Comments on Do You Save More than 10% of Your Salary?TypePad2008-05-27T15:15:00ZNAhttps://www.freemoneyfinance.com/tag:typepad.com,2003:https://www.freemoneyfinance.com/2008/05/do-you-save-mor/comments/atom.xml/Moneymonk commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e20105365ff7d7970b2008-12-15T20:37:52Z2008-12-15T20:37:52ZMoneymonkhttp://www.moneymonk.netI save 30% of my income, live off the remaining 70%<p>I save 30% of my income, live off the remaining 70%</p>carol commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e553d216a388342008-07-24T17:34:50Z2008-08-29T06:48:59ZcarolIncluding my employer match, I'm saving about 24% of my gross income. That's savings and investments, and it's a struggle,...<p>Including my employer match, I'm saving about 24% of my gross income. That's savings and investments, and it's a struggle, but I pay now or pay later. I want to make sure that I can have a comfortable retirement, so I think that it's worth the sacrifice.</p>WBT commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e5528b954c88332008-05-29T07:10:51Z2008-05-29T07:10:51ZWBT69% of net, no 401k match. 23 and renting.<p>69% of net, no 401k match. 23 and renting.</p>Kenny commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e5528b933988332008-05-29T07:04:00Z2008-08-27T12:36:25ZKennyCurrently in our 40's and have zero debt and 2 teenage kids. There are a lot of % answers for...<p>Currently in our 40's and have zero debt and 2 teenage kids. There are a lot of % answers for 401(k) which makes things relative (depending on income). So, I will answer it correctly! We max out our 401(k) with pre-tax incomes with relevant % from our incomes. In addition, due to our ages, we are at pretty high income levels. </p>
<p>We have no home, car, 529, credit-card or any other payments/debts today. In fact, I am into opening bank and credit card account that pay me $100 in 6 weeks (just for opening accounts). There is a web site that gives you the list of all of these offers - Search for it. We have all of those future expenses fully funded/pre-paid already, and our kids will be leveraging the 529s since we are not going to get a dime from the FAFSA filing (maybe we will be lucky with some scholarships). We save more than $75K in post-tax savings every year from our incomes towards investments in the BRIC countries, ETF Trading funds, QQQQ, and soon an aggressive Janus fund. Of course, DCA works best with the cash flow each month. </p>
<p>I recommend to all reading my post to 'NEVER spend $0.05 of Future Income' for today. Spend today's income for today, and future income into the future. More importantly believe in the Go Green program at a 'personal level' and utilize every single product that you have until 'the product does not want to serve you'. This is true 'carbon credits that will be credited to you own personal self' as opposed to disposing products before their total life is up. </p>
<p>Finally, Save-Save-Save and Enjoy Collecting for Uplifting the Next Generation in every way. </p>
<p>Of course, I am learning good lessons by reading the above also, but I am happy to say that I feel good after reading the above postings. </p>
<p>Thank for you letting me share my 1.5cents, and hope can take something from my posting. </p>
<p>Kenny </p>Thomas commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e55289f1e088332008-05-28T22:39:07Z2008-08-27T12:36:26ZThomasOf course, there are no kids in my numbers above. :-)<p>Of course, there are no kids in my numbers above. :-)</p>Thomas commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e55289557488332008-05-28T20:41:12Z2008-05-28T20:41:12ZThomasI knew all the freaks would come out for this post. :-) 2008: 43% of gross / 52% of net...<p>I knew all the freaks would come out for this post. :-)</p>
<p>2008: 43% of gross / 52% of net<br />
2007: 50% of gross / 60% of net</p>
<p>2008 has been a little tougher since we have needed to add a weekday apartment as well as the mortgage for my wife who works in a nearby town.</p>AL commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e552a1dcb788342008-05-28T18:59:36Z2008-08-30T05:29:18ZALI currently put 5% into my 401k (7.5% including company match), 5% into my Roth IRA, and an additional $250...<p>I currently put 5% into my 401k (7.5% including company match), 5% into my Roth IRA, and an additional $250 per month into an emergency fund...adds up to about 17.5% of my gross salary. When I have "leftover money" throughout the year, I tend to split it between my Roth IRA and my emergency fund, so I bet my total annual saving is about 20%. My goal is to increase that to 25% for next year. Additionally, I get an annual bonus that is almost entirely poured into a separate investment account, but I don't factor that into my total saving because it is discretionary and tends to vary from year to year.</p>KZ commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e552884fb788332008-05-28T17:15:55Z2008-05-28T17:15:55ZKZWow, I've never done the percentages before. With my employer's 401k match, my husband (30) and I (27) are at...<p>Wow, I've never done the percentages before. With my employer's 401k match, my husband (30) and I (27) are at 41.6% of pre-tax income. Without, we're at 35.6%. Granted, we don't have kids, but my husband is also in grad school, so I guess we're doing okay. </p>Anitra commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e552a1509688342008-05-28T16:55:39Z2008-05-28T16:55:39ZAnitrahttp://ithilien.mine.nu/Bucking the trend here... currently saving 0% (at least for the long-term). We're saving a lot of our income short-term...<p>Bucking the trend here... currently saving 0% (at least for the long-term).</p>
<p>We're saving a lot of our income short-term to make sure we can afford our baby due in September... and once we are past that hurdle, the short-term savings will all go towards our student loans, which we have been putting 20-30% towards. As our debt load becomes less crippling, we'll be able to start saving again; but for now, we just want to make sure that a drop in income won't leave us underwater.</p>John commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e552a1474188342008-05-28T16:50:48Z2008-08-30T09:44:09ZJohnAt the beginning of the year I targeted 33%. Then the wife ran up some horrendous credit card bills and...<p>At the beginning of the year I targeted 33%. Then the wife ran up some horrendous credit card bills and sold stock that resulted in a scary tax bill. I will still try to save 25% of pre-tax income but am thinking it will be closer to 20%.</p>mapgirl commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e552a037ba88342008-05-28T13:51:14Z2008-08-30T16:35:40Zmapgirlhttp://www.mapgirl.net/mfcI save less than most of your other readers, but I beat that 10% figure. 10% 401k with a corporate...<p>I save less than most of your other readers, but I beat that 10% figure.</p>
<p>10% 401k with a corporate match<br />
1% Roth 401k (it's the first time it's available and I'm just trying it out)<br />
$5K Medical FSA (which I won't need next year)</p>
<p>That probably equals about 15-20% of my income.</p>Ryan S. commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e5529fbf7588342008-05-28T11:53:53Z2008-08-29T17:09:41ZRyan S.Oh I forgot to mention that in addition to my savings % of 16% before match 21% with, I also...<p>Oh I forgot to mention that in addition to my savings % of 16% before match 21% with, I also get will get pension + social security bridge payments (my employer pays this until I hit minimum ss age) equal to approx. 50% of my salary. </p>
<p>If you think about it, saving is a double wammy. If you save 20%, not only will your money grow faster, but your standard of living will be 80% of your salary. </p>
<p>So in my case, I'll be getting 50% of my salary from my pension + ss bridge whatever the 21% I'm saving gives me.</p>TheJoneses commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e552863cb688332008-05-28T09:23:43Z2008-05-28T09:23:44ZTheJonesesAge: 31, married, no kids, house paid off, zero debt Gross income: 16% 401(k) 8% 401(k) employer match 1% HSA...<p>Age: 31, married, no kids, house paid off, zero debt</p>
<p>Gross income:<br />
16% 401(k)<br />
8% 401(k) employer match<br />
1% HSA (Didn't consider this as savings prior to this thread, but I have barely spent any of it.)<br />
.5% HSA employer match (a benefit I forget about)<br />
20% into post-tax investment fund (nearing 50% of my take home, which is my goal for this year)</p>
<p>45.5% of gross is saved</p>
<p>Goal is to early retire, and really-early semi-retire</p>JoeTaxpayer commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e55284fa5288332008-05-28T03:48:53Z2008-08-27T12:36:32ZJoeTaxpayerhttp://www.blog.joetaxpayer.com18% before match, 24% after, add both the college savings and mortgage principle (which adds to net worth) and that...<p>18% before match, 24% after, add both the college savings and mortgage principle (which adds to net worth) and that totals 41%. Looking at it that way, I need to replace less than 59% of our gross income to retire. <br />
Joe</p> commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e55284e38488332008-05-28T03:29:54Z2008-08-27T12:35:30Zwow... recently I've been struggling at 20% gross, but continue to work hard at it. Atleast half of every raise...<p>wow... recently I've been struggling at 20% gross, but continue to work hard at it. Atleast half of every raise I've had for the past 5 years or so has gone right to the 401K savings bucket. Maxed out my 401, now working maxing out my wifes. I know that there is a big argument to catch all of the match from 401k, then move to Roth, I just don't trust the sneaky politicians and figure I'll get taxed twice on that Roth money if I start one, they've got 32 years to change their tune .. and hopefully another 30 after that once I'm retired :) </p>FinanceFixer commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e552846e7788332008-05-28T02:38:52Z2008-05-28T02:38:52ZFinanceFixerhttp://fixingmyfinances.blogspot.comI currently save/invest 22% of my after-tax salary in a 401(k), Roth IRA, and high-interest savings account. I also send...<p>I currently save/invest 22% of my after-tax salary in a 401(k), Roth IRA, and high-interest savings account. I also send about 15% of my income to debt repayment (student loan and small credit card consolidation loan). </p>
<p>I am a single 22-year old, so I imagine I won't always be able to keep this pace - and I am wondering if I should stop some of my savings to focus on debt repayment. That said, I feel that there is no time like the present to invest in my retirement, what with the low stock market!</p> commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e55283c1c988332008-05-28T00:46:53Z2008-05-28T00:46:53ZI am so glad to hear your great stories about saving so much. I can only factor in that 1)...<p>I am so glad to hear your great stories about saving so much. I can only factor in that 1) you have no children which really take alot; 2) you all have very good paying jobs; We currently save 15% in wifes 401K and some when ever into my roth ira, have 2 children and are struggling to make ends meet.</p>Aussie Reader commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e5529c190b88342008-05-27T23:48:34Z2008-05-27T23:48:34ZAussie ReaderWow, I'm so impressed by the figures! We've only just started saving regularly and it's about 7% of my net...<p>Wow, I'm so impressed by the figures! </p>
<p>We've only just started saving regularly and it's about 7% of my net salary. Now I've worked it out, it doesn't sound so bad, we also save about 10% of my partner's salary, so I guess we're not as badly placed as I thought. My partner works part-time and we have a 20 month old that I am sure eats money.</p>
<p>Regardless, I'm still so impressed and inspired.</p>Karm commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e552830f2c88332008-05-27T22:00:45Z2008-08-29T21:16:45ZKarmI save 41% of my gross income (401k,Roth IRA, HSA). Single, 45.<p>I save 41% of my gross income (401k,Roth IRA, HSA). Single, 45. </p>Jess commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e5529b90e188342008-05-27T21:30:14Z2008-05-27T21:30:15ZJessI'm in my mid-20s (no spouse/kids) - save about 33% of my net income.<p>I'm in my mid-20s (no spouse/kids) - save about 33% of my net income.</p>Cytoman commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e5529b890788342008-05-27T21:19:38Z2008-05-27T21:19:38ZCytoman51% of our net income is saved: 17%Savings (reserve so we can pay cash) 18% 401k (includes employee match) 11%...<p>51% of our net income is saved:</p>
<p>17%Savings (reserve so we can pay cash)<br />
18% 401k (includes employee match)<br />
11% Roth IRA<br />
5% Education savings for three kids</p>
<p>Goal: to retire at 52 (54 with today’s stock market).<br />
</p>Cytoman commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e5529b88a488342008-05-27T21:19:15Z2008-08-30T07:40:07ZCytoman51% of our net income is saved: 17%Savings (reserve so we can pay cash) 18% 401k (includes employee match) 11%...<p>51% of our net income is saved:</p>
<p>17%Savings (reserve so we can pay cash)<br />
18% 401k (includes employee match)<br />
11% Roth IRA<br />
5% Education savings for three kids</p>
<p>Goal: to retire at 52 (54 with today’s stock market).<br />
</p>LotharBot commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e55282b30988332008-05-27T20:16:52Z2008-08-27T12:36:35ZLotharBotRight now, my wife and I are saving about 57% of our take-home pay. She's also getting the full match...<p>Right now, my wife and I are saving about 57% of our take-home pay. She's also getting the full match on her 401k.</p>sow commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e5529b541988342008-05-27T20:06:03Z2008-08-28T06:49:34Zsowhttp://www.stewardsofwealth.com/Along with this "10% rule", do people consider any of the offsetting factors? For example, Mr. Saver could be saving...<p>Along with this "10% rule", do people consider any of the offsetting factors? For example, Mr. Saver could be saving 10% but at the same time be spending 12% in interest. What about inflation? Should the rule change to 15% to account for higher inflation these days? And it is protected from creditors? How much will Uncle Sam take when he cashes out of his Qualified Retirement Plans?</p>
<p>Saving is truly an important part of a sound financial plan. But, it's still just a part of the bigger picture of personal finance.</p>Fred commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e5529b510888342008-05-27T20:02:27Z2008-08-27T12:37:25ZFredI'm 26, and I save 7% in the 401k before employer match, 13% after match, 3% goes into my roth...<p>I'm 26, and I save 7% in the 401k before employer match, 13% after match, 3% goes into my roth IRA, and 6% goes into my online money market account with GMAC.</p>Dave commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e55282a12188332008-05-27T20:00:43Z2008-05-27T20:00:43ZDave"We save about 35% of our pre-tax salary. Post-tax, we save 53%." To be more specific, my wife and I...<p>"We save about 35% of our pre-tax salary. Post-tax, we save 53%."</p>
<p>To be more specific, my wife and I save 35% of our gross/pre-tax income, which comes out to about 53% of our post-tax income. This includes savings in 401k, IRA, and taxable accounts, but does not include the principal paid down to our mortgage which technically is an "investment" and might be considered "savings." Neither of us work for companies that match. </p>
<p>We're fortunate to have jobs with relatively high incomes, and so therefore we can save a larger percentage of our salary. However, we expect our salaries will go DOWN drastically in 2-3 years, as both my wife and I consider working less demanding hours or possibly go part time. For privacy, I won't say what industry we're in, but we both curiously have jobs where we have very high salaries starting out, but most ilkely will never make as much again if and when we leave our present jobs. I am hopeful that the high amount of savings we've been able to achieved on the front end, plus the magic of compound interest, will carry us through relatively leaner years, when we have smaller salaries and increased expenses associated with having kids.</p>Tom commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e55282924988332008-05-27T19:47:38Z2008-08-29T21:14:48ZTomLooks like I don't save enough if I want to keep up with these Jones's... I save about 15% without...<p>Looks like I don't save enough if I want to keep up with these Jones's...</p>
<p>I save about 15% without company match and 21% with company match (pre-tax).</p>djc commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e552827b4788332008-05-27T19:32:27Z2008-05-27T19:32:27ZdjcI save 29% of my gross income - 12% goes to 401K, then other savings are for college, vacations, emergency...<p>I save 29% of my gross income - 12% goes to 401K, then other savings are for college, vacations, emergency fund and an eventual car replacement. I have no debt other than a fixed rate mortgage, and mortgage and property tax payments amount to around 20% of my gross income.</p>aaktx commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e5528278d988332008-05-27T19:31:11Z2008-08-27T12:36:16ZaaktxMe=36, wife=35 House paid off. Including 529's, 401k, taxable accounts, and real estate we are saving about 60-70% of our...<p>Me=36, wife=35</p>
<p>House paid off. Including 529's, 401k, taxable accounts, and real estate we are saving about 60-70% of our post-tax income. We live frugally and have no debt. </p>Billy commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e5529b29fc88342008-05-27T19:23:37Z2008-08-27T12:36:14ZBillyLooking at my numbers from last year, my wife and I saved ~ 10% of last years gross income --...<p>Looking at my numbers from last year, my wife and I saved ~ 10% of last years gross income -- about 6% for retirement, 3% for our kids education (we have 3) and a bit over 1% in general savings.</p>
<p>I was pleasantly surprised since I expected the number would be lower -- perhaps 5%. I guess the set it up and then forget about it (PAC) system seems to working better than I realized.</p>Rod Ferguson commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e552824d0688332008-05-27T18:03:35Z2008-05-27T18:03:35ZRod FergusonHuh - never thought about calculating that as pre- and post-tax. Hmmm.. Pre = 8% without and 12% with Post...<p>Huh - never thought about calculating that as pre- and post-tax. Hmmm..</p>
<p>Pre = 8% without and 12% with<br />
Post = 13% without and 18% with</p>Dave commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e552823aab88332008-05-27T17:29:29Z2008-08-29T12:26:13ZDaveWe save about 35% of our pre-tax salary. Post-tax, we save 53%.<p>We save about 35% of our pre-tax salary. Post-tax, we save 53%.</p>Traciatim commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e5529ab22088342008-05-27T17:28:37Z2008-08-29T06:48:19ZTraciatimWow, I'm way behind the curve on this one, I only do 6% before my match, 12% after . ....<p>Wow, I'm way behind the curve on this one, I only do 6% before my match, 12% after . . . Though I also have 2 accounts for the kids University, that's another 6% or so between the two. So I guess I'm not doing terribly. </p>Gnrob commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e5529aab5588342008-05-27T17:21:14Z2008-05-27T17:21:14ZGnrobhttp://www.gnorb.netI don't think I've ever played the percentages game, so this one's new to me, but apparently we're squirreling away...<p>I don't think I've ever played the percentages game, so this one's new to me, but apparently we're squirreling away about 40% of our income, not including 401K's/IRA's. Like Kevin, we live off my paycheck and bank my wife's. Never really thought about it in percentages, though. it was more like "Alright, you're making money too? Great, we can store that for buying a house or something."</p>Kimberly commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e55282323a88332008-05-27T17:18:45Z2008-08-29T12:22:19ZKimberlyRight now we are putting away cash to build up our emergency fund and then to save for a downpayment....<p>Right now we are putting away cash to build up our emergency fund and then to save for a downpayment. We are depositing my entire paycheck into the savings account and if we don't touch it and live just off my husband's income it is about 31% of our gross.</p>Joshua commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e5529aa91a88342008-05-27T17:18:38Z2008-08-30T12:03:15ZJoshuaI'm living on about 40% and saving 40% of my $45,000 gross salary at age 22. I worked my tail...<p>I'm living on about 40% and saving 40% of my $45,000 gross salary at age 22. I worked my tail off to graduate from college with no debt (paid for it myself) and I'm seeing the benefits of no student loan payments!</p>
<p>10% Giving<br />
15% Roth 401k retirement (+3% effective employer match)<br />
25% House/Replacement Car/Motorcycle/New Business Fund!</p>F2O commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e552822b3588332008-05-27T17:09:27Z2008-08-29T21:23:37ZF2OMe - 35, Wife - 27 We are currently saving 19.26% of our gross with match (15.08% without). This past...<p>Me - 35, Wife - 27<br />
We are currently saving 19.26% of our gross with match (15.08% without). This past weekend she and I talked about making some changes which would increase those figures to 24.57% with and 21.11% without.</p>Kevin commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e552822a4988332008-05-27T17:07:59Z2008-08-29T21:20:39ZKevinWe're at about 34% of our gross (before taxes) income. We live off my paychecks only and save every one...<p>We're at about 34% of our gross (before taxes) income. We live off my paychecks only and save every one of my wife's plus my OT money I earn during tax season, plus Roth & 401(k) contributions.</p>
<p>I honestly did not realize it was that high a percent until I calculated it just now. It will certainly go down in the next couple years as we are planning on selling our starter home. Now that we have a 9 month old we are quickly realizing that 800 sq ft & 2 bedrooms are not cutting it once we add kid #2.</p>Allen @ Good Money Blog commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e5528229b588332008-05-27T17:07:06Z2008-05-27T17:07:06ZAllen @ Good Money Bloghttp://www.goodmoneyblog.comMy wife and I save around 40-50%.<p>My wife and I save around 40-50%.</p>FMF commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e5529a8d1f88342008-05-27T16:45:35Z2008-05-27T16:45:35ZFMFhttp://www.freemoneyfinance.comWow! So many of you are doing so well!!!!<p>Wow! So many of you are doing so well!!!!</p>Gatorzone commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e5529a857e88342008-05-27T16:37:24Z2008-08-29T21:18:10ZGatorzoneMy wife and I collectively save approximately 33% of our household gross income (we have no employee match). We generally...<p>My wife and I collectively save approximately 33% of our household gross income (we have no employee match). We generally max out our 401ks and Roth IRA contributions, and also try to save additional monies for our emergency savings fund. We also got a 15-year mortgage, whereby about 40% of our monthly mortgage payment goes to pay down principal (building equity, no pun intended). Please note that my 33% calculation does not take into account any of the principal we are paying down on our house through our 15-year mortgage. If we did, that would mean we are saving approximately 39% of our gross income. It seems like it is so hard to save money, but it sounds like by making it automatic we are actually saving a pretty good percentage.</p>
<p>Our general plan is to max out all of our retirement accounts (401Ks and ROTH IRAs) and take advantage of the tax benefits that exist. We then try to maximize the gain on all of our money and have our savings account in a Vanguard Prime Money Market Fund earning pretty decent interest. We are also going to refinance (this week) on a 7/1 ARM at 5.25% (30-year amortization schedule). This will enable us to not have to pay so much every month to our home that we had to pay with the 15-year mortgage, and instead we can use the difference to invest. We are really looking forward to having more liquidity. That is one of the challenges that we face by putting so much of our money in retirement accounts that we do not have any access to.</p>Pinyo commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e5529a821c88342008-05-27T16:33:25Z2008-08-30T21:09:43ZPinyohttp://www.moolanomy.com/I am saving almost 40% of my gross income (not including my wife's).<p>I am saving almost 40% of my gross income (not including my wife's).</p>JEM commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e5529a7b0d88342008-05-27T16:24:54Z2008-08-27T12:31:05ZJEMWe save about 40% of our Net income. We are 32 and 28 with no children. 5%- Short term savings...<p>We save about 40% of our Net income. We are 32 and 28 with no children. </p>
<p>5%- Short term savings<br />
10%- Other investments<br />
15%- 401k (maxed for employer match)<br />
10%- IRA's (maxed)</p>Anonymous commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e5529a6bdc88342008-05-27T16:10:33Z2008-05-27T16:10:33ZAnonymous13% with my 401k election (not maxed out). 21% if you take above, add employer contribution. More post-tax-savings occurs to...<p>13% with my 401k election (not maxed out).<br />
21% if you take above, add employer contribution.</p>
<p>More post-tax-savings occurs to our vacation fund, emergency fund, and other savings/investing opportunities.</p>
<p>When you do the total with my wife's salary, we save about 27% of our income, with about 17% of it coming pre-tax.</p>Ken commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e5529a66e188342008-05-27T16:07:29Z2008-08-28T06:49:23ZKenhttp://blog.thenewgreendeal.comMe, age 24: 20% into 401k, will come close to hitting limit this year. 8% into Employee Stock Purchase Plan...<p>Me, age 24:<br />
20% into 401k, will come close to hitting limit this year.<br />
8% into Employee Stock Purchase Plan - short term savings for car/other fun stuff<br />
$5000 a year into Roth, so about 6.6%<br />
Another 3.2% company match for 401k.</p>
<p>So 29.8% for retirement, and 8% for fun.</p>
<p>Wife, age 25:<br />
20% into 401k, also will be near the limit.<br />
$5000 a year into Roth, about 6%<br />
6% company match for 401k</p>
<p>So 32% for retirement.</p>
<p>We also save 2-3k, sometimes a lot more, a month for a down payment on a house one day.</p>
<p>So in total we save over 50% i think, or very close.</p>Angie commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e55281f5bf88332008-05-27T16:07:01Z2008-08-29T12:21:47ZAngiehttp://climbingoutofthered.blogspot.comWow do I feel bad... I am at 6% (13% with match) I know I should move that up a...<p>Wow do I feel bad... I am at 6% (13% with match) I know I should move that up a notch but I am trying to strike the balance between savings, 401k, and paying off loans. I suppose I should add the extra each month to at least hit the pretax limit every year. </p>
<p>Its on my to do list to figure out how much extra that is.</p>Rod Ferguson commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e55281e42388332008-05-27T15:56:53Z2008-08-28T06:47:51ZRod FergusonWe're at 8% without and 12% with. SINK, with a wife finishing up grad school, who is about to start...<p>We're at 8% without and 12% with. SINK, with a wife finishing up grad school, who is about to start working again :) I believe we can hit a combined income 10% (her salary won't be much to start, but it will be extra less her expenses) by the end of the year, or almost 15% with my employer match. We're also debt free with the exception of our mortgage and a small school loan (so small I think we can pay it off completely within 2 years in addition to buying that retirement property.) Not as good as some, but much better than others and all according to the inflation-adjusted multi-decade retirement plan. Still on track to retire at 55 and looking good for 53 ;).</p>digging4dough commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e55281e09588332008-05-27T15:54:16Z2008-08-29T12:22:24Zdigging4doughhttp://digging4dough.blogspot.com/Nowadays, I save over 50% of my monthly net income. I rent a studio for $565 per month in Chicago....<p>Nowadays, I save over 50% of my monthly net income. I rent a studio for $565 per month in Chicago. My monthly living expenses is around $1200. I am an independent consultant (S-Corp). I'm in my thirties, single, no kids. I dined out and drank a lot in my twenties. Now, I'm bored of it. (Once in a while, I go out for a drink with old friends.) I max out my traditional and Roth IRAs, and I still have money left over.</p>Rzrshrp commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e55281dff988332008-05-27T15:53:51Z2008-08-30T03:07:00ZRzrshrpYou all really humble me. My Fiancee and I only save about 5% of our gross income, 10% when employer...<p>You all really humble me. My Fiancee and I only save about 5% of our gross income, 10% when employer matching is counted. Hopefully, we can do better in the future as income increases or debt/expenses decrease. She won't let me get a scooter or a motorcycle though when my current car conks out. That would save a bunch.</p>Hal commented on 'Do You Save More than 10% of Your Salary?'tag:typepad.com,2003:6a00d83451bcbd69e200e55281dfb988332008-05-27T15:53:40Z2008-05-27T15:53:40ZHalhttp://commonculinarian.comWithout my employer "match," I'm at 15.5%. With the "match," it's closer to 21%. I say "match" because they contribute...<p>Without my employer "match," I'm at 15.5%. With the "match," it's closer to 21%. I say "match" because they contribute 10% to a retirement account, that I'm fully vested in immediately, on my behalf. I'm going to be really sad the day I have to leave this place (unfortunately, because of the reason I'm at this employer at all, I know it's not a permanent situation).</p>