People with "regular incomes" what are your savings?

[Anonymous]

37 and 41 - HHI - $235,000 - combined $800,000 retirement funds. Total net worth about $1.3 mil . Two kids in daycare.

[Anonymous]

HHI ~$170K (2 working parents, one child, mid 30s)

I don't know exactly how much DH has between Roth and SEP IRAs, but my retirement savings (Roth + 403b) are around $200K. Retirement investments are 100% in stock/bond index funds with asset allocation appropriate for my age through Vanguard and Fidelity. I started investing in 2010. I only have about $10-15K in cash (mostly emergency fund) due to hits with maternity leave and daycare, but we have no other debt. We rent and don't know when we're going to be able to responsibly afford a home.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I didn’t start saving aggressively until I was 35 and started seeing all these high numbers on DCUM. Now at 43, I feel a lot better about my situation.

Just start saving more today.

If you’re 43 now and starting saving 8 years ago, you’ve had an extraordinarily great stock market run. I’m 35 now and ready to amp up savings, but can’t expect huge gains over the next several years.

No, I actually started saving for retirement at 30, my husband at 25. But we were not maxing our retirement savings or doing IRAs, and my husband’s funds were way too conservative. DCUM gave me a kick in the pants to get more serious about saving because people were posting much, much higher numbers at similar incomes.

Just trying to encourage OP to ramp things up now and not worry about the past.

[Anonymous]

I started saving for retirement very very late - in my mid-late 30s. My husband was also a late starter. We are now in our mid 40s, with a HHI of around $190 now; it was lower until recently.

We have about $200k in retirement saved, between us. We have maybe $100k in the house. Very little savings - about $6k. I have a few more years of student loans to pay off (knock wood, they'll be done before I am 50), and my hope is that we will be able to save more aggressively after that.

I try not to panic over our situation. I recognize that objectively, we are better off than lots and lots of people. Also that we are resourceful, and will (hopefully) figure out how to make this all work before it's too late. Also also that we are doing very well right now, earnings-wise - we don't live in DC anymore, but moved to a lower-cost city, and also don't have kids.

Anyway, all to say: for DCUM standards, we are practically eligible for food stamps. But I think that as far as the real world goes, we are going to be ok. (I hope.)

[Anonymous]

Anonymous wrote:37 and 41 - HHI - $235,000 - combined $800,000 retirement funds. Total net worth about $1.3 mil . Two kids in daycare.

how did you manage to save as much as you did?

[Anonymous]

Anonymous wrote:I started saving for retirement very very late - in my mid-late 30s. My husband was also a late starter. We are now in our mid 40s, with a HHI of around $190 now; it was lower until recently.

We have about $200k in retirement saved, between us. We have maybe $100k in the house. Very little savings - about $6k. I have a few more years of student loans to pay off (knock wood, they'll be done before I am 50), and my hope is that we will be able to save more aggressively after that.

I try not to panic over our situation. I recognize that objectively, we are better off than lots and lots of people. Also that we are resourceful, and will (hopefully) figure out how to make this all work before it's too late. Also also that we are doing very well right now, earnings-wise - we don't live in DC anymore, but moved to a lower-cost city, and also don't have kids.

Anyway, all to say: for DCUM standards, we are practically eligible for food stamps. But I think that as far as the real world goes, we are going to be ok. (I hope.)

Your HHI is 190k. You are doing more than okay. And this is the issue with DCUM. It’s not reality or reflective of the rest of the country.

[Anonymous]

We were struggling pretty badly with not being able to save. We were living in the very expensive LA area and basically didn’t have money to save. We have two kids and couldn’t afford private preschool for them. We decided the best thing to do was to leave the area (which we love) and move to Arizona- so that we weren’t terribly far from our family in CA. We lined up jobs and left. I’m adapting as best I can. But to be able to live in a 3000 sq home for practically a quarter of the price is a miracle. Our children get to go to a very high performing school and we aren’t burdened anymore. So I hope to be able to report a healthy savings amount within the next two years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I started saving for retirement very very late - in my mid-late 30s. My husband was also a late starter. We are now in our mid 40s, with a HHI of around $190 now; it was lower until recently.

We have about $200k in retirement saved, between us. We have maybe $100k in the house. Very little savings - about $6k. I have a few more years of student loans to pay off (knock wood, they'll be done before I am 50), and my hope is that we will be able to save more aggressively after that.

I try not to panic over our situation. I recognize that objectively, we are better off than lots and lots of people. Also that we are resourceful, and will (hopefully) figure out how to make this all work before it's too late. Also also that we are doing very well right now, earnings-wise - we don't live in DC anymore, but moved to a lower-cost city, and also don't have kids.

Anyway, all to say: for DCUM standards, we are practically eligible for food stamps. But I think that as far as the real world goes, we are going to be ok. (I hope.)

Your HHI is 190k. You are doing more than okay. And this is the issue with DCUM. It’s not reality or reflective of the rest of the country.

This is the PP - and I really understand that. I actually try to avoid the Money forum sometimes, because it gives me such a weird skewed view of the world. It's still new, and we don't have much saved yet, but we are very fortunate, and know it (knock wood!). Thanks for the reality check.

[Anonymous]

32 Single - 130k income now, but salary progression was 54k, 63k, 88k, 120k, 130k over the last 10 years since undergrad. Roughly 2 years at each salary.

115k in Retirement and 60k in cash savings. Currently maxing 401k and saving for a down payment.

[Anonymous]

OP. I did not start saving for retirement until I was 28. I started small and increased when I could. I was also a crappy investor (use index funds people!) I'm old now, almost 52 and I have just shy of a million in my various retirement accounts. I'll never be rich, but I should be fine.

My point here is this. Start now, and don't stop. Increase contributions when you can. You'll be able to see real progress and you'll lower your stress level.

Good luck!

[Anonymous]

Single mom

$70k salary (took awhile to get here)
$40k home equity
$14k savings/investments
$105k retirement savings, 401ks + Roth IRAs

[Anonymous]

Anonymous wrote:

Anonymous wrote:37 and 41 - HHI - $235,000 - combined $800,000 retirement funds. Total net worth about $1.3 mil . Two kids in daycare.

how did you manage to save as much as you did?

NP, but ages and numbers are pretty close to mine.

No student loans. Both started working full time at career-track jobs at age 21 (right out of college). Lived frugally. Purchased real estate early (this is the big one). Got promoted early (we had this HHI for 10 years). No crises, family members are healthy and financially stable. Saved a lot before having kids.

[Anonymous]

Anonymous wrote:Mkay... DH is 37, I’m 34. Both have PhDs. HHI ~ 170.

Him: 50K in retirement. Me: 30K in retirement.
~30k in cash savings. We also own a home and have around 40k in equity in that. Also own our cheap car, 6k retail if we sold it ourselves.

I hate to say it, but this seems like very low savings for a couple in their mid-30's, particularly with great educations.

Do you have any regrets about your career path, or do you think you'll catch up with pay increases, etc?

[Anonymous]

Anonymous wrote:50 and 52. Save $45K in 401K annually. Also save another $80K per year after tax. HHI is "only" $270K. Home worth around $1.9m paid off. We are now able to get by on one salary. Kids just finished college with zero loans.

How do you save $80k post tax on that income?

[Anonymous]

Anonymous wrote:

Anonymous wrote:50 and 52. Save $45K in 401K annually. Also save another $80K per year after tax. HHI is "only" $270K. Home worth around $1.9m paid off. We are now able to get by on one salary. Kids just finished college with zero loans.

How do you save $80k post tax on that income?

If they're even bringing home 1/2 of their gross after 401k, insurance premiums etc., which they likely are --that's 135,000. So they live in 55k or 40% of their net, while saving 60%. Not unheard of -- I did it for years when younger. They're older with a paid off home and kids out of college so no mortgage or 529 expenses is a HUGE saving right there.