Reply to How much do you make and save per year?

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[quote=Anonymous][quote=Anonymous][quote]saying you saved a lot before kids while in the same breath saying you currently save 60k/year makes you sound so horrendously out of touch with reality. 
60k IS a lot.

not at 500k + it's quite low.

At a minimum, if you want to retire before 60 with no concerns, you need to save at least 20-30% of your gross income.

Sounds like most of the 60k is in retirement accounts, which is fine, but not ideal if you want to retire young/have tax planning options down the road. [/quote]

You reply as if your take is the only take.  It's not.  You can't make a blanket statement that someone needs to to 2-30% of gross if you want to retire before 60. Does someone making $2 million a year need to meet those standards?  No, because they could have plenty saved even if they save 10% a year of gross.

To the PP saving 60K a year on a $500k HHI - I think you are doing well.  Those expensive daycare or nanny years, coupled with trying to buy and furnish and house, maybe pay for school or preschool, etc. are hard years to save.[/quote]

If you make $2m a year and only save 10% you are not in good shape.  The larger your income the higher the percent you need. You will be accustomed to living off a multi million dollar lifestyle. Once you retire with your $5-10M you will be in for a rude awakening when you can only spend 15-30k/mo

Someone making 65k actually won't need to save as much as they are accustomed to living off less. Two SS payments and maybe a part time gig and they are good to go for retirement.[/quote]

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