How much were you able to save this year?

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Topic Author
sapper1371
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How much were you able to save this year?

Post by sapper1371 »

Until I was about 35 (5 years ago) I had the mindset that 10% into 401k was “good enough” and tended to spend the rest. Since then I’ve been trying to steadily increase savings and reduce spending. It’s going fairly well to the point where we were able to save about $90k this year (includes all employer 401k and HSA matches) compared to about $30k in 2014.

Anyways, I am sure there are people on this board blowing that number out of the water so just curious what kinds of totals others have had this year? Give me something to shoot for in 5 more years :sharebeer

Of course, it’s all relative and there are many factors to consider but $90k represents about 40% of gross (dual) income.
stoptothink
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Re: How much were you able to save this year?

Post by stoptothink »

Pair of 401ks with matches ~$45k, pair of Roth IRAs $12k, family HSA $7,000, pair of 529s to state deduction max $7840, paid off an extra ~$25k mortgage principal (outside of normal payment), and $30k sitting in a high yield account waiting for January 1st so we can max '20 roths/529s and leave the rest to play games with savings account sign on bonuses...so, ~$125k. Mid 30's, dual income ~$220k/yr. One more year of wife's college tuition, daycare for my son, and house is scheduled to be paid off December '20, and then the real saving can begin.
Topic Author
sapper1371
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Re: How much were you able to save this year?

Post by sapper1371 »

stoptothink wrote: Mon Dec 30, 2019 9:04 pm Pair of 401ks with matches ~$45k, pair of Roth IRAs $12k, family HSA $7,000, pair of 529s to state deduction max $7840, paid off an extra ~$25k mortgage principal (outside of normal payment), and $30k sitting in a high yield account waiting for January 1st so we can max '20 roths/529s and leave the rest to play games with savings account sign on bonuses...so, ~$125k. Mid 30's, dual income ~$220k/yr. One more year of wife's college tuition, daycare for my son, and house is scheduled to be paid off December '20, and then the real saving can begin.
$125k is quite impressive from $220k/yr income with daycare and a mortgage. I still have 1 in daycare and 4 years left on the mortgage so hoping to see some nice jumps still over the next few years.
Monsterflockster
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Re: How much were you able to save this year?

Post by Monsterflockster »

sapper1371 wrote: Mon Dec 30, 2019 8:55 pm Until I was about 35 (5 years ago) I had the mindset that 10% into 401k was “good enough” and tended to spend the rest. Since then I’ve been trying to steadily increase savings and reduce spending. It’s going fairly well to the point where we were able to save about $90k this year (includes all employer 401k and HSA matches) compared to about $30k in 2014.

Anyways, I am sure there are people on this board blowing that number out of the water so just curious what kinds of totals others have had this year? Give me something to shoot for in 5 more years :sharebeer

Of course, it’s all relative and there are many factors to consider but $90k represents about 40% of gross (dual) income.
What percentage one saved might be a better indicator. If you make a million a year a little easier to save 90k than someone who makes 65k.
Last edited by Monsterflockster on Mon Dec 30, 2019 10:14 pm, edited 1 time in total.
cshell2
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Re: How much were you able to save this year?

Post by cshell2 »

About 29K. 19K to 401K, 7K to Roth and the rest to college savings.

I only grossed 50K though. There was another 16K in child support, but I have one kid in private school and another still needing childcare.
Topic Author
sapper1371
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Re: How much were you able to save this year?

Post by sapper1371 »

Monsterflockster wrote: Mon Dec 30, 2019 9:24 pm What percentage can one save might be a better indicator. If you make a million a year a little easier to save 90k than someone who makes 65k.
Quite true. This is why I noted it represented about 40% of gross.
retire57
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Re: How much were you able to save this year?

Post by retire57 »

18% of our pension income. Not bad! :sharebeer
tigers174
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Re: How much were you able to save this year?

Post by tigers174 »

About 45% of a $135k income spread between 401k, HSA, Roths, and 529s. Have a SAHM and 3 kids.
anon3838
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Re: How much were you able to save this year?

Post by anon3838 »

$240K Post Tax Income
$130K Total Saved, includes tax-deferred, post-tax savings, and mortgage principal payments.

54% Post Tax income, but some of that is (obviously) pre-tax...I can't figure out a way to reconcile that so I just track it using the same calc method each year.

Single income. I am grateful it has been a good year.
MathWizard
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Re: How much were you able to save this year?

Post by MathWizard »

Just over 40%, but I paid off the mortgage and the last kid was out of college 2 years ago. It's easier when
you aren't paying for college, and you are out of debt.
stan1
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Re: How much were you able to save this year?

Post by stan1 »

sapper1371 wrote: Mon Dec 30, 2019 8:55 pm Of course, it’s all relative and there are many factors to consider but $90k represents about 40% of gross (dual) income.
That's great! There really isn't much point benchmarking against others on savings rate as its really about your self in the same way as running a marathon. Congratulate your spouse, and maybe do something special you both enjoy that costs a few extra dollars to celebrate your accomplishment. A 30%+ savings rate is more important than anything else discussed on this forum.
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AerialWombat
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Re: How much were you able to save this year?

Post by AerialWombat »

Between Roth IRA, solo 401k, taxable brokerage, and new rental properties, I managed to invest roughly 77% of gross this year. It was kind of shocking to me to tally that all up.

This was the best financial year I’ll ever have. It’s all downhill from here. :beer
Last edited by AerialWombat on Wed Jan 01, 2020 5:54 pm, edited 1 time in total.
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AerialWombat
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Re: How much were you able to save this year?

Post by AerialWombat »

cshell2 wrote: Mon Dec 30, 2019 9:25 pm About 29K. 19K to 401K, 7K to Roth and the rest to college savings.

I only grossed 50K though. There was another 16K in child support, but I have one kid in private school and another still needing childcare.
Now THIS is impressive! Kudos to you for the obvious financial discipline this required.
mtmingus
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Re: How much were you able to save this year?

Post by mtmingus »

So many over 50%!!
Congrats!
Us: 35% saved.
gator15
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Re: How much were you able to save this year?

Post by gator15 »

About 40% of gross income. Think we could have reached 50%, but I don’t think it would change my retirement trajectory much. Eligible for a pension in a few years and when it starts I’m done working.
catlady
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Re: How much were you able to save this year?

Post by catlady »

About 46-47% of gross. Down slightly this year as we decided to divert part of our free cash flow to paying down mortgage principal.
Normchad
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Re: How much were you able to save this year?

Post by Normchad »

40% of gross. That’s a standard yearly goal for us.

However, we are high earners, so it’s really not that hard to do. I’m much more impressed by those who max out their 401Ks and/or Roth’s when they have young families, single incomes, etc.

Congratulations to all of those folks.....
catlady
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Re: How much were you able to save this year?

Post by catlady »

Normchad wrote: Mon Dec 30, 2019 10:32 pm 40% of gross. That’s a standard yearly goal for us.

However, we are high earners, so it’s really not that hard to do. I’m much more impressed by those who max out their 401Ks and/or Roth’s when they have young families, single incomes, etc.

Congratulations to all of those folks.....
Agreed on both counts.
Triple digit golfer
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Re: How much were you able to save this year?

Post by Triple digit golfer »

29% of gross. Had a new HVAC system that cost 5% of gross, otherwise would be more than 1/3 of gross.

We're happy at 25%+.
JakeyLee
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Re: How much were you able to save this year?

Post by JakeyLee »

30% gross here. I'm not happy, given that I'm debt free with only property taxes as my big one time bill. However, I was able to float my nieces a sizebale chunk of cash to stay away from college loans.. Ugh. I'm not complaining, and I'm very gratefull for my life. This is just a new normal for me. Overall I'm extremely okay/satisfied. The youngsters tell me I'm "barista FI". I had to look that up. So for me, instead of relaxing with a low stress part time job, I've kept my high stress job and shifted my resources to helpin out family/friends. We shall see how that pans out. Meh.. I'm happy. That's a rare thing for me when it comes to my finances. Who would have known how much easier it is to give others a bunch of money than it is for me to buy expensive beer? I'm one of those reformed high savers . Thanks for listening... I'll see myself out.
mbasherp
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Re: How much were you able to save this year?

Post by mbasherp »

42k out of 124k gross. It was a slightly disappointing income year, but we still hit 34% gross savings and our ongoing goal is 33%. There always seems to be a way to get it done and we are thankful for that!
CarpeDiem22
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Re: How much were you able to save this year?

Post by CarpeDiem22 »

Gross Income: $28.5K
Savings: $14.5K (50.8% of gross)

Third world. Renters. Couple, with no kids yet. Spending includes international and domestic travel during the year.
AlphaLess
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Re: How much were you able to save this year?

Post by AlphaLess »

CarpeDiem22 wrote: Tue Dec 31, 2019 12:13 am Gross Income: $28.5K
Savings: $14.5K (50.8% of gross)

Third world. Renters. Couple, with no kids yet. Spending includes international and domestic travel during the year.
Upvote and much respect.
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anon3838
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Re: How much were you able to save this year?

Post by anon3838 »

JakeyLee wrote: Mon Dec 30, 2019 11:17 pm 30% gross here. I'm not happy, given that I'm debt free with only property taxes as my big one time bill. However, I was able to float my nieces a sizebale chunk of cash to stay away from college loans.. Ugh. I'm not complaining, and I'm very gratefull for my life. This is just a new normal for me. Overall I'm extremely okay/satisfied. The youngsters tell me I'm "barista FI". I had to look that up. So for me, instead of relaxing with a low stress part time job, I've kept my high stress job and shifted my resources to helpin out family/friends. We shall see how that pans out. Meh.. I'm happy. That's a rare thing for me when it comes to my finances. Who would have known how much easier it is to give others a bunch of money than it is for me to buy expensive beer? I'm one of those reformed high savers . Thanks for listening... I'll see myself out.
You sound like a good person. :beer
HEDGEFUNDIE
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Re: How much were you able to save this year?

Post by HEDGEFUNDIE »

$140k, about 1/3 of my gross.

Could have saved $30k more, but that would have been too much saving, not enough spending.
justcruisin
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Re: How much were you able to save this year?

Post by justcruisin »

Thanks to starting BH browsing 3 years ago, was able to accelerate from 18% (2017) to 42% (2018) to 53% this year (mix of pre- and post-tax savings / gross). Definitely helped that we eliminated our HELOC at the end of 2017 and also significant growth in income combined with slight reductions in spending. We could do much more given that we are a DINK family...but we appropriate a decent amount to discretionary expenses...mostly vacations. Complete max out of all tax deferred space, including 401k and IRA backdoors.
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geerhardusvos
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Re: How much were you able to save this year?

Post by geerhardusvos »

50% or $85k
VTSAX and chill
indycougar
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Re: How much were you able to save this year?

Post by indycougar »

Zero net savings this year:

5 kids (3 teen athletes, 1 pro dancer still needing help, 1 new college grad who's getting married in a few months) cost me all my extra money off close to 200k single income. I am a saver by nature (from my dad) and did save 25% off a great income year in 2017, but nothing this year. Supporting a large and active family is challenging but kind of the point of life. I'm currently rethinking my entire approach to retirement. If I don't significantly increase my income over the next 5-7 years, we'll move from our dream home as kids leave so I can start saving more.
HEDGEFUNDIE
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Re: How much were you able to save this year?

Post by HEDGEFUNDIE »

indycougar wrote: Tue Dec 31, 2019 2:19 am Zero net savings this year:

5 kids (3 teen athletes, 1 pro dancer still needing help, 1 new college grad who's getting married in a few months) cost me all my extra money off close to 200k single income. I am a saver by nature (from my dad) and did save 25% off a great income year in 2017, but nothing this year. Supporting a large and active family is challenging but kind of the point of life. I'm currently rethinking my entire approach to retirement. If I don't significantly increase my income over the next 5-7 years, we'll move from our dream home as kids leave so I can start saving more.
Sounds to me like you are living life to its fullest. Congratulations!
Ron Ronnerson
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Re: How much were you able to save this year?

Post by Ron Ronnerson »

Our savings (including mortgage principal) were around $60k, which is roughly half of our gross income.
anon3838
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Re: How much were you able to save this year?

Post by anon3838 »

HEDGEFUNDIE wrote: Tue Dec 31, 2019 2:25 am
indycougar wrote: Tue Dec 31, 2019 2:19 am Zero net savings this year:

5 kids (3 teen athletes, 1 pro dancer still needing help, 1 new college grad who's getting married in a few months) cost me all my extra money off close to 200k single income. I am a saver by nature (from my dad) and did save 25% off a great income year in 2017, but nothing this year. Supporting a large and active family is challenging but kind of the point of life. I'm currently rethinking my entire approach to retirement. If I don't significantly increase my income over the next 5-7 years, we'll move from our dream home as kids leave so I can start saving more.
Sounds to me like you are living life to its fullest. Congratulations!
ditto.
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JoeRetire
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Re: How much were you able to save this year?

Post by JoeRetire »

This was an interesting year for us.

I am retired. My wife retired in April, took the summer off, then went to work part time in September. Her income was low anyway, and with the partial retirement, we had very little wage income (as planned).

But at the same time, we sold our primary residence and moved permanently into our weekend/vacation/retirement home (again as planned). That converted the equity into cash. So no change in net worth, but a big increase in available cash.

So, despite being retired for the most part, the net was our largest amount saved ever.
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hoffse
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Re: How much were you able to save this year?

Post by hoffse »

$54,750 in 401ks with matches. $12k in Roth IRAs. I don’t have an HSA right now. Another $40k saved in cash and taxables. It’s a little less than 1/3, but we are in debt pay down mode, and we are on track for our ages.
LegacyWealth2013
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Re: How much were you able to save this year?

Post by LegacyWealth2013 »

I like reporting both gross figures and %. Many of us newbies benefit from seeing the actual numbers and what is possible to save through a combination of financial vehicles.

As of today, December 31st we saved ~40% gross. Two earners, combined gross salary $173,000 so $70,500 in TSP, 403b, SEP IRA, Roth IRAs, CESA, and 529s.

As a family of 6, we are happy about the progress we are making. Our goal is to save 50% of gross income.
livesoft
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Re: How much were you able to save this year?

Post by livesoft »

We had to rob Peter to pay Paul this year.
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Admiral
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Re: How much were you able to save this year?

Post by Admiral »

$50k saved on $280k gross, or 17%, which def sounds OK not great, but we are likely w/i 5 years of FI at this point.

9k of that is the employee portion of pension contrib, so that 9k roughly replaces 225k that would be needed (assuming a 4% WR).
Startingover2019
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Re: How much were you able to save this year?

Post by Startingover2019 »

cshell2 wrote: Mon Dec 30, 2019 9:25 pm About 29K. 19K to 401K, 7K to Roth and the rest to college savings.

I only grossed 50K though. There was another 16K in child support, but I have one kid in private school and another still needing childcare.
Startingover2019
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Re: How much were you able to save this year?

Post by Startingover2019 »

cshell2 wrote: Mon Dec 30, 2019 9:25 pm About 29K. 19K to 401K, 7K to Roth and the rest to college savings.

I only grossed 50K though. There was another 16K in child support, but I have one kid in private school and another still needing childcare.
Ok, how do these numbers even work? How do you survive? 16+29=45. And you make 50k gross?
260chrisb
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Re: How much were you able to save this year?

Post by 260chrisb »

Just shy of 31% combined 401K, HSA, Roth, and Taxable. I would like to consider the money I put to my mortgage as savings (which is really is) but don't. That would move the rate way up!!
acegolfer
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Re: How much were you able to save this year?

Post by acegolfer »

catlady wrote: Mon Dec 30, 2019 10:26 pm About 46-47% of gross. Down slightly this year as we decided to divert part of our free cash flow to paying down mortgage principal.
Other ppl in this thread included mortgage principal payment as savings.
cshell2
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Re: How much were you able to save this year?

Post by cshell2 »

Startingover2019 wrote: Tue Dec 31, 2019 7:59 am
cshell2 wrote: Mon Dec 30, 2019 9:25 pm About 29K. 19K to 401K, 7K to Roth and the rest to college savings.

I only grossed 50K though. There was another 16K in child support, but I have one kid in private school and another still needing childcare.
Ok, how do these numbers even work? How do you survive? 16+29=45. And you make 50k gross?
I'm not sure what you're showing by adding child support to savings? I grossed 50K at my job + 16K in child support = 66K total income for the year, but child support isn't included in my taxable income.
Cousin Eddie
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Re: How much were you able to save this year?

Post by Cousin Eddie »

About 55% Gross on $120k. I've been doing this for the last several years, ever since my mortgage was paid. The really nice thing is seeing my taxable investments rise so fast, which gives me more flexibility than I've ever had.

I suspect most who are saving around 50% gross and especially those who are also making under $200k all have one over riding life goal - Financial Independence as soon as possible. I am essentially at FI but will continue at my current levels as there is not much I want or need.

For reference, I've been saving and investing for about 20 years, but definitely not at the level I am currently, and I've received no inheritances. I think FI is entirely possible to achieve in under 20 years for people with similar income as I was a bit of a slacker at the start.
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MillennialFinance19
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Re: How much were you able to save this year?

Post by MillennialFinance19 »

sapper1371 wrote: Mon Dec 30, 2019 8:55 pm Until I was about 35 (5 years ago) I had the mindset that 10% into 401k was “good enough” and tended to spend the rest. Since then I’ve been trying to steadily increase savings and reduce spending. It’s going fairly well to the point where we were able to save about $90k this year (includes all employer 401k and HSA matches) compared to about $30k in 2014.

Anyways, I am sure there are people on this board blowing that number out of the water so just curious what kinds of totals others have had this year? Give me something to shoot for in 5 more years :sharebeer

Of course, it’s all relative and there are many factors to consider but $90k represents about 40% of gross (dual) income.
Last year we hit about $46k total savings. This year we should hit $80k due to the addition of a 457b, an HSA, and an increase in taxable savings. Honestly, with 2 pensions coming in during retirement, this is probably the max we’ll save. The rest will go toward paying down the mortgage or buying vacant land.
For the love of God, stick to your plan!!!
daheld
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Re: How much were you able to save this year?

Post by daheld »

About 40% of our gross income (~$150k) across 401k/TSP/Roths/529/taxable, which is down from the last few years. This doesn't include mortgage, which would add very significantly. I did the math counting mortgage and now I feel better. :beer

Paying for daycare sucks.
livesoft
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Re: How much were you able to save this year?

Post by livesoft »

Startingover2019 wrote: Tue Dec 31, 2019 7:59 am Ok, how do these numbers even work? How do you survive? 16+29=45. And you make 50k gross?
One can imagine a lot of ways: Live with mom or a girlfriend that pays all the expenses might be one way to "survive." Also return of capital does not even go on one's tax return, so if I have $5 million in a zero interest checking account, I can go a long time while saving everything from my income.
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Ed_Sandwich
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Re: How much were you able to save this year?

Post by Ed_Sandwich »

Age 37
Saved 24%
We are now 32% of the way to FI
student
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Re: How much were you able to save this year?

Post by student »

cshell2 wrote: Tue Dec 31, 2019 8:20 am
Startingover2019 wrote: Tue Dec 31, 2019 7:59 am
cshell2 wrote: Mon Dec 30, 2019 9:25 pm About 29K. 19K to 401K, 7K to Roth and the rest to college savings.

I only grossed 50K though. There was another 16K in child support, but I have one kid in private school and another still needing childcare.
Ok, how do these numbers even work? How do you survive? 16+29=45. And you make 50k gross?
I'm not sure what you're showing by adding child support to savings? I grossed 50K at my job + 16K in child support = 66K total income for the year, but child support isn't included in my taxable income.
I think Startingover2019 thought you were giving child support and not receiving it.
tigermilk
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Re: How much were you able to save this year?

Post by tigermilk »

Single income household

$33k pre-tax in TSP (started catch ups this year) and matching
$7k in HSA
$14k in Roths
??? in taxable/cash - somewhere between $10k and $25k. Difficult to exactly pinpoint due to loaning MIL $$$ for a house near us, just getting reimbursed a few weeks ago, and doing some end of year fun spending. When all is said and done, we will have saved another $20k or so for a total of $74k in pre/post-tax. Saved well, so time to start spending more...
winterfan
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Re: How much were you able to save this year?

Post by winterfan »

cshell2 wrote: Tue Dec 31, 2019 8:20 am
Startingover2019 wrote: Tue Dec 31, 2019 7:59 am
cshell2 wrote: Mon Dec 30, 2019 9:25 pm About 29K. 19K to 401K, 7K to Roth and the rest to college savings.

I only grossed 50K though. There was another 16K in child support, but I have one kid in private school and another still needing childcare.
Ok, how do these numbers even work? How do you survive? 16+29=45. And you make 50k gross?
I'm not sure what you're showing by adding child support to savings? I grossed 50K at my job + 16K in child support = 66K total income for the year, but child support isn't included in my taxable income.
I read that wrong too! I thought you were paying $16K in child support, lol. Impressive savings rate though!
cshell2
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Re: How much were you able to save this year?

Post by cshell2 »

winterfan wrote: Tue Dec 31, 2019 8:50 am
cshell2 wrote: Tue Dec 31, 2019 8:20 am
Startingover2019 wrote: Tue Dec 31, 2019 7:59 am
cshell2 wrote: Mon Dec 30, 2019 9:25 pm About 29K. 19K to 401K, 7K to Roth and the rest to college savings.

I only grossed 50K though. There was another 16K in child support, but I have one kid in private school and another still needing childcare.
Ok, how do these numbers even work? How do you survive? 16+29=45. And you make 50k gross?
I'm not sure what you're showing by adding child support to savings? I grossed 50K at my job + 16K in child support = 66K total income for the year, but child support isn't included in my taxable income.
I read that wrong too! I thought you were paying $16K in child support, lol. Impressive savings rate though!
Oh, lord no! LOL I could not do that. Unless as someone previously mentioned I had a fat bank account I was living off of. I most certainly do not. This year child support for the oldest ends (right before he heads off to college) and things are going to be pretty rough. I will not be putting down those savings numbers this year.
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