Reply to s/o How much do you (and spouse) save per year for retirement, and what is your HHI?

Forum Index » Money and Finances

Reply to "s/o How much do you (and spouse) save per year for retirement, and what is your HHI?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]We save about $45k/year in retirement accounts (2 401ks, 2 IRAs) on about $270k HHI.  We are considering a career change that will reduce our HHI by at least $100k.  Obviously, that's still going to be a lot of money, but just wondering what people are saving for retirement at different income levels.[/quote]

The amount we save has depended on our income (of course), our age, how much we have saved, what age we want to retire and how much we think we will need.  PLus, some people do not have to save as much if they have a defined benefit pension plan.

Currently,  DH has a defined benefit plan and for planning purposes we are using 50% of what the promised payout will be in our planning.  We also set 50% of expected SSI income in our plan.  We both have small pensions from previous employers that we have not added to our calculation.  We are currently near age 50.  We currently have $1,000k saved in IRAs/401k types programs.  We have quite a bit of house equity that we will use in retirement (planning to move to a lower cost area), current estimate is that we will have ~$500k more after buying a home elsewhere.

We currently have two children in or near hs, so we are also saving for college.

In both, college and retirement, we have met the benchmarks for our "minimum needed" and are up into the "I would rather be", not quite into the "it would be really nice range".  We have enough for both to attend in state universities.  We have enough for one to go private or out of state.  It is fairly likely that one or both will go in the in state route, but we are still saving in just in case.  We are in NoVA and the in state route is more difficult than getting into similar or even higher ranks schools out of state.

So, we still add to DH's 401k to get the employer match.  Then we add to a "retirement/college" fund since so those dollars could go either way.  I currently do not have an income, our HHI is ~$180k and between everything we save ~$25k a year not counting the extra we put towards our mortgage.  We also donate 5-7% of our income.  We are frugal people and bought in 1997 with a hefty down payment, so our mortgage is small for these parts, even after a major reno.  If current sales are an indication, we owe about 20% of our house's current worth.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics