Savings Rates by Wealth Class
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- MachineGhost
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Savings Rates by Wealth Class
I would put a poll up but that doesn't seem to be a feature of the new forum. So what percent does everyone save of their income?
"All generous minds have a horror of what are commonly called 'Facts'. They are the brute beasts of the intellectual domain." -- Thomas Hobbes
Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet. I should not be considered as legally permitted to render such advice!
Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet. I should not be considered as legally permitted to render such advice!
Re: Savings Rates by Wealth Class
I save about 15%. I would love to save more like 20, but with 3 kids and a stay at home wife, it gets hard to maintain a nice suburban life style.
- Pointedstick
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Re: Savings Rates by Wealth Class
Around 70%. Two kids, stay-at-home wife, 1,300 sf suburban house, one car. Amounts to a pretty strong set of golden handcuffs.
Re: Savings Rates by Wealth Class
Savings rate 25%. Maxed out age 50+ 401(k), age 55+ HSA, then more after-tax savings. House paid for, kids' college paid for, retiring no later than 3600 days from now.
Re: Savings Rates by Wealth Class
About 60% (currently living on post-retirement budget 1 year before retirement)
Last edited by curlew on Sat Jul 16, 2016 1:30 pm, edited 1 time in total.
Re: Savings Rates by Wealth Class
I think I'm around 65% savings rate with me working fulltime and my wife working part-time. There's more I could cut out eventually and currently am renting an apartment so if that money could go towards equity in a home that'd be nice someday.
Last edited by Greg on Sat Jul 16, 2016 1:19 pm, edited 1 time in total.
Re: Savings Rates by Wealth Class
Including company match but not Mortgage principle, around 10% of gross; ~14% if include Mortgage Principle.
[Edit: added 'of gross'; Edit2: added % inc. Mortgage Principle - helps me feel slightly better here on the bottom of the saving range... .]
[Edit: added 'of gross'; Edit2: added % inc. Mortgage Principle - helps me feel slightly better here on the bottom of the saving range... .]
Last edited by Dieter on Sat Jul 16, 2016 3:21 pm, edited 2 times in total.
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Re: Savings Rates by Wealth Class
About 20% of net income, aiming at 25%.
Re: Savings Rates by Wealth Class
That's pretty amazing. I raised 3 kids with a stay-at-home wife and our savings rate was generally around -10%, at least in the early years.Pointedstick wrote:Around 70%. Two kids, stay-at-home wife, 1,300 sf suburban house, one car. Amounts to a pretty strong set of golden handcuffs.
I'm actually a frugal person by nature but the stay-at-home wife and kids were quite the opposite (especially the wife).
You must have wisely married a like-minded person.
- Kriegsspiel
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Re: Savings Rates by Wealth Class
I bounced around between 87% and 66%. All while in the bottom 90% of course.
Re: Savings Rates by Wealth Class
About 50%.
I'm doing well at my job so far, but I'm reliant on government income sources that could go poof at any moment. The goal is to become financially independent in about 3-5 years, after which I can work at my own pleasure and with no pressure to keep running the academic treadmill.
I'm doing well at my job so far, but I'm reliant on government income sources that could go poof at any moment. The goal is to become financially independent in about 3-5 years, after which I can work at my own pleasure and with no pressure to keep running the academic treadmill.
Re: Savings Rates by Wealth Class
My wife and I are a DINK household and we save about 60% of gross income. At a 4% SWR we are on the cusp of financial independence. The plan now is to spend the next five years building up the bulwark further and then leave the workforce and spend my remaining days fly fishing and becoming a better pianist.
- Pointedstick
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Re: Savings Rates by Wealth Class
Guilty as charged! She's a pretty amazing woman.curlew wrote:That's pretty amazing. I raised 3 kids with a stay-at-home wife and our savings rate was generally around -10%, at least in the early years.Pointedstick wrote:Around 70%. Two kids, stay-at-home wife, 1,300 sf suburban house, one car. Amounts to a pretty strong set of golden handcuffs.
I'm actually a frugal person by nature but the stay-at-home wife and kids were quite the opposite (especially the wife).
You must have wisely married a like-minded person.
Re: Savings Rates by Wealth Class
We probably averaged about 60% over our accumulation stage, starting on the low end and rising as we got older and really serious about optimizing savings rate. We peaked around 80%.
These days, the number is all over the map with no full time job and only irregular part time gigs. But because we're FIRE, that's a feature not a bug.
These days, the number is all over the map with no full time job and only irregular part time gigs. But because we're FIRE, that's a feature not a bug.