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« Free Money Finance Top 10 Most Hated Posts/Themes: #2 Moving to Save Money | Main | Some People Think a 100% Return on Your Investment Isn't Enough »

November 14, 2006

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David Bach did a nice take on this. If you want no or a poor retirement save 0-5%, working class 5-10%, middle class 10-15%, affluent 15-20%, early or rich 20-25%. If you don't start early, don't plan on one.

At age 43, I had nothing. For the next 10 years I saved 15% and for the last 3 years, I have saved 40% which I will do until I am 70 (12 more years). If I had saved 10% from the start when I could, I would have been prepared for the emergencies that came along and life would be more enjoyable now. I now have $550,000 and will retire with $2,000,000 if my health holds up.

At age 25, I try to save $1000 every month. This is a very rigid plan considering it's about 30% of my monthly income (after tax). I also have rent, roth, foods, insurance and other things to pay up for - which counts to be less than $2,000/month. But I wonder whether I'm too aggressive on saving money yet not enjoying my life by having fun late night, entertainment, etc.

Your thoughts? I've managed to max Roth in '08 and '09. No debt. No car payment. 5% on 401(k) with 5% match. Can I take little breathing room on saving?

Josh --

This is a question worthy of the group commenting on. I'll post it in a couple of weeks and see what the readers say.

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