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how much do you have saved?

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meehan22
Frequent Contributor

Re: how much do you have saved?

26

32k income

Single, but thinking about marriage.

2500 in checking

5,000 in savings. 

own free and clear vehicle

renting but looking for cheap home to live in for a period of time than turn around and rent

no debt. 

no retirement/401k/ira/cd/etc yet. But looking at ways to start.

Plan on doing the same as my parents and start investing in rental properties in the near future.  Luckily houses can be had for 20-30k in my area.
Just have to find the best deal to start Smiley Happy 


Wallet: Chase $6,000 - Discover $1,500 - Walmart $2,200 - Voyage FCU $1,300 - Zales $2,300 - Elan Fin: $12,500(AU, reporting) - Chase $8,500 (AU, reporting) 1% UTL
Message 21 of 53
savingmoney87
Regular Contributor

Re: how much do you have saved?

I am 27, Single, & 50K a year.

Retirement:$35K in 401K, $10K emergency fund. I am also 11 years away from an immediate pay pension at a minimum of 24k annually.

Debt: $19K student loans, $4k remaining on my auto loan, and $0 on my credit card.





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Message 22 of 53
Lulu08
New Member

Re: how much do you have saved?

Awesome! Whats your occupation?
Message 23 of 53
Lulu08
New Member

Re: how much do you have saved?

Retirement-401k $255,000 savings $13,000, house worth $420,000-owe $318,000
Pharma sales $130,000
Message 24 of 53
MasterScott3
New Visitor

Re: how much do you have saved?

I think this is an interesting topic. Thanks for everyone before me who contributed.

 

I'm 27 and single. I make about 30k a year and have about $13,000 in a ROTH IRA, about $10,000 in precious metals (hard to determine because its volatile) and about $2000 saved up in the bank. I have basically no credit card debt though because I pay it off every month and no student loans. I only have about $600 left to pay on my car which is my only debt. I'm working on trying to maximize my credit score so I can buy my first house later this year hopefully! I was around a 700 credit score at the end of March so we will see if it isn't higher by the end of the summer hopefully.

Message 25 of 53
tudorjason
Established Member

Re: how much do you have saved?

I'm 33 and I'm basically just starting to save for retirement and have an emergency fund. It's been difficult to save for the future so far, but I just got a great paying job. I've already created a budget that includes making $1000 monthly payments on my student loans, saving some in a standard savings account, and putting in the max into a Roth IRA. At that rate, my student loans will be paid off in five years, including interest. I'll then be able to start saving for a large down payment on a mortgage.

I don't plan on retiring until I'm 70, which is fine, but the mortgage should be paid off by then.

Right now, I'm at $4500 in retirement and $1500 in savings, but I have $53000 in student loans and $2500 in CC debt.
Message 26 of 53
MidnightVoice
Super Contributor

Re: how much do you have saved?


@Revelate wrote:

@MidnightVoice wrote:

Only about 8x my annual salary, and that is not enough to retire on  Smiley Sad


Doesn't that depend on what your salary was?  

 

I've always found the typical talking head wisdom suspect as I don't need nearly as much in retirement as I do now from an expenses perspective (theoretical mortgage would be paid by then, unless I suddenly have the urge to see the rest of the world I haven't seen yet, when I'm 70... not good planning) and I make more than my expenses anyway.

 


8-11 imes you final salary is a pretty common estimate nowadays, and the higher your salary the higher the amount, probably because most of us want to keep a similar standard of living in our retirement.  And as far as I can see, the major reduction in expenses in retirement are mortgage and SS and 401K reductins!  And maybe less cars perfamily

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 27 of 53
Revelate
Moderator Emeritus

Re: how much do you have saved?


@MidnightVoice wrote:

@Revelate wrote:

@MidnightVoice wrote:

Only about 8x my annual salary, and that is not enough to retire on  Smiley Sad


Doesn't that depend on what your salary was?  

 

I've always found the typical talking head wisdom suspect as I don't need nearly as much in retirement as I do now from an expenses perspective (theoretical mortgage would be paid by then, unless I suddenly have the urge to see the rest of the world I haven't seen yet, when I'm 70... not good planning) and I make more than my expenses anyway.

 


8-11 imes you final salary is a pretty common estimate nowadays, and the higher your salary the higher the amount, probably because most of us want to keep a similar standard of living in our retirement.  And as far as I can see, the major reduction in expenses in retirement are mortgage and SS and 401K reductins!  And maybe less cars perfamily


Ah well, the calculators I've all tried suggested I need between 3-4M to retire on, and that was pretty consistent no matter how many or which institution they were from... it's pretty absurd as if I get 4M after taxes at any point, that's pretty much my walk away number, right now, rather than at age 70 or whatever.  8-11X annual salary would've been on the order of 1-1.5M which is more rationale to my mind.  That works in the top 20% of income or so, down near minimum wage, not so certain?  Unlikely to find one estimate to rule them all I guess.




        
Message 28 of 53
vanitybag
Established Member

Re: how much do you have saved?

Am I supposed to have 8x my salary?   Oh nuts!!!   I'm gonna die out there!!!     

For a married couple.....one's retired the other one's still working a 64K/yr job:

We have 100K in 401K which for us is somewhat liquid now.  A future $700/month pension ...in about 5 years.  2 people's SS payments.

AND wait for it......we are the sole heirs to at least a $2 million inheritence.  The benefactor,though 84 is still alive and kicking.   LOL

No real carrying cash over $1000 in either checking, savings or mattress.

 

EXP FICO  782

EQ FICO 783

TU FICO 766

Message 29 of 53
vanitybag
Established Member

Re: how much do you have saved?

Author of previous meessage......we have a Long Island coop worth between $160K and 200K.  We owe only 94K.  So a little equity there but with dreams of Florida in our heads.  LOL

Message 30 of 53
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