Reply to What would you do with a greatly increased HHI?

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[quote=Anonymous]Save! You should be putting a minimum of 15% of your current earnings into retirement. If you are in the 25 or 28 percent tax bracket you should be putting the maximum you can into pre-tax retirement accounts (probably $17,500 each). You should also save as much as you can outside of retirement. Contributing $1,000 a year to your children's 529 accounts will not get them to college.

I'm in my mid-50s. Every time either my husband or I got a raise we allocated at least half the increased income to savings. We were able to put two kids through college without them having to take out any student loans and we are looking at a comfortable retirement.

We live nicely (we've been to Europe twice in the past three years and we regularly visit family in California), but we consistently live below our means and we did not allow lifestyle inflation to eat up all our increased income as it grew over the years. I have peers my age who will never be able to retire. We will retire and we will have a nice lifestyle in our retirement. [/quote]

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