I don't make $1M a year... but I save about 50-60k a year, is it enough?

[Anonymous]

I'm not 35 and a multimillionaire like that other poster but am 31 and save 29k a year in my 401k with company match, wife saves about 8k, and we usually put my bonus (roughly 20k) towards debt (mortgage). Plus we put away approx $5 to $10k into general savings a year. All in, call it $60k. We make about $230k combined, so I guess we save about 25k.

Is that enough you think?

Also, I put it in a Roth 401k because I assume tax rates will have to go up one day. What do others do? At what tax bracket does Roth stop making sense?

[Anonymous]

Enough for what? To retire at 45? 65? To buy a house?

[Anonymous]

Oh, shut up. You save in a year what the average HHI is in this country. Is it enough? YES. Consider yourself lucky and go get a financial planner. Bragging on DCUM is obnoxious and in poor taste.

[Anonymous]

Anonymous wrote:Enough for what? To retire at 45? 65? To buy a house?

To retire at a reasonable age. Say 55?

[Anonymous]

Anonymous wrote:Oh, shut up. You save in a year what the average HHI is in this country. Is it enough? YES. Consider yourself lucky and go get a financial planner. Bragging on DCUM is obnoxious and in poor taste.

[Anonymous]

Anonymous wrote:Oh, shut up. You save in a year what the average HHI is in this country. Is it enough? YES. Consider yourself lucky and go get a financial planner. Bragging on DCUM is obnoxious and in poor taste.

Wasn't my intention - although I see how my post sounded like I was. I'm genuinely clueless. A few years ago we were students living on ramen noodles. I know I'm lucky.

[Anonymous]

Anonymous wrote:Oh, shut up. You save in a year what the average HHI is in this country. Is it enough? YES. Consider yourself lucky and go get a financial planner. Bragging on DCUM is obnoxious and in poor taste.

Wasn't my intention - although I see how my post sounded like I was. I'm genuinely clueless. A few years ago we were students living on ramen noodles. I know I'm lucky.

[Anonymous]

You save way more than I make. I'll be okay so you'll definitely be okay.

[Anonymous]

Lady/Person - you should find yourself a fee only financial planner and ask him or her.

[Anonymous]

it depends - do you have college debt that you are paying off? do you have children and do you want to finance their college? Will you need to pay or private HS for your children in the future? Is your spouse going to work FT through the middle school and high school years?

Do you have life insurance and long term disability insurance for yourself and your spouse?

[Anonymous]

It's probably fine for now and you can up the savings as you earn more. What about funding college? We have $180-200k for each kid (less for one who is halfway through now).

[Anonymous]

You are not a multi millionaire unless you make 2 million a year

[Anonymous]

Anonymous wrote:It's probably fine for now and you can up the savings as you earn more. What about funding college? We have $180-200k for each kid (less for one who is halfway through now).

Op here. Kids are 1 and 3. We have 30k for each. I figure better to save in retirement accounts now and worry about 529 a bit less. We also figure (hope?) that in 2 or 3 years my bonus will be ~50k and in another five it could hit 100k.

[Anonymous]

Anonymous wrote:it depends - do you have college debt that you are paying off? do you have children and do you want to finance their college? Will you need to pay or private HS for your children in the future? Is your spouse going to work FT through the middle school and high school years?

Do you have life insurance and long term disability insurance for yourself and your spouse?

Op here. We have $2M life insurance. College debt paid off. About $500k in stocks, $500k in the house (equity).

But yes I want to pay for most of our 2 kids college.

[Anonymous]

You are on the right track. Assuming you will continue to save at the same rate, and your savings amounts increase by about 3 percent per year, and your investments (now at $500,000) increase at 6 percent year year, you should have about $6.2 million in assets in 25 years (when you are 56 years old). Given your current spending, that should be plenty to retire on.

That said, keep saving, and don't radically increase your spending.