How much were you able to save this year?

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kayli69
Posts: 53
Joined: Sat Jan 10, 2015 8:06 am

Re: How much were you able to save this year?

Post by kayli69 »

$60,000 401k/Safe Harbor
$105,000 Cash balance Plan
$12,000 back door Roths
$20,000 529 plans
$6,000 HSA
$250,000 taxable
$60,000 extra mortgage payments throughout year
winterfan
Posts: 228
Joined: Mon Jan 05, 2015 11:06 am

Re: How much were you able to save this year?

Post by winterfan »

On a 88K gross income, we saved 19K in a 401K, $8800 in Roths and $1100 in our 529 plan (we are winding down contributions here). We also withdrew around $8K from our savings account to take on two nice family vacations. We are probably not taking a vacation in 2020 though.
BergeronsBuddies
Posts: 35
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Re: How much were you able to save this year?

Post by BergeronsBuddies »

If I only include money put into investments...

Investment Dollars: $58k
Gross Income Investing Rate: 13%
Net Income Investing Rate: 18%

If I include student loan pay down and payoff!
Gross Income Savings Rate: 30%
Net Income Savings Rate: 41%

Overall, could we have saved more? Absolutely, but overall I am happy we were able to pay off the student loans and still max out retirement accounts.
JDP
Posts: 46
Joined: Wed Mar 15, 2017 10:39 am

Re: How much were you able to save this year?

Post by JDP »

Gross income: $63,160.37
401K, ROTH and ER Fund: $~28,000 (still need to contribute $2050 to cap my 2019 ROTH, which should be done in the next 2 paychecks)
Random Poster
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Re: How much were you able to save this year?

Post by Random Poster »

Enough.
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corn18
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Re: How much were you able to save this year?

Post by corn18 »

$1.4M gross income
$508k taxes
$584k to pay off house
$65k to 401k / Roths

I would tally that as 46% of gross to savings, but others may see it differently. Very nice to have a paid off house.
Don't do something, just stand there!
mcdonaldj1
Posts: 2
Joined: Tue Dec 31, 2019 9:36 am

Re: How much were you able to save this year?

Post by mcdonaldj1 »

around 30%

Single, gross income 177k, 34 yo

19,000 401k, 32,000 after-tax
lkar
Posts: 279
Joined: Sat May 04, 2019 4:02 pm

Re: How much were you able to save this year?

Post by lkar »

61k self-employment total retirement contribution, of which about $12k was designated as after tax roth contributions. 14k IRA to roth backdoor. 6.5k HSA. And I did about $30k in roth conversions, which I figure is kind of like saving the tax that I will end up paying. But we also ended up having to put $60,000 into very long overdue home maintenance, which we paid for in part out of savings and in part by tacking on to our home debt with a home equity loan. It is hard to say how much dollar for dollar credit to our home equity the maintenance created. We were going to sell but then changed our minds. I probably wouldn’t have done the roth conversion if I had known we would take out home equity. All in all, I really kind of botched this year pretty badly and while it is nice to see the retirement balances go up, I think I largely am swimming in place. I think I will get a good one-time payment from work, that is payable this year for taxes but distributed next year and I hope to save most of it.
RJC
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Re: How much were you able to save this year?

Post by RJC »

About 45% of our gross income. What a great year to ride out the stock market!
JimmyD
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Re: How much were you able to save this year?

Post by JimmyD »

Gross household income: $228,500

Total savings: $71,928 (would have been over $94,000, but we splurged on a new vehicle for my wife)

Savings rate: 31.48%

We're both 37 with a 5-year old.

While these numbers aren't bad, I'm not thrilled with them either and sitting here reflecting on what I might do differently in 2020 (other than not buying a new vehicle again), I'm slightly frustrated at the lack of feasible ideas. We're on track for retirement at 60, but our $240K mortgage (home is worth $400K) is starting to weigh on me. I'd like to figure out a mathematically-savvy way to begin reducing that debt without significantly altering the way in which we save and invest. This will be tough as our incomes won't be meaningfully increasing anytime soon and we make just enough to max out our available tax-advantaged accounts, including one mega backdoor Roth.
ducklake
Posts: 8
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Re: How much were you able to save this year?

Post by ducklake »

52.2% : Retirement Saving, College Saving and Mortgage Principal PMT.
Agni
Posts: 24
Joined: Sat Feb 21, 2015 3:31 pm

Re: How much were you able to save this year?

Post by Agni »

Maxed 401k, Roth, HSA and put around $5K in 529.. nothing to taxable. This totaled to around 30% of gross. Hoping for a better 2020 with some savings going to taxable as well.
Colorado13
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Location: Colorado

Re: How much were you able to save this year?

Post by Colorado13 »

I saved 50% of gross, excluding my employer's 401K match. This is lower than in some past years, but I paid off the mortgage this year and am very happy to have reached that milestone. Single wage earner with a goal of retiring or shifting to part time work within 3 years (best case) or 7 years (bigger cushion/worst case.)
Smawink
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Re: How much were you able to save this year?

Post by Smawink »

I’m kind of new and just recently learned that annual savings or percent of savings is something people tracked. (Before I only tracked nw.) As a result, I had calculated mine in a weird (and incorrect) way before. I just recalculated. If you count the principal I paid down on student loans as savings, I saved 45K in 2019. I made 84K before tax. So about 50% of gross.

I was very fortunate to get on employer subsidized health insurance and that made a huge difference. Plus I got to pay less rent in exchange for doing stuff around the house. I made some overtime and just pretended I didn’t have any more money.

401k: 18,300
Roth: 6,000
HSA: 3,500
Change in savings account: 12,800
Student loan principal: 5,000

I may have to redo this calculation in the event that I didn’t pay close to the right amount of taxes. Then my bank account might not be as hefty.
Last edited by Smawink on Tue Dec 31, 2019 11:49 am, edited 2 times in total.
yogesh
Posts: 491
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Re: How much were you able to save this year?

Post by yogesh »

40% Save: PreTax/PostTax 401K, 529, ESPP, Taxable
35% Spend: Kids Tuition, Mortgage, Shopping, Food, Bills
25% Taxes: Federal, Social Security, Medicare, Property
Emergency: FDIC | Taxable: VTMFX | Retirement: TR2040
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mmmodem
Posts: 2268
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Re: How much were you able to save this year?

Post by mmmodem »

Wow, I am impressed by all the numbers here. Really motivating for me to read.

Age: 40 with 4 young children with stay at home spouse
Savings: $42k
Income: $120k
That's 35% savings

We achieved Lean FIRE recently. I drew a line at saving beyond tax advantaged accounts and called it "enough." Remainder was spent on luxuries.
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DameTime
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Location: SE

Re: How much were you able to save this year?

Post by DameTime »

Do people include matched contributions into their gross salary?

Makes sense to me to include it but it makes my savings percentage drop 4% lower. Not exactly a problem but just curious to see how people account for it.
SCb&b
Posts: 73
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Re: How much were you able to save this year?

Post by SCb&b »

yogesh wrote: Tue Dec 31, 2019 10:31 am 40% Save: PreTax/PostTax 401K, 529, ESPP, Taxable
35% Spend: Kids Tuition, Mortgage, Shopping, Food, Bills
25% Taxes: Federal, Social Security, Medicare, Property
I like this format (percentages reported of gross pay + match)
56.1% Save: 401a, TSP, 457, Roth, HSA, home downpayment, taxable
15.9% Spend: Rent, shopping, food, bills, charitable, student loans
28.0% Taxes: Federal, state, social Security, medicare

First year high earner, saving as much as I can. Will spend more in future HEDGEFUNDIE
runner1
Posts: 6
Joined: Sat Aug 08, 2015 11:28 pm

Re: How much were you able to save this year?

Post by runner1 »

Single, no debt, age 53:

Gross Income: $169,463
Savings | Investments: $101,861 (60%)
Taxes: $45,504 (27%)
Expenses: $22,098 (13%)
yogesh
Posts: 491
Joined: Thu Oct 11, 2012 6:20 pm

Re: How much were you able to save this year?

Post by yogesh »

SCb&b wrote: Tue Dec 31, 2019 10:47 am
yogesh wrote: Tue Dec 31, 2019 10:31 am 40% Save: PreTax/PostTax 401K, 529, ESPP, Taxable
35% Spend: Kids Tuition, Mortgage, Shopping, Food, Bills
25% Taxes: Federal, Social Security, Medicare, Property
I like this format (percentages reported of gross pay + match)
56.1% Save: 401a, TSP, 457, Roth, HSA, home downpayment, taxable
15.9% Spend: Rent, shopping, food, bills, charitable, student loans
28.0% Taxes: Federal, state, social Security, medicare

First year high earner, saving as much as I can. Will spend more in future HEDGEFUNDIE
I ordered it top to down as % of gross and left to right as max to min allocation category. Mental math!
Emergency: FDIC | Taxable: VTMFX | Retirement: TR2040
champion_ham
Posts: 88
Joined: Thu Apr 26, 2018 11:55 am

Re: How much were you able to save this year?

Post by champion_ham »

Retirement Savings: 33% of gross income
General Savings (future down payment): 34% of gross
Total savings: 67% of gross income

Combined salary = $240k
student
Posts: 5159
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Re: How much were you able to save this year?

Post by student »

runner1 wrote: Tue Dec 31, 2019 10:51 am Single, no debt, age 53:

Gross Income: $169,463
Savings | Investments: $101,861 (60%)
Taxes: $45,504 (27%)
Expenses: $22,098 (13%)
Wow.
HEDGEFUNDIE
Posts: 4801
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Re: How much were you able to save this year?

Post by HEDGEFUNDIE »

SCb&b wrote: Tue Dec 31, 2019 10:47 am
yogesh wrote: Tue Dec 31, 2019 10:31 am 40% Save: PreTax/PostTax 401K, 529, ESPP, Taxable
35% Spend: Kids Tuition, Mortgage, Shopping, Food, Bills
25% Taxes: Federal, Social Security, Medicare, Property
I like this format (percentages reported of gross pay + match)
56.1% Save: 401a, TSP, 457, Roth, HSA, home downpayment, taxable
15.9% Spend: Rent, shopping, food, bills, charitable, student loans
28.0% Taxes: Federal, state, social Security, medicare

First year high earner, saving as much as I can. Will spend more in future HEDGEFUNDIE
Glad to hear it.
dreamrrr
Posts: 47
Joined: Thu Nov 12, 2015 6:47 pm

Re: How much were you able to save this year?

Post by dreamrrr »

Retired
Gross income: $107K
Savings: $57K (53%)
Expenses: $36K (34%)
Taxes: $14K (13%)
BrownEyedGirl_27
Posts: 229
Joined: Tue Dec 17, 2019 6:37 pm

Re: How much were you able to save this year?

Post by BrownEyedGirl_27 »

Congrats OP on saving 40%! You did great this year. Amazing what simple habits can do to change the trajectory of the future.

Ages 26 and 27:
$62,000 dual-income this year (gross)
$7,300: 401ks, Roth 401ks + employer match
$12,000: Roth IRAs
$3,500: Taxable account
$5,000 Giving/Tithing or 10% of net income
Total % saved: ~45% gross income

The Roth and taxable this year was from money we had sitting in the bank over the last year or so. We are putting in 6k in my Roth IRA on January 1st and will contribute later in the year to hubby’s Roth IRA. We save 15% of income in employer plans and pay 10% tithing on our net income before budgeting out housing and other things.
Last edited by BrownEyedGirl_27 on Tue Dec 31, 2019 11:58 am, edited 2 times in total.
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TNWoods
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Re: How much were you able to save this year?

Post by TNWoods »

I saved 57% of my gross pay.

(If I include employer match and the defined benefit plan, that makes 66% of gross went into savings/investments.)

22% of my gross went to taxes and health insurance straight out of my paycheck.

I had a small number of one-off type expenses, (back yard fence, shed, tree trimming, classic car restoration), adding up to 5% of my gross.

That means my living expenses for the year were 16% of my gross.

Living expenses are so low because I paid off my mortgage a couple years ago and I have no car/truck payment. I work from home, so my vehicle & clothing expenses are negligible. I enjoy cooking, so my restaurant expenses are low. Vacations tend to be "stay-cations".

TNWoods
stoptothink
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Re: How much were you able to save this year?

Post by stoptothink »

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.
And I'm sure you paid ~0% income tax. Good for you. While putting the ex through school, I had a few years with similar numbers.
frugalmama
Posts: 231
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Re: How much were you able to save this year?

Post by frugalmama »

Married, 11 kids, 10 years into 2nd career (read as much lower paying jobs with better lifestyle)

51% saved (Roth, req. pension payment, includes house principal and paying off some zero interest medical debt, etc.). Next year (and the next 22) may not be as good ...we start paying for college. We also will make less next year by my estimates but only time will tell. I was shocked when I added up this year that we did so well.
Chadnudj
Posts: 847
Joined: Tue Oct 29, 2013 11:22 am

Re: How much were you able to save this year?

Post by Chadnudj »

Let's see:
- $286k pre-tax income between the 2 of us
- S36k total into 401ks (including employer matches -- we're now at max-out level for 2020 though)
- $1,750 total into 529s
- Paid down total of $23,500 in debt (mortgage principal, student loan principal, and car loans principal).

That would put our total "savings" (defining savings as savings plus debt principal paydown) at...21.41%.

Not great, but considering we had a lot of one-time, new expenses moving into our new house (painting, furniture, a lawn tractor, a new water softener) and did some fun things with the money we spent (paid for a really nice 50th anniversary dinner for the in-laws; went to Vegas for best friend's birthday), not too shabby either.

EDIT: I'll echo what others have said -- daycare expenses (for 2 kids) suck.
Last edited by Chadnudj on Tue Dec 31, 2019 12:46 pm, edited 2 times in total.
BrownEyedGirl_27
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Re: How much were you able to save this year?

Post by BrownEyedGirl_27 »

frugalmama wrote: Tue Dec 31, 2019 12:22 pm Married, 11 kids, 10 years into 2nd career (read as much lower paying jobs with better lifestyle)

51% saved (Roth, req. pension payment, includes house principal and paying off some zero interest medical debt, etc.). Next year (and the next 22) may not be as good ...we start paying for college. We also will make less next year by my estimates but only time will tell. I was shocked when I added up this year that we did so well.
Well done!!!
"Your mind has a mind of its own. At the very moment when you are most convinced of your own rationality, you may be feeling rather than thinking your way toward a decision.” | Jason Zweig
bgf
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Re: How much were you able to save this year?

Post by bgf »

first year that we've had access to both a 403b and a 401k, and we maxed both. Maxed two Roth IRAs ( though this was entirely tax loss harvesting from taxable, not new money). Maxed my HSA, first year of that also. Paid around $12k in principal on mortgage. principal is now over 3x interest. A good year all around.

Baby #2 coming in the spring and two daycare payments in the fall... yikes! gonna try to max everything again but we'll see... will be tough with having to use mostly new money for Roths.
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feh
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Re: How much were you able to save this year?

Post by feh »

Roughly $90K on $120K gross household income.
theplayer11
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Re: How much were you able to save this year?

Post by theplayer11 »

another brag thread :D ..I'll bite, over 53% on under $170k combined income, all in tax deferred accounts.
dsmil
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Re: How much were you able to save this year?

Post by dsmil »

We only saved 6% of gross towards retirement this year ($8k). Doing some home renovation projects has taken precedent so we'll likely be stuck at this level for a couple more years. After that, we should be back to 15% savings.
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wander
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Re: How much were you able to save this year?

Post by wander »

We have spent the rest after maxing out 2 401k, 2 Roth IRAs and Family HSA accounts, and $20000 EE Bonds.
langelgjm
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Location: Waltham, MA

Re: How much were you able to save this year?

Post by langelgjm »

Mid-30s, dual incomes, 1 (new!) kid.
Gross income of $328k (paystubs only, not including employer matches).

Savings: 52% ($170k): taxable, I bonds, EE bonds, max 401k, max 403b, max 2x backdoor Roth IRAs, 2x 529s, 1x UTMA
Taxes: 26% ($88k): Federal, State, SS, Medicare. Expecting a few $k tax refund due to a new dependent.
Rest: 21% ($70k): of which about half is rent in a HCOL area. There was some "left over" here which will be saved next year.

This was a great year, in terms of income (substantial promotion early in the year), fairly low expenses, amount saved, and market performance.
HEDGEFUNDIE
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Re: How much were you able to save this year?

Post by HEDGEFUNDIE »

langelgjm wrote: Tue Dec 31, 2019 3:06 pm Gross income of $328k (paystubs only, not including employer matches).
Paystubs include employer matches.
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willthrill81
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Re: How much were you able to save this year?

Post by willthrill81 »

Including debt reduction (i.e. mortgage), 54% of gross income.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings
langelgjm
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Location: Waltham, MA

Re: How much were you able to save this year?

Post by langelgjm »

HEDGEFUNDIE wrote: Tue Dec 31, 2019 3:15 pm
langelgjm wrote: Tue Dec 31, 2019 3:06 pm Gross income of $328k (paystubs only, not including employer matches).
Paystubs include employer matches.
Do they? I looked at the "gross earnings" line on mine. I don't see any line item that would indicate it came from employer 401k matching...

My employer also has a cash balance plan that isn't reported on paystubs... employees make no contributions to it.
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GerryL
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Re: How much were you able to save this year?

Post by GerryL »

Answer: I don't know. More than $0, but I haven't bothered to do the math. Five years into retirement, 2019 is the first year I have gone back to saving.

While I was living on severance cash, a couple of mini-pensions and dividends, I stopped feeding my taxable account. Now, with SS and RMDs, I am able to reinvest taxable dividends again and to move excess cash into investment accounts.

For me the key number is for spending. I know what I am allowed to spend in order for my portfolio to support me into the future, and that is what I track.
HEDGEFUNDIE
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Re: How much were you able to save this year?

Post by HEDGEFUNDIE »

langelgjm wrote: Tue Dec 31, 2019 3:22 pm
HEDGEFUNDIE wrote: Tue Dec 31, 2019 3:15 pm
langelgjm wrote: Tue Dec 31, 2019 3:06 pm Gross income of $328k (paystubs only, not including employer matches).
Paystubs include employer matches.
Do they? I looked at the "gross earnings" line on mine. I don't see any line item that would indicate it came from employer 401k matching...

My employer also has a cash balance plan that isn't reported on paystubs... employees make no contributions to it.
Mine is under a section labeled “Employer Paid Benefits”
DVMResident
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Re: How much were you able to save this year?

Post by DVMResident »

Big year for us. We moved across the country and 2 new jobs.

Tax deffered (401k, 529): $35.8k (including match)
Taxable + Roth: $64k
Debt reduction: $15.2 (new house :beer with a note @ 3.125% 7/1 ARM and a car note @ 0%)
[I recognize not everyone counts debt reduction in savings; I do]

Grossed ~211k + matches; SR is a hair above half.
2020 should be an even higher saving year: 2*40X(X), bonus, and ESPP/RSUs start rolling in.
TNWoods
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Re: How much were you able to save this year?

Post by TNWoods »

feh wrote: Tue Dec 31, 2019 12:56 pm Roughly $90K on $120K gross household income.
Nice!

TNWoods
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Atomic
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Re: How much were you able to save this year?

Post by Atomic »

41% on sub 175k gross. Quality of life, high.
kimura king
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Re: How much were you able to save this year?

Post by kimura king »

51k out of 240k gross

25k into work 401k accounts
20k into an emergency fund
6k extra on the house
StealthRabbit
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Re: How much were you able to save this year?

Post by StealthRabbit »

Apart from fulling funding HSA, + Catchup IRA... Significantly a negative Income / savings yr (FIRE), that's OK.

Ate well, traveled alot > 70% of the time, gave a lot away. (had more than I needed, as I have since age 15)
Still kick'n, hoping to make it to medicare age!

60%+ savings rate during career... saved / invested / gifted from FT job and lived on PT jobs of single earner (hourly night shift factory work). Never saw a $60k + yr.

Kids and family survived and thrived. No childcare or college expenses - we home (un) schooled. Kids went to college @ age 16 (free in WA State)
Traveled much (overseas assignments / paid to live / work / travel as a family).
Put all our assets into a family foundation pre age 40 = perpetual gifting.
Worked a little longer past age 40 for enough savings to FIRE.

It really does not take much to FIRE (Work or money), just a passion to do so. (my own wage earner parent went down (hospitalized) very young - pre age 50) Never to return to work (or functioning life).
bhsince87
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Re: How much were you able to save this year?

Post by bhsince87 »

This year got weird for me. And it sort of points out how such measurements can go off the rails.

I'd say I saved 100% of after tax income.

Retired on Jan 1, and got a severance package. I invested every cent of that, after tax witholding.

Lived on partial withdrawal of interest and dividends.

Most people don't seem to count interest and dividends as income in their accumulation phase, which I've never understood. But if those are "the rules", so be it.
"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace." Samuel Adams
ByThePond
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Re: How much were you able to save this year?

Post by ByThePond »

Retired, so not actively adding to the pot, but this year the pot grew by more than my best-ever gross annual income.
True, it was an exceptional year, but it looks like the pot will continue to grow in the future too. Financially, that's plenty good enough.
Startingover2019
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Re: How much were you able to save this year?

Post by Startingover2019 »

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 thought you had to pay child support. Not that you were receiving it.
hrc84
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Re: How much were you able to save this year?

Post by hrc84 »

Married, 35yo, single income.

19,000 401k
12,000 Roth IRA
8,500 Employer 401k Match
7,000 HSA
6,200 529s (3 Kids under 5)
24,500 Taxable Savings

45% of gross pay
Locked