How old are you and how much do you save for retirement a year

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pamplemousse
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Joined: Tue Jan 10, 2017 10:48 pm

Re: How old are you and how much do you save for retirement a year

Post by pamplemousse »

Age- 31, married, spouse still in school
Contribute 18k to 401k, have been doing for the past four years (started working full time at the age of 26.)
Taxable-started it last year and hope to put at least 10k per year
IRA-started doing backdoor ROTH two years ago-$5,500/year
So, overall save around $33,500 for retirement.
Hoping to put more towards it once DH graduates next year (goal: 50k saving for retirement/year)

pamplemousse
yuppiebogle
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Re: How old are you and how much do you save for retirement a year

Post by yuppiebogle »

24 years old

401k - $ 21.7k (max contribution + company match)
Roth IRA - $5.5k (max contribution)
HSA - $3.45k (max contribution)
Taxable - ~12k (1k/mo.)
---
Total: 42.65k

Taxable isn't really for 'retirement' more so cash for near-medium term goals, so I guess if you don't include that amount then ~$30.7k total :D

-YB
seity
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Joined: Fri Apr 21, 2017 10:55 am

Re: How old are you and how much do you save for retirement a year

Post by seity »

45 married with 2 kids and a SAHD
I save 12% a paycheck. It's the most I can afford to put towards retirement without drawing blood.
jehovasfitness
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Joined: Mon Jan 22, 2018 1:26 pm

Re: How old are you and how much do you save for retirement a year

Post by jehovasfitness »

Me: 37
Wife: 33

25% currently into retirement accounts.

Will likely bump that to 30% in next few months, and shooting for 40-45% by start of 2019
dsmil
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Re: How old are you and how much do you save for retirement a year

Post by dsmil »

Me: 30
Wife: 29

We save around $14k per year, which comes to 12% of gross income. 6% to the HSA, 3% to the 401k, and 3% employer contribution.
Last edited by dsmil on Wed Apr 18, 2018 12:56 pm, edited 1 time in total.
pasadena
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Location: PNW

Re: How old are you and how much do you save for retirement a year

Post by pasadena »

43, Single. I only use my 401(k) for retirement purposes, and max it out (+ ~6k match). I'm a late starter though (recent-ish immigrant) so the balance is low for my age group. I also only started maxing it out 3 or 4 years ago.

Aside from that, I max out my HSA and Roth IRA, and save ~25k in my taxable account. Both the Roth IRA and taxable are earmarked for a future home purchase, but if that doesn't happen in the next couple of years, I will probably not have to use the Roth, which will then be re-purposed for retirement.
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triceratop
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Re: How old are you and how much do you save for retirement a year

Post by triceratop »

I am now 26.

My income $36k, soon to be $33k.

I save about $12-15k/yr these days, entirely in taxable. Lifestyle creep and inflation mean I no longer save as much as I used to. So, my savings rate has decreased. I expect this is temporary, though, as my current income will likely not be permanent.
"To play the stock market is to play musical chairs under the chord progression of a bid-ask spread."
GetMeToRetirement
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Re: How old are you and how much do you save for retirement a year

Post by GetMeToRetirement »

As of 2018
Me: 35
Wife (stay at home): 34
/////
401k contribution: 18,500 per year
401k "matching" from employer: ~8,500 per year, depending on fluctuating deferred compensation percentage
HSA: 6,850 per year
After tax: 2,400 per year
/////
Also, extra mortgage principal payments per month and usually an extra payment in December, which I consider to be like saving for retirement: 2,400-3,000 per year
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Koogie
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Location: Ontario, Canada

Re: How old are you and how much do you save for retirement a year

Post by Koogie »

44 years old and already semi-retired.

Don't save anything per se, beyond maxing our TFSAs (Roth IRA) every year ($5500 p/p at current limits).

Still make enough in salary to cover our spending every year so I allow the dividends, interest and cap gains to accumulate untouched in our current nest egg and that equates to our "saving". (about 60K on the div/interest portion. Cap gains, if existing, on top of that).
kayli69
Posts: 61
Joined: Sat Jan 10, 2015 7:06 am

Re: How old are you and how much do you save for retirement a year

Post by kayli69 »

40y/o
401k: 52,000
cash balance plan: 82,000
backdoor roth for me and wife : 5500x2
taxable: 300,000
jsapiandante
Posts: 298
Joined: Thu Jul 30, 2015 5:58 pm

Re: How old are you and how much do you save for retirement a year

Post by jsapiandante »

I'm 35 and my wife is 34. We save at least 42k per year towards 401k, Roth, and taxable not including match. Whenever we get any extra cash from bonuses and side gigs, we put majority of it towards our taxable. We've had a late start since we had to pay off school debt. It's easy to get anxious about the whole process, but time in the market and luck really is the major contributing factor when it comes to investing. Hope to keep this up another 7-10 years so my wife can either retire early or work part time.
trueson1
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Re: How old are you and how much do you save for retirement a year

Post by trueson1 »

62, married, single earner, total savings - 42% of gross
Setafix
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Location: Ca

Re: How old are you and how much do you save for retirement a year

Post by Setafix »

Me 34 wife is 22
My 401k 18k
Wife 401k 0
My roth is 3500
Wife roth is 2000
We are going to start maxing both 401k and roths from this point.
Cash about 6 months of monthly expenses.
StillLearning1977
Posts: 85
Joined: Tue Feb 27, 2018 5:30 pm

Re: How old are you and how much do you save for retirement a year

Post by StillLearning1977 »

Me: 40
Wife: 36
Household Income: $415k - 550k (bonus dependent)

His 401k: $18,500 + $12,000 Match/Safe Harbor
Her 401k: $18,500 (no match)
HSA: $3,500 (will start maxing this out)
529 for Daughter: $12,500
Equity/Extra Principal Payments Two Rentals: $62,000
Equity/Extra Principal Payments Homestead: $39,600
Invested in Non-Retirement Brokerage: $75,000 - $100,000
Total Savings: $241,600 - $266,600 year
staythecourse
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Re: How old are you and how much do you save for retirement a year

Post by staythecourse »

White Coat Investor wrote: Thu Nov 09, 2017 2:20 am You need to save enough to reach your goals and your only competition is with your goals, not me or my goals.
Excellent advice. Comparing yourself to others can not help in ANYWAY. If you are saving more you may be overconfident as your expenses may be much higher then the other guy and if you are saving less you may become demoralized.

In the end you can only save as much as you earn. If you are not saving enough and live the bogleheads life (LBYM) the real question is how can you increase your salary to save more. If you are saving enough for your future needs who cares what someone else is saving.

Good luck.
"The stock market [fluctuation], therefore, is noise. A giant distraction from the business of investing.” | -Jack Bogle
tesuzuki2002
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Re: How old are you and how much do you save for retirement a year

Post by tesuzuki2002 »

RDHlooking4FIRE wrote: Tue Nov 07, 2017 7:27 pm I am 34 years old and I currently save $12000 a year for retirement

55% annually... I'm coming up on $1M in retirement account between 401k and IRAs. I'm considering cutting back on savings and spending more. Maybe paying off the $60K remaining on my mortgage.
foamypirate
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Re: How old are you and how much do you save for retirement a year

Post by foamypirate »

Wife and I are 28
Income 92k (Single income, wife is a stay-at-home mom)

This is our first year of truly saving...we'd sort of made a piddly effort in the years prior, started ramping about 2 years ago, and really hit the grindstone this year.

Currently saving about 30k/yr if you include 401K match, 25k without.
Majority of that amount is us finally filling our emergency fund to where we want it.
Next years goal is to max my 401K (traditional) and 2x Roth IRAs. With my 401K match, that puts us just over 35K/year. It's definitely tight, with our 15 year mortgage, but I wanted to make it a point to really take advantage of the current, low, tax rates to eek out that last bit of savings, while we can. Counting the match, and subtracting medical premiums from my gross pay, it will put us around 40% savings rate.
Sam1
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Re: How old are you and how much do you save for retirement a year

Post by Sam1 »

Specifically for retirement - ~85k. Outside of retirement - 100k plus

401k #1 18.5
Match ~14.5
Defined benefit pension -18k

401k2 18.5
Match 14k
Green Street
Posts: 129
Joined: Tue Jan 02, 2018 4:00 pm

Re: How old are you and how much do you save for retirement a year

Post by Green Street »

Age 29

457 -18,500
401K - 18,500
Taxable - 12,000

Total - 49,000
Searching Through The FiRE
JohnnyO
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Location: Idaho

Re: How old are you and how much do you save for retirement a year

Post by JohnnyO »

So age is now 53 and retired at Christmas 2016...

My DW and I put away just over 25% of our gross income each year which was just over 41K in 2016.

More important, we lived beneath our means...

Are we rich, well we may define rich differently, we feel rich in many ways and comfortable when it comes to money for our retirement and all of our travels. Fiscal discipline pays many dividends as we get older... :sharebeer
CascadiaSoonish
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Re: How old are you and how much do you save for retirement a year

Post by CascadiaSoonish »

Married, two kids, late 40s, income around $200K/yr including small business with somewhat lumpy income.

$15K into SIMPLE IRA
$4.5K into 529 plan
ca. $40K/yr into taxable brokerage (fluctuates depending on cashflow needs)
ca. $5K/yr in extra mortgage principal payments

Can't contribute to spousal IRA due to income. Have considered HSA but didn't pencil out when we considered the additional OOP expense we'd incur with a family of four needing periodic doctor visits and services.
wwsdt
Posts: 25
Joined: Wed Apr 18, 2018 6:31 pm

Re: How old are you and how much do you save for retirement a year

Post by wwsdt »

Me: 40
Wife: 39
1 kid

Retirement savings per year:
My 403b: 18.5K
Her 403b: 18.5K
Her 457: 18.5K
Employer match: 13K
2 Roth IRAs: 11K total (although this may be the last year we're eligible to do so).
Traveler
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Re: How old are you and how much do you save for retirement a year

Post by Traveler »

Age 46
~$75,000 per year
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WestUniversity
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Re: How old are you and how much do you save for retirement a year

Post by WestUniversity »

RDHlooking4FIRE wrote: Tue Nov 07, 2017 7:27 pm I am 34 years old and I currently save $12000 a year for retirement
Both 59

Currently about 25 - 30% of our income..,
Hillview
Posts: 520
Joined: Fri Feb 02, 2018 6:27 am

Re: How old are you and how much do you save for retirement a year

Post by Hillview »

47 (husband is 57) It is looking like 17% of gross. We are down to a single income (which is not low just a big shift, dropped us down by more than 50%) so this is a little dynamic. I am working to get our expenses in better shape to increase this.

Today I had lunch with a guy I used to work with who said he stopped contributing to 401k when he had kids (they are in college now). SOOOOOO it is all about who you hang with!
il0kin
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Re: How old are you and how much do you save for retirement a year

Post by il0kin »

29, and 15% of gross income + 3% employer match. It'd be more if it weren't for 1 toddler in daycare and another on the way, but they are worth it!
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snackdog
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Re: How old are you and how much do you save for retirement a year

Post by snackdog »

We are expats, so normally around 100% of gross bass pay plus stock. Bonus goes to pay taxes. Live off expat benefits.
BH Consumer FAQ: | Car? Used Toyota, Lexus or Miata. | House? 20% down and 3x salary. | Vacation house? No. | Umbrella? $1 million. | Goods? Costco.
Jon H
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Re: How old are you and how much do you save for retirement a year

Post by Jon H »

53/54 with one kid in college

34% pre tax, 63% post tax
Consider gain and loss, but never be greedy and everything will be alright (fortune cookie)
HZ49
Posts: 8
Joined: Sat Jun 16, 2012 4:10 pm

Re: How old are you and how much do you save for retirement a year

Post by HZ49 »

Me 55, wife 53. Single income, save 50% after tax.
zekevfab
Posts: 4
Joined: Wed Apr 18, 2018 12:39 pm

Re: How old are you and how much do you save for retirement a year

Post by zekevfab »

Age 33

401k = $17,000 (including employer match)
Roth IRA = $5,500
Taxable Account = $11,000
Total = $33,500

I do not count HSA where I contribute an additional $6,000 to cover the max out of pocket
Nor mortgage principal payments of $17,000

I will be able to add an additional $10,000 next year as this went to beefing up the emergency fund this year.
bubbadog
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Location: Cincinnati,Ohio

Re: How old are you and how much do you save for retirement a year

Post by bubbadog »

Age 51

I save about $63,500/year in my tax deferred accounts including the company match and my stay at home wife's Roth IRA.

I also put about $30,000/year in my taxable accounts.
darrvao777
Posts: 293
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Re: How old are you and how much do you save for retirement a year

Post by darrvao777 »

Age 33

HSA = 6900 (family)
Roth 401k = 18500 (no employer match)
His and hers Backdoor Roth IRA = 11000 (5500 x 2)
Taxable = 200000 - 500000 (depends on yearly spending patterns, last year was closer to 500000, this year will be closer to 200000)

Total of gross income saved = 20 (minimum) - 50 (target) %

We are very fortunate as we obviously make a lot and don't have any debt. It allows the taxable account to expand and quickly. Starting to loosen the pursestrings a bit this year.

I agree with the advice that it's probably better to look at % saved rather than actual numbers since that will vary based on our income levels. I would say 10% of gross at minimum, 15% is better, 20% should provide for a comfortable retirement or even early retirement.
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rosylenm
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Re: How old are you and how much do you save for retirement a year

Post by rosylenm »

Age-42

Save-32% of gross income; 38% if I include employer contribution
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mrspock
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Re: How old are you and how much do you save for retirement a year

Post by mrspock »

38 - It fluctuates a bit, but around ~55-60% of my net goes to saving for retirement. Good to see I'm not alone in my habits.

Thanks to the thoughtful advice on this forum, I max out all the usual tax advantaged options: 18.5k 401k, 22k mega backdoor roth, 5.5k backdoor roth; then dump the rest into taxable.
IlliniDave
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Re: How old are you and how much do you save for retirement a year

Post by IlliniDave »

Age 53. Single. Roughly $96K/year total retirement savings. Max 401k, backdoor Roth, and taxable after that.
Don't do something. Just stand there!
wander
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Re: How old are you and how much do you save for retirement a year

Post by wander »

Max out the retirement accounts and spend the rest: 18500 (401k #1) + 18500 (401k #2) +5500 (Roth IRA #1) + 5500 (Roth IRA #2) + 6850 (HSA) + company match. We plan to retire at 62. If we have extra, we dump it into taxable account but above is the baseline.
t885
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Re: How old are you and how much do you save for retirement a year

Post by t885 »

52
401K-$24,500 + 6% match= $32,000+-
Roth- $6500
Taxable- $12,000

Wife
401k-$49,000 (100% match)
Roth-$6500

So around $106,000...Hard at fist but once you cut out the live style creep it's really not that bad.
There are two kinds of forecasters: those who don't know, and those who don't know they don't know
supersharpie
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Re: How old are you and how much do you save for retirement a year

Post by supersharpie »

darrvao777 wrote: Tue Nov 07, 2017 9:38 pm 32 years old, >$500000+ for retirement annually
I think we have a winner!

As for me? My wife and I are 34, we max out our tax advantaged 401k and Roth IRA space which in 2018 is 48k. Our employer's match an extra $5558 so $53,558 total. We have around 500k saved.
oldhobo
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Re: How old are you and how much do you save for retirement a year

Post by oldhobo »

Age 47
Wife Age 48

We save 98% of annual budgeted spending (excluding college costs for 3 children) which represents ~28% savings rate of gross income. Goal is to save 115% of annual spending.

18.5k his 401k
6400k his 401k match
18.5k her 403b
5500 her IRA (backdoor roth)
6850 HSA
15k taxable (can't do backdoor for him)

She has a pension (state teacher) which should cover all of our needed retirment income starting at age 60, but saving based as if pension does not exist.
IMD801
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Joined: Sat Dec 21, 2013 8:26 pm

Re: How old are you and how much do you save for retirement a year

Post by IMD801 »

DW and I both in our mid 30s, save about $120,000 per year for retirement
jwaxjwax
Posts: 44
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Re: How old are you and how much do you save for retirement a year

Post by jwaxjwax »

darrvao777 wrote: Tue Nov 07, 2017 9:38 pm 32 years old, >$500000+ for retirement annually
Just curious generally what type of investments you make for all of that after-tax investments. Any real estate syndication? Any investment in businesses? Anything that helps alleviate your tax burden?

To answer the original question, I am 37 and we save about $39.5 Pretax (18.5K 401k + 10K 401k (limit due to HCE) + 11K backdoor ROTH) + 50K/yr after tax $. Once loans paid off in a year, should be $100K/yr after tax $.
Rainmaker41
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Re: How old are you and how much do you save for retirement a year

Post by Rainmaker41 »

Married Filing Joint, age 27. In 2018 we’ll make $82k and contribute $48k to retirement accounts, with a cash on hand reduction of $5k, for net savings of $43k or about 51% of gross income.

No kids or mortgage, and we have a cheap apartment for our city.
85% Global Stock, 15% US Fixed Income
financiallycurious
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Re: How old are you and how much do you save for retirement a year

Post by financiallycurious »

I've maxed out 401k since my first job after law school at 25, and had some match along the way. I have other investments outside of my 401k, and my spouse has nicely funded retirement accounts as well. Has anyone who started saving a lot when they were young cut back on 401k contributions (never below the match, of course)? We only need so much in old age, and now I am inclined to shift the focus toward the gap years between age 60 and whatever earlier age we decide to retire, but on the other hand, it's nice to reduce taxable income now and we have a comfortable enough lifestyle, so it's not painful to continue to max out my 401k.
Grt2bOutdoors
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Location: New York

Re: How old are you and how much do you save for retirement a year

Post by Grt2bOutdoors »

financiallycurious wrote: Thu Apr 19, 2018 11:52 am I've maxed out 401k since my first job after law school at 25, and had some match along the way. I have other investments outside of my 401k, and my spouse has nicely funded retirement accounts as well. Has anyone who started saving a lot when they were young cut back on 401k contributions (never below the match, of course)? We only need so much in old age, and now I am inclined to shift the focus toward the gap years between age 60 and whatever earlier age we decide to retire, but on the other hand, it's nice to reduce taxable income now and we have a comfortable enough lifestyle, so it's not painful to continue to max out my 401k.
No, if you want to retire before age 60, do so at age 59.5 - RMD's are allowable at that age. Or retire at age 55 using Rule 72(t) but don't pass up the opportunity for tax deferred savings while you are still employed.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
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dziuniek
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Re: How old are you and how much do you save for retirement a year

Post by dziuniek »

tl24 wrote: Wed Nov 08, 2017 6:40 am 30 and 27

403b (his and hers), 457: 18k, 1k, and 14k, respectively.
Roths (x 2): 11k total
Total = 44k

If including employee contributions to pension and the employer 403b match and defined benefit plan, then an additional 2k, 3.5k, 4k respectively. :mrgreen:

Whatever is left over, I put some of it in taxable for future house projects/repairs or cars (my nemesis). I would have loved to be able to comfortably max out all 3 tax-deferred accounts though..

Not sure if we will be able to keep this up once we have kids, but really hoping that we will be able to!
Atleast you two have managed to save a bunch before kids. We never saved a lot.
Now that we have 1 and 1 on the way, saving is getting a lot harder.

So good job!
Get rich or die tryin'
msjohn07
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Re: How old are you and how much do you save for retirement a year

Post by msjohn07 »

34 & 29
His
401K - $18,000 + $9,700 (Match & PS)
Roth - $5,500
Taxable - $7,200
HSA - $6,850
Savings - $6,000

Her
401k - $18,000 + $1,500 (Match)
Roth-$2,400 - Still working on maxing this
HSA - $3,450
Savings - $8,000

So about $86,000 in total. Not too bad, I hope 8-) . "Make hay while the sun shines"
MDfan
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Joined: Tue Oct 18, 2016 7:32 am

Re: How old are you and how much do you save for retirement a year

Post by MDfan »

56 and 54. We both max out our 401ks (and get 5% match) and have for nearly 25 years. We also like to spend on travel (at least $10k or more a year) while our kids (3) are still around and want to go with us so we're good with what we're saving. I have little desire to save more than we do and forego other things we like/want to do now. I can't imagine saving so much that I don't get to enjoy some of it. I've seen friends and family members go before their time so you just never know.
Camarillo Brillo
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Re: How old are you and how much do you save for retirement a year

Post by Camarillo Brillo »

59 YO. Wife hasn't worked in 20 years.

Deferred Comp plan #1: $193K
Deferred Comp plan #2: $211K
401K: $28K (counting catchup and employer match)
Profit Sharing: $60K
After tax cash savings: $80K

Total: $572K saved annually.

I retire next year and have my deferred comps scheduled to payout $400K/year for 10 years. I plan to blow every last cent, particularly since all my other accounts total several mil and I won't touch them until I'm 70. I just hope I'm still alive then.
Last edited by Camarillo Brillo on Thu Apr 19, 2018 3:43 pm, edited 1 time in total.
darrvao777
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Re: How old are you and how much do you save for retirement a year

Post by darrvao777 »

jwaxjwax wrote: Thu Apr 19, 2018 11:39 am
darrvao777 wrote: Tue Nov 07, 2017 9:38 pm 32 years old, >$500000+ for retirement annually
Just curious generally what type of investments you make for all of that after-tax investments. Any real estate syndication? Any investment in businesses? Anything that helps alleviate your tax burden?

To answer the original question, I am 37 and we save about $39.5 Pretax (18.5K 401k + 10K 401k (limit due to HCE) + 11K backdoor ROTH) + 50K/yr after tax $. Once loans paid off in a year, should be $100K/yr after tax $.
Our large taxable account is a simple 3 fund portfolio (we use the intermediate term muni fund instead of total bond because of our tax bracket)

Don’t really want the added complexity and platform risk of real estate syndication so never really looked into it

My wife does dabble in rental real estate (we have a property in SF) but I’m hoping to discourage her from continuing it any further (too much hassle with young kids at home, we live far far away from SF)

No investments in any businesses either (I’m a physician, had an opportunity to buy into a part of the hospital a few years ago but it felt a little like putting all my eggs in one basket so I declined. We ended up doing much much better by funneling the money towards the market instead )

We don’t really do much to alleviate the tax burden beyond having moved to a no income tax state and trying to hold as many passive investments as possible
gator15
Posts: 590
Joined: Sun Mar 18, 2012 8:33 pm

Re: How old are you and how much do you save for retirement a year

Post by gator15 »

30s and this hasn’t been a good savings year. I should be making hay while the sun shines and I haven’t like I have in years past. Good news is I’m addressing debt
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