$300K+ income households, how much are you saving per year?

[Anonymous]

Anonymous wrote:

Anonymous wrote:We make 92K. We saved 15K each in our Roths, added 8K to our HSA and 6K to my husband's 401K (the company only adds $1K total). So 44K total this year.

We don't have a mortgage and only have one kid in the house. We also already have their 529 funded which is why we can save so much.

We've always been frugal on a relatively low income. We will save less next year because our DC is going to a private HS.

I appreciated hearing from you. I'm inspired by households who have managed to fully fund a 529 and no longer have a mortgage.

How much is a fully funded 529 these days?

[Anonymous]

We make about 550k/yr. Other than two 401ks a mega Roth, HSA, and around 24k/yr to a brokerage, that is all. We already have college funded and have 11 investment properties. Don’t really see a need to go beyond that. We live a good life. Don’t have a big mortgage, but sure do enjoy travel.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:These numbers other than HSA/retirement are pretax right? Or am I not saving nearly enough?

This board skews to the personal finance nerds IMO. I think if you are saving 20% of gross you should be good. You many not get there early in a career though.

Saving 20% gross is too little. Start with at least 30%, then move to 50% slowly.

Wtf, 50% of my gross? And then another 40% goes toward taxes, so I'm living on 10%??

Why do you pay 40% for tax? Pay a good CPA to help you be tax efficient. No one should pay more than 20% for tax in reality.

If you and your spouse work for wages and can't move to a tax free state, there isn't that much you can do to avoid taxes.

[Anonymous]

HHI: about 600k this year. It varies with the market.

401ks + match: $52k
HSA: $7200
529s: $8k
Brokerage/CDs: $110k although the market is so down that we're honestly not up that much since last year.

Total is about $180k saved, which is 30%. That's a good percentage but I really feel like at this income we should be doing better. We spent way too much on vacations this year. Trying to make up for lost covid time I guess.

[Anonymous]

88%

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We make 92K. We saved 15K each in our Roths, added 8K to our HSA and 6K to my husband's 401K (the company only adds $1K total). So 44K total this year.

We don't have a mortgage and only have one kid in the house. We also already have their 529 funded which is why we can save so much.

We've always been frugal on a relatively low income. We will save less next year because our DC is going to a private HS.

I appreciated hearing from you. I'm inspired by households who have managed to fully fund a 529 and no longer have a mortgage.

How much is a fully funded 529 these days?

About half a million if private college and professional school.
If X years away from college discount back X years.

[Anonymous]

Anonymous wrote:HHI: about 600k this year. It varies with the market.

401ks + match: $52k
HSA: $7200
529s: $8k
Brokerage/CDs: $110k although the market is so down that we're honestly not up that much since last year.

Total is about $180k saved, which is 30%. That's a good percentage but I really feel like at this income we should be doing better. We spent way too much on vacations this year. Trying to make up for lost covid time I guess.

This is our exact breakdown - 600HHI, saved $184K. We saved only 30% primarily because we blew a ton of money on vacation to make up for lost time, and bc both DH and I have country out of state/country. The 30-40K on vacations should be invested but we don't spend much elsewhere (no private schools; mortgage $3.5K; no luxury cars; etc). My goal is 33% but 2023 is looking to be another big vacation year. Guess you only live once.

[Anonymous]

I make $210 plus bonus, my husband brings in about $80K in pension income. We save the max including the over 50 catchup in my 401(k) and call it a day. That will be $30K next year. We are still paying for one kid in college, out of savings.

[Anonymous]

Anonymous wrote:I’m not really sure. We each max out retirement and get maybe 20k in employer matches? So that’s 60k a year. We make around 425/450. Mid 30s, two young kids. Between preschool, day camps, childcare, mortgage, home maintenance/furnishing, groceries, two car payments, outsourcing what we need to, and inflation- probably not saving much more than retirement and some brokerage. We saved a lot before our kids were born and have much of it in investments. HCOL area, but not DC. We live a comfortable but not lavish life. My husband is closer to our finances though so I may be off.

Two car payments??!

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m not really sure. We each max out retirement and get maybe 20k in employer matches? So that’s 60k a year. We make around 425/450. Mid 30s, two young kids. Between preschool, day camps, childcare, mortgage, home maintenance/furnishing, groceries, two car payments, outsourcing what we need to, and inflation- probably not saving much more than retirement and some brokerage. We saved a lot before our kids were born and have much of it in investments. HCOL area, but not DC. We live a comfortable but not lavish life. My husband is closer to our finances though so I may be off.

Two car payments??!

Yes. Two car payments. We have two cars like many suburban dual working households with multiple kids.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m not really sure. We each max out retirement and get maybe 20k in employer matches? So that’s 60k a year. We make around 425/450. Mid 30s, two young kids. Between preschool, day camps, childcare, mortgage, home maintenance/furnishing, groceries, two car payments, outsourcing what we need to, and inflation- probably not saving much more than retirement and some brokerage. We saved a lot before our kids were born and have much of it in investments. HCOL area, but not DC. We live a comfortable but not lavish life. My husband is closer to our finances though so I may be off.

Two car payments??!

Yes. Two car payments. We have two cars like many suburban dual working households with multiple kids.

But why two payments at once?

[Anonymous]

Anonymous wrote:

Anonymous wrote:HHI: about 600k this year. It varies with the market.

401ks + match: $52k
HSA: $7200
529s: $8k
Brokerage/CDs: $110k although the market is so down that we're honestly not up that much since last year.

Total is about $180k saved, which is 30%. That's a good percentage but I really feel like at this income we should be doing better. We spent way too much on vacations this year. Trying to make up for lost covid time I guess.

This is our exact breakdown - 600HHI, saved $184K. We saved only 30% primarily because we blew a ton of money on vacation to make up for lost time, and bc both DH and I have country out of state/country. The 30-40K on vacations should be invested but we don't spend much elsewhere (no private schools; mortgage $3.5K; no luxury cars; etc). My goal is 33% but 2023 is looking to be another big vacation year. Guess you only live once.

Poster you replied to here and LOL I feel like we're the same people. Also public schools, one paid off reasonable car, same mortgage. We also spent about 30k on travel. And already booked one week in Europe next year, one week at the beach, and H is trying to talk me into a second Europe trip. Here's hoping for a better year in the market...

[Anonymous]

HHI about 900k per year (market performance matters). We are saving maybe 400k per year? We spent a ton this year on renovations, a car, new furniture, and my husband has gotten into buying wine. Next year we plan to buckle down and save 600k.

[Anonymous]

Anonymous wrote:HHI about 900k per year (market performance matters). We are saving maybe 400k per year? We spent a ton this year on renovations, a car, new furniture, and my husband has gotten into buying wine. Next year we plan to buckle down and save 600k.

Huh? How would you save 600k on 900k gross? At the bare minimum, you’re talking 25% taxes and that’s 675k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:HHI about 900k per year (market performance matters). We are saving maybe 400k per year? We spent a ton this year on renovations, a car, new furniture, and my husband has gotten into buying wine. Next year we plan to buckle down and save 600k.

Huh? How would you save 600k on 900k gross? At the bare minimum, you’re talking 25% taxes and that’s 675k.

AND this is an example of troll post! LOL