What % of your income are you saving for retirement?

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Re: What % of your income are you saving for retirement?

Postby scrabbler1 » Fri Feb 08, 2013 1:01 pm

Before I paid off my mortgage in 1998, I was saving in the 30%-40% range most of the time. After I paid off my mortgage, I was saving in the 40%-60% range. I am excluding major outlay years such as buying a new car or paying down the mortgage. I retired in 2008 at age 45.
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Re: What % of your income are you saving for retirement?

Postby crowd79 » Fri Feb 08, 2013 2:23 pm

Taxes: 7.65% Federal payroll taxes + 4.25% State = 11.90% of income
Health & dental: 5%
Retirement savings: 30.10%
Budgeted: 40%
Discretionary/travel (vacations): 13%

Zero Fed income tax liability due to excessive retirement contributions & maxing out all deductions and max Savers Credit.
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Re: What % of your income are you saving for retirement?

Postby Cellardoor621 » Fri Feb 08, 2013 2:24 pm

Looks like about 35% of my gross, but that includes matching contributions from work, so that's artificially a bit high. Counting only extra student loan payments and savings into tax advantaged accounts. I don't make enough to max out my 401k, so no non-tax sheltered investments to speak of.
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Re: What % of your income are you saving for retirement?

Postby stingray5688 » Fri Feb 08, 2013 2:40 pm

Wow. I think some of yall just get paid too much.
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Re: What % of your income are you saving for retirement?

Postby papito23 » Fri Feb 08, 2013 3:11 pm

0% (in grad school)

I don't expect to get within spitting range of all these folks for a long while. I'd like to (and will have to) spend on things that make the most of the years with a young kid(s). Don't ever get those years back - daughter is already 18 mos old.
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Re: What % of your income are you saving for retirement?

Postby Grt2bOutdoors » Fri Feb 08, 2013 3:19 pm

stingray5688 wrote:Wow. I think some of yall just get paid too much.


I think we work hard for it or did you skip the part where I wrote it takes sacrifice.
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Re: What % of your income are you saving for retirement?

Postby serbeer » Fri Feb 08, 2013 3:38 pm

34% of gross, 45% of net income
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Re: What % of your income are you saving for retirement?

Postby Sunflower » Fri Feb 08, 2013 3:42 pm

stingray5688 wrote:Wow. I think some of yall just get paid too much.


Trust me, I don't -- I'm below median for my town. I knew I would never be able to afford a home in the SF Bay Area so I have no mortgage and no money to buy one outright but have healthy retirement accounts. But while I may have a nice amount in a 401(k)/Roth IRA I may be backing myself into a corner if I want to buy elsewhere. I believe I will ultimately move to a lower cost area in retirement where homes are affordable. But all my money will be tied up in those retirement accounts, so I'm not sure how to go about buying. This has me wondering and questioning. :annoyed
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Re: What % of your income are you saving for retirement?

Postby awval999 » Fri Feb 08, 2013 3:48 pm

15% 403b (maxes out)
3% 403b match
~4% Roth IRA
2.5% 401a contribution
-------------------------
~24.5% total (self + workplace; a mix of pre and post tax)
----------------------------------
+ 12% student loan payments
+ 28% net effective total taxes
-------------------------------------
I spend the rest
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Re: What % of your income are you saving for retirement?

Postby Meg77 » Fri Feb 08, 2013 3:48 pm

I've been maxing out my 401k for a few years now, but since my income varies the percentage of savings toward retirement has varied as well. At it's most simplistic my base salary is $101K and so I save 17.3% of my income toward retirement. Of course that doesn't include employer matcing, rental property amortization (properties are held for retirement income), or any other savings/investments/business interests.
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Re: What % of your income are you saving for retirement?

Postby zaboomafoozarg » Fri Feb 08, 2013 4:13 pm

stingray5688 wrote:Wow. I think some of yall just get paid too much.


Maybe by Arkansas standards :wink:
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Re: What % of your income are you saving for retirement?

Postby ryuns » Fri Feb 08, 2013 4:16 pm

Never done the math. Let's see.

~24% 401k/403b (I get both, for some reason, so no worries about contribution limits)
~8% for pension (roughly matched, in theory)
~15% of net for Roth

8% of gross for taxable savings (new car, vacations, etc).
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Re: What % of your income are you saving for retirement?

Postby JuanZ » Sat Feb 09, 2013 1:43 am

Was 40% of gross. Dear wife, not that much. I'll get laid off in June, so most is going to emergency fund now.
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Re: What % of your income are you saving for retirement?

Postby radchad3 » Sat Feb 09, 2013 2:00 am

Not sure how everyone calculates their percentages but I take the total amount saved (pre and post tax) and divide it by our W-2's. Calculating it this way gave us about 42% savings rate for 2012.
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Re: What % of your income are you saving for retirement?

Postby rr2 » Sat Feb 09, 2013 2:20 am

radchad3 wrote:Not sure how everyone calculates their percentages but I take the total amount saved (pre and post tax) and divide it by our W-2's. Calculating it this way gave us about 42% savings rate for 2012.

Which Box of the W2 do you use? Box 1 usually excludes pre tax 401k contributions and health insurance premiums and other pre tax deductions. If so you are calculating as fraction of net income. If you use Box 3 that is likely to be closer to your gross income.

I calculate everything as a fraction of gross income. To the gross income I add any employer 401k contributions.
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Re: What % of your income are you saving for retirement?

Postby radchad3 » Sat Feb 09, 2013 2:42 am

I have been using box 1. I see what you are saying about using box 3 though. That is the only thing about these types of threads. The percentages can vary wildly depending on the numbers used. I wish there was a standard so we could truly compare apples to apples.
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Re: What % of your income are you saving for retirement?

Postby 555 » Sat Feb 09, 2013 3:26 am

radchad3 wrote:"Not sure how everyone calculates their percentages but I take the total amount saved (pre and post tax) and divide it by our W-2's. Calculating it this way gave us about 42% savings rate for 2012."

rr2 wrote:"Which Box of the W2 do you use? Box 1 usually excludes pre tax 401k contributions and health insurance premiums and other pre tax deductions. If so you are calculating as fraction of net income. If you use Box 3 that is likely to be closer to your gross income.
I calculate everything as a fraction of gross income. To the gross income I add any employer 401k contributions."

radchad3 wrote:"I have been using box 1. I see what you are saying about using box 3 though. That is the only thing about these types of threads. The percentages can vary wildly depending on the numbers used. I wish there was a standard so we could truly compare apples to apples."

My W2 represents essentially all my income, but if I used Box 1, I'd get about 165%
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Re: What % of your income are you saving for retirement?

Postby rr2 » Sat Feb 09, 2013 5:24 am

radchad3 wrote:I have been using box 1. I see what you are saying about using box 3 though. That is the only thing about these types of threads. The percentages can vary wildly depending on the numbers used. I wish there was a standard so we could truly compare apples to apples.

Economists use Disposable Personal Income (DPI) which is defined as Personal Income minus Personal Taxes. The Savings rate is then determined as a fraction of DPI.

See: http://www.bea.gov/about/pdf/Alternativ ... 121404.pdf
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Re: What % of your income are you saving for retirement?

Postby ragabnh » Sat Feb 09, 2013 11:55 am

Age 56 save around 67% of Gross, will retire in 1.5 years at almost 58.
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Re: What % of your income are you saving for retirement?

Postby KWu » Sat Feb 09, 2013 3:46 pm

In most years, I save between 20 and 25% of gross income. In the years that I'm deployed, closer to 80% of gross income. Got to have a little left over to play with when I get back home. :D
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Re: What % of your income are you saving for retirement?

Postby Wooderson » Sat Feb 09, 2013 4:04 pm

~36% in 2012. Anticipating 45% in 2013 due to less income.
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Re: What % of your income are you saving for retirement?

Postby Garco » Sat Feb 09, 2013 4:14 pm

This isn't straightfoward to answer. My "saving" is divisible into two main components.

(1) I've invested about 15% of my gross, pre-tax income for 35 years, in my workplace 401K's. In addition, in the last 10 years, I've invested an additional approximately 5% of my gross income in other tax advantaged vehicles (about 10% the last two years -- so total invested is about 25% of my gross now). Combined, despite several rough episodes in the market, my 401K's have me set for retirement in a few years.

(2) In addition to this I saved about 5% of my gross income to pay for my kids' college educations -- but this money was spent out, and after the kids finished college I diverted the savings into tax advantaged investments (mentioned above).

I could add to this that I've paid off my home mortgage, and so I could count my house as another significant investment. And if you want to get even fancier in the calculation, you could say that the money that I paid into Social Security has been a pretty darn good investment in a lifetime COLA annuity that I will soon activate. Not everybody automatically contributes to SS, btw. My brother, who had a great job for many years working at a special federal facility, has a very fine COLA defined benefit plan, but he did not pay into SS.
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Re: What % of your income are you saving for retirement?

Postby stoptothink » Sat Feb 09, 2013 4:43 pm

Sunflower wrote:
stingray5688 wrote:Wow. I think some of yall just get paid too much.


Trust me, I don't -- I'm below median for my town. I knew I would never be able to afford a home in the SF Bay Area so I have no mortgage and no money to buy one outright but have healthy retirement accounts. But while I may have a nice amount in a 401(k)/Roth IRA I may be backing myself into a corner if I want to buy elsewhere. I believe I will ultimately move to a lower cost area in retirement where homes are affordable. But all my money will be tied up in those retirement accounts, so I'm not sure how to go about buying. This has me wondering and questioning. :annoyed



In the same boat. I took a significant pay cut to move to move the end of last year, had to do it because of a life changing event. Now maxing out my 401k, Roth, and HSA (I include this considering I haven't spent a penny on healthcare outside of premiums in about 8yrs) is nearly 40% of my net income; you can do the math. Last year I was able to put around 60% towards retirement. Until I start a family a home isn't even a remote possibility, but I have become very accustomed to living with several roommates and it helps me keep up the savings.
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Re: What % of your income are you saving for retirement?

Postby Sbashore » Sun Feb 10, 2013 1:03 pm

I'm retired now but my last year of work I saved 39% of gross household income. That was 2005.
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Re: What % of your income are you saving for retirement?

Postby 260chrisb » Sun Feb 10, 2013 1:09 pm

For me it's not about the percentage as I'm furtunate to be able to save the maximum available in a 401K and a Roth.
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Re: What % of your income are you saving for retirement?

Postby Toons » Sun Feb 10, 2013 1:11 pm

When I was aggressively pursuing saving and investing for retirement I set a goal of 35-40%.
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Re: What % of your income are you saving for retirement?

Postby kamo » Sun Feb 10, 2013 10:19 pm

Sunflower wrote:
stingray5688 wrote:Wow. I think some of yall just get paid too much.


Trust me, I don't -- I'm below median for my town. I knew I would never be able to afford a home in the SF Bay Area so I have no mortgage and no money to buy one outright but have healthy retirement accounts. But while I may have a nice amount in a 401(k)/Roth IRA I may be backing myself into a corner if I want to buy elsewhere. I believe I will ultimately move to a lower cost area in retirement where homes are affordable. But all my money will be tied up in those retirement accounts, so I'm not sure how to go about buying. This has me wondering and questioning. :annoyed


Keep renting. Unless there are non-financial reasons you wish to own a home.
He who knows he has enough is rich. Lao-Tzu
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Re: What % of your income are you saving for retirement?

Postby jon-nyc » Sun Feb 10, 2013 10:37 pm

Haven't computed it exactly yet but I tend to split 3 ways: 1/3 for the tax man, 1/3 for saving, 1/3 for expenses.
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Re: What % of your income are you saving for retirement?

Postby crowd79 » Sun Feb 10, 2013 10:40 pm

kamo wrote:
Sunflower wrote:
stingray5688 wrote:Wow. I think some of yall just get paid too much.


Trust me, I don't -- I'm below median for my town. I knew I would never be able to afford a home in the SF Bay Area so I have no mortgage and no money to buy one outright but have healthy retirement accounts. But while I may have a nice amount in a 401(k)/Roth IRA I may be backing myself into a corner if I want to buy elsewhere. I believe I will ultimately move to a lower cost area in retirement where homes are affordable. But all my money will be tied up in those retirement accounts, so I'm not sure how to go about buying. This has me wondering and questioning. :annoyed


Keep renting. Unless there are non-financial reasons you wish to own a home.


By the looks of it, I know I'll keep renting since after doing various home vs rent calculators, I very well could do better renting long term if I invest the extra costs, mortgage interest, insurance, and upkeep of a home into my retirement accounts instead, and free from the stress and responsibilities of ever owning and being tied down to a house.
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Re: What % of your income are you saving for retirement?

Postby af895 » Sun Feb 10, 2013 11:05 pm

Mid-late 30's here, started late. Finally nixed the student loan a bit over a year ago.

As percentages of gross income:
~13% forced savings via employer pension plan contributions.
~25% personal self-managed savings.

That's a little over 50% of my after tax income saved.

No kids, no mortgage, spouse also works and manages her own savings.
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Re: What % of your income are you saving for retirement?

Postby Random Musings » Mon Feb 11, 2013 4:43 pm

28% of gross income and about 42% of after-tax income.

To get to these levels (for a lot of people on this board), it typically means you are not keeping up with the Jones's in everything.

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Re: What % of your income are you saving for retirement?

Postby kamo » Mon Feb 11, 2013 5:01 pm

21% in 2012. 20-25% is our happy zone where we feel we're saving enough for retirement and spending enough today.
He who knows he has enough is rich. Lao-Tzu
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Re: What % of your income are you saving for retirement?

Postby skylar » Mon Feb 11, 2013 9:21 pm

crowd79 wrote:
By the looks of it, I know I'll keep renting since after doing various home vs rent calculators, I very well could do better renting long term if I invest the extra costs, mortgage interest, insurance, and upkeep of a home into my retirement accounts instead, and free from the stress and responsibilities of ever owning and being tied down to a house.


I'm in the same boat. The way I look at it is that even if owning house makes financial sense, it's still a lot of work and a general pain in the butt. If owning doesn't even make financial sense, what exactly is the point of owning?

That reminds me - the dryer is acting up again. Better call the landlady. :)
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Re: What % of your income are you saving for retirement?

Postby yeledbed » Tue Feb 12, 2013 2:06 am

Around 40-50%, age 33. I max my 401(k) and back door Roth and throw another $30-40k in taxable. My goal is to at least semi-retire by 45. Having no kids and relatively cheap rent (in a high cost area with high salaries) makes this easier for me than others. The key is I've always saved my raises instead of increasing my standard of living.
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Re: What % of your income are you saving for retirement?

Postby mcblum » Tue Feb 12, 2013 12:06 pm

This is strange, I am retired and also have a full time job. I am investing about 100% of my salary take home and living off my pension.
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Re: What % of your income are you saving for retirement?

Postby peppers » Tue Feb 12, 2013 12:16 pm

About 40% The wife and government take the rest.
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Re: What % of your income are you saving for retirement?

Postby StillTired » Wed Feb 13, 2013 3:12 pm

Depending on if you consider employer matching (and the subsequent increase in salary) we save from 20-24% for retirement.

We're in our mid 30s and fully paid off our home this year. The "extra" percentages had been going towards that (paid off in 11 years). Now, for the next few years we're saving for some home remodelling (around 9% of income). In 3.5 years our first child will enter college and that 9% of income will be redirected towards college expenses for her. Four years after that our second child will be ready for college and that money will then go to him (hopefully she'll be done). THEN we'll have several years to beef up retirement savings until it's time for number 3 (not yet born) to go to college!

We've been saving a minimum of 15% since our mid-20s. The "extra" at that time was saving for our home downpayment. We upped the percent when we hit 30 by adding Roths into the mix. As a single income family, I *wish* we had extra space for tax advantages retirement savings!
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Re: What % of your income are you saving for retirement?

Postby Hub » Wed Feb 13, 2013 4:39 pm

Only the bogleheads could make me feel uneasy with my mere 24% of gross retirement savings rate! Early 30's.

I'm not yet maxing all available tax advantaged space, though once I do, I honestly think that will be plenty. Running the numbers I feel comfortable that 25 more years of my exact same savings amount will be sufficient for an early retirement.
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Re: What % of your income are you saving for retirement?

Postby crowd79 » Wed Feb 13, 2013 7:16 pm

Hub wrote:Only the bogleheads could make me feel uneasy with my mere 24% of gross retirement savings rate! Early 30's.

I'm not yet maxing all available tax advantaged space, though once I do, I honestly think that will be plenty. Running the numbers I feel comfortable that 25 more years of my exact same savings amount will be sufficient for an early retirement.


No worries, you're doing far better compared to the sad truth of the majority in this country:

http://www.dailyfinance.com/2012/10/15/17-frightening-facts-about-retirement-savings-in-/

Feel better? :D
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Re: What % of your income are you saving for retirement?

Postby sls239 » Thu Feb 14, 2013 12:00 pm

Just over 20%. But we've done it since we got out of college.
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Re: What % of your income are you saving for retirement?

Postby fkampere » Thu Feb 14, 2013 12:01 pm

45% gross without including company match so another 7%
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Re: What % of your income are you saving for retirement?

Postby Hub » Thu Feb 14, 2013 12:17 pm

crowd79 wrote:No worries, you're doing far better compared to the sad truth of the majority in this country:

http://www.dailyfinance.com/2012/10/15/17-frightening-facts-about-retirement-savings-in-/

Feel better? :D
No! :o
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Re: What % of your income are you saving for retirement?

Postby 555 » Thu Feb 14, 2013 1:04 pm

crowd79 wrote:"No worries, you're doing far better compared to the sad truth of the majority in this country:

http://www.dailyfinance.com/2012/10/15/17-frightening-facts-about-retirement-savings-in-/

Feel better? :D"


I'm now less concerned about inflation.
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Re: What % of your income are you saving for retirement?

Postby Norton750 » Thu Feb 14, 2013 7:40 pm

Over the past 25 years (raising two kids) we've averaged 22% of gross earned income and 31% of net earned income saved for retirement.

More recently (mortgage paid off, empty nest) we've averaged 46% of gross and 60% of net.

We live well within our means (obviously) but the saving has not been burdensome. We had a custom house built 30 years ago, we buy new cars (with cash, and drive them forever), we put one kid through private high school and both kids through private college, etc. But in many ways our tastes are fairly simple and we have never worried about keeping up with the Joneses.

FWIW: I add all of our earned income (including 401k contributions) to calculate our gross earned income. Then subtract Federal, State, FICA and Medicare taxes to get net earned income. Income taxes have averaged 30% over the 25 years. I don't include employer match in any calculations.
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Re: What % of your income are you saving for retirement?

Postby mgcfo » Thu Feb 14, 2013 7:51 pm

About 26% to retirement accounts
About 7% to after-tax accounts I'll never touch till after retirement
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Re: What % of your income are you saving for retirement?

Postby SC Hoosier » Thu Feb 14, 2013 9:39 pm

Wow. I am so impressed with all the saving going on here. And to know that it is being invested as Mr. Bogle would is great. I wish these numbers were more prevalent in society today.

I am at 44.44%. Exciting stuff.

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Re: What % of your income are you saving for retirement?

Postby dad2000 » Thu Feb 14, 2013 10:55 pm

About 25% of net.

Still raising three grade school kids, but just finished paying off the house and funding the 529s.

Plan to save 60% of net going forward, and hopefully retire in 10 years.
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Re: What % of your income are you saving for retirement?

Postby Paul78 » Thu Feb 14, 2013 11:35 pm

24 yo

6.2% ss
1.45% medicare
.8% pension plan
.003% life insurance
12.9% federal tax
4.5% state tax

15.6% rent
2.6% (cable/internet utilities)
3.3% food
2.8% gas/car insurance

14.35% miscellaneous (entertainment/vacation/car repairs ect)

19.4% tsp
6.1% ira
10% checking account

10k raise next year. Decent % will go towards health insurance (still under parents for the rest of the year) rest will go into checking account.

then I will get a 1k raise every other year. That will again go into the checking account.

If checking account ever gets too big I will increase my investments. But it is only 20k at the moment and it will be used for multiple things
- buying a car in the next year or two (15-20k)
- a second car (8-10 years away 20-25k)
-down payment for a house (100k will be 5-10 years away)
-emergency fund (50k)
-grad school (30k)

thus it is probably 13-15 years before I will start investing in retirement funds (besides the current 17.5k a year in tsp and 5.5k in ira).
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Re: What % of your income are you saving for retirement?

Postby radchad3 » Thu Feb 14, 2013 11:53 pm

Thought I would repost with my more accurate figures:

% of full gross income including retirement funding and passive income: 33.94%
% of net (after taxes): about 46%
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Re: What % of your income are you saving for retirement?

Postby floydtime » Fri Feb 15, 2013 4:56 pm

51.4% last year with some capital improvement costs.
75.7% this year barring anything unexpected.
"Do not value money for any more nor any less than its worth; it is a good servant but a bad master" - Alexandre Dumas
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