving at least 20% of your gross income (starting at 20yo).

Also you're wrong about that -

Maximum yearly employee contribution 401(k), 403(b),

457 or Government TSP (under age 50) - $18,000

Maximum total contribution 401(k), 403(b)

(cannot exceed 100% of employee salary) - $53,000

https://www.irs.gov/uac/newsroom/irs-announces-2016-pension-plan-limitations-401-k-contribution-limit-remains-unchanged-at-18-000-for-2016

Wnkiedinkie wrote:

Lots of bragging on this thread. 99% of you are full of crap

Why do you say that? I don't see anything off the charts posted in this thread. I don't think it is that uncommon for people in their 30s - 40s to be making at or near 6 figures and have 300 - 600K in their retirement fund.

Runners tend to be college educated and have decent jobs. Heck, I don't even have a college degree and I am at the level of income and savings that several others have posted here.

Anyways, what good does bragging do if you are posting anonymously? I think people genuinely do not know how they stack up against their peers when it comes to retirement savings.

X-Runner wrote:

Why are so many people focused on retiring as young as 65?

Much easier to enjoy life going for 70+ retirement age.

And if your mind is sharp, you are still productive and are making good money at age 65 why would you want to stop making money?

Five additional years of making money without draining your savings is a huge plus.

Money has little meaning when you die as well as saying I worked into my 70's. The window is tight for the balance of a quality of life to live and enjoy all the experiences the world offers prior to getting to the point your immobile and cannot do the things you want.

Retire when your ready and able to financially but don't think that in your 70's you will be doing what you could have done in your 60's.

mixed and matched wrote:

Wnkiedinkie wrote:

Lots of bragging on this thread. 99% of you are full of crap

It's the Letsrun way.

Here are the averages for this very exclusive website:

Straight As, elementary through college

SAT/ACT in the 98th percentile

4:05 mile (4:16 in high school), 13:55 5K, 1:04:40 half marathon

Income $250K at 25, $400K at 35

House at $600K (paid off in 6 year), plus a condo in Aspen or Vail

2nd wife and a mistress by 40

There's nothing spectacular listed on this thread in terms of income, savings, etc. The salaries and assets listed are pretty normal for people in their 30s-40s who are in one or another part of the American middle class. I wouldn't think of any of this as bragging and the fact that you guys do probably says more about you than about the posters you're commenting on.

Murder Dubs wrote:

mixed and matched wrote:

It's the Letsrun way.

Here are the averages for this very exclusive website:

Straight As, elementary through college

SAT/ACT in the 98th percentile

4:05 mile (4:16 in high school), 13:55 5K, 1:04:40 half marathon

Income $250K at 25, $400K at 35

House at $600K (paid off in 6 year), plus a condo in Aspen or Vail

2nd wife and a mistress by 40

There's nothing spectacular listed on this thread in terms of income, savings, etc. The salaries and assets listed are pretty normal for people in their 30s-40s who are in one or another part of the American middle class. I wouldn't think of any of this as bragging and the fact that you guys do probably says more about you than about the posters you're commenting on.

Don't you think it's 1%? And 1% is *average*? That's the point. And yeah, I'm way off the curve (a pure loser by letsrun standards):

B+ average in high school and college

4:25 mile (5:20 in high school); 15:20 5K, 1:11 half marathon

Income $3K at 25 (in school for 6 mo; internship for 2 mo; entry level pay for 3 mo, 1 mo bumming around/getting ready for grad school); $10K at 35 (PhD stipend) [didn't start making consistent wages until late 30s, 1st jobs as a post doc paid $30-40K.]

1 wife, no mistress, some kids, and a fat mortgage

lease wrote:

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.

Right but all the desk jockeys in the world have not have the positive influence on humanity that you have had.

Just because you chose a path that doesn't pay well until later in life, or at all maybe, doesn't mean everyone else is bragging. That was your decision.

While still a good income, $100K isn't what it used to be.

53

750K income

2.5M home, no mortgage

4M in savings

Retire at 62

Jesus, your company contributions are extremely generous

Anyways, check out the forums on mrmoneymustache.com

no bragging wrote:

Just because you chose a path that doesn't pay well until later in life, or at all maybe, doesn't mean everyone else is bragging. That was your decision.

While still a good income, $100K isn't what it used to be.

Just saying the top 1% is not average, and there tends to be a higher than expected self-valuation on this website. Financially you could expect a higher portion in the top 10%, but not 9/10 posters.

Running-wise I'd expect to see a high number of 1%ers here but 1% in reality is 15s for 5K, but by letsrun standards it's more like 13:30 (see Statman Crothers PR list).

Not for a second to I believe the average test scores self reported in threads--look at the grammar and such on this site! A bunch of semi-educated buffoons here. Median education level, sophomore in college with a 2.6 GPA is more like it!

That said, I still make 30% more than median income in my field for my locale. But good for you if you make $500K a year and retire at 42 so you can do tris in Kona.

Run the math. It works outs for sane numbers. As I said the big deal is that few people save for 40+ years. Most don't start until 30 AND then have periods of unemployment (double whammy of spending savings and not adding to them) and retire at 62. The difference between 40 and 30 years is pretty darn huge when looking at compounding.

mixed and matched wrote:

How can a family of 4 make it on $100K or less, save and pay for at least part of the college expenses, and save the 20% advocated here. Other than living in a small apt. and driving old cars which you fix yourself. Or are we not middle class, but paupers?

Easily. You just can't live in NYC or SFO. Get a place where you can buy a 150k house (i.e.

Yeah pretty incredible

Fast 'n Fresh wrote:

More is better, of course.

I guess you are correct if your plan is to travel the world after your retire -or move into one of those all inclusive resort type communities in Florida -or live to be over 100 -or spend nearly as much money in retirement as you did when you were working. If the average LRC person saves 20% of their salary for 45 years, invest wisely, plus pay off their house, they would have a networth of over 2 million dollars. Do you really need that much to retire on? No, the average person can retire comfortably on $750,000, assuming they are healthy and go into retirement with out debt.

Based on your numbers, 90% of Americans are in trouble. The average American does not start saving for retirement until their mid-30s and save 10% at best. Half the people I know don't start seriously saving until their kids are situated, their house is paid off and they have disposable income, which is often in their 50s. Not good, but that's how it usually works.

...you are scaring people

sit and kick wrote:

5% above inflation is currently considered quite optimistic [not pessimistic]

and your 2.4m figure is not inflation adjusted either, nor are you allowing for any periods of unemployment or swimming backwards or health challenges or family struggles that could possibly get in the way.

That said tho 2.4m in 2016 dollars in 2061 wouldnt be the worst thing in the world.

not sure what simulation you're running on the withdrawl phase nor SS estimated payouts but we can all agree they'll be 'fine' I guess. The value of a 2016 dollay in 45 years is about $0.25

so the 2.4m is closer to $600k in todays dollars. And if you look at those retiring today/boomers, thats still doing far better than they are.

bogleheads/firecalc are pretty good sources for info imho

First, the Ret. Calc. DOES include inflation. It is stated there in my post at 3%. You clearly did not look at the calculator before giving people MORE of your opinion.

Second, I realize that we cannot count on the RoR before Ret, or the RoR after Ret., or the Income Increase, or Inflation, or whether you can work non-stop for 30 or 40 or 50 yrs. But in all scenarios you have to make assumptions, and ALL of those assumptions were very realistic, not optimistic. I listed them in the post:

"These are all VERY LOW or conservative estimates. You are likely to make more than $40K, likely to average more than 2% long term raises, and those rates of return are pretty conservative."

Again, You clearly did not read the post or work with the calculator before giving people MORE of your opinion.

Third, I experienced a 9.51% return on my worst mutual fund (out of 6) over the last 10 yrs. This includes four years of negative returns, some of which were steep (like 2008, 2009, 2011 and 2015). The long-term average is closer to 11%.

Also, my opinion is based on doing this for 30 yrs. How old are you? The way you lecture people on fundamentals (that everyone gets besides the Brojos) makes it look like you are 25 and you just started a 401k.

Again, you have to make an assumption when you are doing retirement or investment planning. That is why you plan for the worst.

If a person (you won't do it because you want to make sure that you continue to tell people about something you don't understand) uses more mainstream numbers in the calculator you will get $8M, or $10M, or more.

My point was not to show anyone that they don't need to save 20%, but that the OP's post about how you would "have to" save 20% from age 20 to 65 at least, IS FALSE. And it can be proven FALSE.

mixed and matched wrote:

How can a family of 4 make it on $100K or less, save and pay for at least part of the college expenses, and save the 20% advocated here. Other than living in a small apt. and driving old cars which you fix yourself. Or are we not middle class, but paupers?Easily. You just can't live in NYC or SFO.

Read more:

http://www.letsrun.com/forum/flat_read.php?thread=7921200&page=3#ixzz4S6VS4uMF

I have a wife, 2 kids and live in NYC on 100,000 a year. Live within your means.

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

No you are still a jerk who feels the need to brag. How does your mortgage â„… compare to your 401k smart ass

39 years old.

160k salary combined with wifey.

50k in IRA

15k in bank

13k in 401k just started

280k house that's worth about 370'ish now

Rental with 175k equity that I make about 700 bucks a month renting out.

Got a late start but I don't really care because my 20's were amazing.

Am I screwed!?

I'm the 46yo who posted numbers earlier. Definitely not bragging, who the hell am I trying to impress here? I have more saved than most, but know many people with exponentially more. We're all just floating somewhere in the middle somewhere, just like your running accomplishments. I know people who make $100k a year and have no savings who display themselves as wealthy. I also know people worth tens of millions who you'd never knew had money.

For any young guys who are interested in advice, don't keep up with the Jones'. Don't strap yourself with a home that's too large. Don't buy a car that's too expensive because your ahole neighbor did. Take pride in the financial statements nobody else will ever see instead of the other stuff. You'll be just fine. Good luck!