View Poll Results: What percentage of your gross yearly income do you save for retirement? "Income" = payche
|
0% - 2%
|
|
3 |
2.46% |
3% - 5%
|
|
1 |
0.82% |
6% - 8%
|
|
1 |
0.82% |
9% - 11%
|
|
8 |
6.56% |
12% - 14%
|
|
5 |
4.10% |
15% - 17%
|
|
7 |
5.74% |
18% - 20%
|
|
5 |
4.10% |
21% - 23%
|
|
10 |
8.20% |
24% - 26%
|
|
7 |
5.74% |
27% - 29%
|
|
4 |
3.28% |
30% - 32%
|
|
13 |
10.66% |
33% - 35%
|
|
8 |
6.56% |
36% - 38%
|
|
6 |
4.92% |
39% - 41%
|
|
5 |
4.10% |
42% - 44%
|
|
11 |
9.02% |
45% - 47%
|
|
1 |
0.82% |
48% - 50%
|
|
7 |
5.74% |
51% - 53%
|
|
3 |
2.46% |
54% - 56%
|
|
3 |
2.46% |
57% - 60%
|
|
2 |
1.64% |
More than 60%
|
|
12 |
9.84% |
|
|
What percentage of your gross income do you save?
10-24-2005, 04:43 PM
|
#1
|
Recycles dryer sheets
Join Date: Jun 2005
Posts: 233
|
What percentage of your gross income do you save?
How much of your gross yearly income do you save?
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
Re: What percentage of your gross income do you save?
10-24-2005, 05:05 PM
|
#2
|
Dryer sheet aficionado
Join Date: Oct 2005
Posts: 45
|
Re: What percentage of your gross income do you save?
I'm currently only saving 10% but I plan to up it to 22% by the end of the year
|
|
|
Re: What percentage of your gross income do you save?
10-24-2005, 05:06 PM
|
#3
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 14,183
|
Re: What percentage of your gross income do you save?
Around 23%, plus 6% match...
__________________
Have Funds, Will Retire
...not doing anything of true substance...
|
|
|
Re: What percentage of your gross income do you save?
10-24-2005, 05:46 PM
|
#4
|
Thinks s/he gets paid by the post
Join Date: Sep 2005
Posts: 1,677
|
Re: What percentage of your gross income do you save?
I save 15% or more to my 401k plus there is a 1% match, 15% to my savings and then any bonuses or windfalls go right to the bank too.
__________________
Dogs aren't our whole lives, but they make our lives whole. - Roger Caras
|
|
|
Re: What percentage of your gross income do you save?
10-24-2005, 05:59 PM
|
#5
|
Recycles dryer sheets
Join Date: Jun 2005
Posts: 233
|
Re: What percentage of your gross income do you save?
I see some people actually save more than 60% of their gross incomes. I find that amazing. How do you do it? Do you have extremely high incomes? Live like paupers? Already have the house paid off?
|
|
|
Re: What percentage of your gross income do you save?
10-24-2005, 06:06 PM
|
#6
|
Recycles dryer sheets
Join Date: Aug 2005
Posts: 335
|
Re: What percentage of your gross income do you save?
About 1/3 to taxes, 1/3 for living (including mortgage), and 1/3 for savings (all for retirement goal). If you count the employer match of 5%, pushes up the savings percentage a little.
|
|
|
Re: What percentage of your gross income do you save?
10-24-2005, 07:07 PM
|
#7
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
|
Re: What percentage of your gross income do you save?
Dunno, ask me after bonuses are handed out.
SLC, what is up with the icon? I think its hysterical, but appears to be meaningless.
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
|
|
|
Re: What percentage of your gross income do you save?
10-24-2005, 07:17 PM
|
#8
|
Thinks s/he gets paid by the post
Join Date: Feb 2005
Location: Lou-evil
Posts: 2,025
|
Re: What percentage of your gross income do you save?
I am still @ 0% (didn't want to skew the poll) but I imagine the more ya make the higher the gross % saved among us at least. Hope to swim in that pool at some point but I doubt it.
__________________
"These walls are kind of funny. First you hate 'em, then you get used to 'em. Enough time passes, gets so you depend on them"
|
|
|
Re: What percentage of your gross income do you save?
10-24-2005, 11:03 PM
|
#9
|
Moderator Emeritus
Join Date: Feb 2005
Location: San Diego
Posts: 5,267
|
Re: What percentage of your gross income do you save?
I felt reticent voting, because while we will have saved ~29% this year, things seem to be saying we will not be able to maintain that rate. Kudos to those of you able to save more, our mortgage just chews up the income.
I thought about mentioning the fact that I'm in a 20 year fixed instead of a traditional 30 year, and that I think my payments to principle should at least partially count towards savings, and stir up the house as asset vs. liability debate again, but I refrained.
|
|
|
Re: What percentage of your gross income do you save?
10-25-2005, 12:51 AM
|
#10
|
Recycles dryer sheets
Join Date: Jun 2005
Posts: 201
|
Re: What percentage of your gross income do you save?
Quote:
Originally Posted by SLC Tortfeasor
I see some people actually save more than 60% of their gross incomes.* I find that amazing.* How do you do it?* Do you have extremely high incomes?* Live like paupers?* Already have the house paid off?
|
Just polled in the 60% plus category. The precise figure is 64%. Yes we have high income, but importantly, we mostly live well within it.
Cheers
Honkie
|
|
|
Re: What percentage of your gross income do you save?
10-25-2005, 03:44 AM
|
#11
|
Confused about dryer sheets
Join Date: Aug 2005
Posts: 6
|
Re: What percentage of your gross income do you save?
I'm in a similar situation to Honkie (and also living in Hong Kong). We save almost 60% (57% to be exact).
|
|
|
Re: What percentage of your gross income do you save?
10-25-2005, 03:53 AM
|
#12
|
Recycles dryer sheets
Join Date: Jun 2005
Posts: 201
|
Re: What percentage of your gross income do you save?
Well spotted HKMike!! (my handle isn't quite as obvious as yours).
Should we let the others know that local taxation means that our net is a minimum of 83% of our gross??
Cheers
Honkie
|
|
|
Re: What percentage of your gross income do you save?
10-25-2005, 04:22 AM
|
#13
|
Full time employment: Posting here.
Join Date: Jul 2005
Posts: 588
|
Re: What percentage of your gross income do you save?
Quote:
Originally Posted by Honkie
Just polled in the 60% plus category. The precise figure is 64%. Yes we have high income, but importantly, we mostly live well within it.
Cheers
Honkie
|
Honkie, So what percentage for taxes and living? That only leaves 36% for both taxes and living expense. Wouldn't "high income" put you in the 33% tax bracket plus all local taxes?
|
|
|
Re: What percentage of your gross income do you save?
10-25-2005, 04:40 AM
|
#14
|
Recycles dryer sheets
Join Date: Jun 2005
Posts: 201
|
Re: What percentage of your gross income do you save?
Quote:
Originally Posted by TargaDave
Honkie,* So what percentage for taxes and living?* That only leaves 36% for both taxes and living expense.* Wouldn't "high income" put you in the 33% tax bracket plus all local taxes?*
|
Last year I paid less than 8% of gross income in taxes, leaving a little over 28% for living expenses.
|
|
|
Re: What percentage of your gross income do you save?
10-25-2005, 05:54 AM
|
#15
|
Thinks s/he gets paid by the post
Join Date: Jul 2004
Posts: 1,505
|
Re: What percentage of your gross income do you save?
Wow, those are some really excessive savings rates some of you have. You guys know you cant take it with you when you die, right? Just making sure!
|
|
|
Re: What percentage of your gross income do you save?
10-25-2005, 07:35 AM
|
#16
|
Moderator Emeritus
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
|
Re: What percentage of your gross income do you save?
I have this very unscientific feeling that most families can get along in the US with about $50,000 a year in income. I know plenty have less and plenty have more, but $50,000 feels like a nice number to me. You won't be able to live in NY or SF or buy a house in San Diego, but you could get along. I think below that number it is very difficult to save and above that number it gets easier.
Am I full of it?
__________________
.
No more lawyer stuff, no more political stuff, so no more CYA
|
|
|
Re: What percentage of your gross income do you save?
10-25-2005, 07:44 AM
|
#17
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 9,072
|
Re: What percentage of your gross income do you save?
Last 5 years I have been able to save 50+ % a year. Of course being single, no debt, small house with low expenses helps a lot. Fortunate to have been in good health so not much going to health care. Also, the company I work for has been very profitable so bonuses have been good. Hopefully 2006 will be the same and I can close out my career on a high note. *
Martha, I think that is pretty much true. I can't imagine a family of 4, with mortgage, being able to save very much. I'm sure there are exceptions.
__________________
Retired 3/31/2007@52
Investing style: Full time wuss.
|
|
|
Re: What percentage of your gross income do you save?
10-25-2005, 07:46 AM
|
#18
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,022
|
Re: What percentage of your gross income do you save?
Quote:
Originally Posted by Martha
Am I full of it?
|
Thankfully we have the Fifth Amendment for situations like this.......
__________________
Numbers is hard
|
|
|
Re: What percentage of your gross income do you save?
10-25-2005, 08:03 AM
|
#19
|
Full time employment: Posting here.
Join Date: Mar 2005
Location: Punta Gorda, FL
Posts: 828
|
Re: What percentage of your gross income do you save?
I spend around 45%, the rest goes into savings and pays taxes.
|
|
|
Re: What percentage of your gross income do you save?
10-25-2005, 08:09 AM
|
#20
|
Full time employment: Posting here.
Join Date: Jul 2005
Posts: 588
|
Re: What percentage of your gross income do you save?
Quote:
Originally Posted by Martha
I have this very unscientific feeling that most families can get along in the US with about $50,000 a year in income. I know plenty have less and plenty have more, but $50,000 feels like a nice number to me. You won't be able to live in NY or SF or buy a house in San Diego, but you could get along. I think below that number it is very difficult to save and above that number it gets easier.
Am I full of it?
|
In addition to high cost areas I would think kids and no health care would also put some pressure on the $50k figure. Both taken together would put a lot of pressure on that figure. My guess is that the level of health care coverage for those in the $50k bracket is lower on average than those in the $80k or $100k bracket. Otherwise I agree it's a decent balance point.
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|