Reply to I am X years old and have X saved in a retirement fund

Forum Index » Money and Finances

Reply to "I am X years old and have X saved in a retirement fund"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]
Me, 45 have $380K in retirement, wife, 40, has $800K retirement (her smart parents contributed to her IRA since she earned her 1st dollar).  3 kids college funds in VA paid-off through VA Prepaid, and have about $200K total in VA529 Invest accounts.    HHI varies between $500K and $1 Million, depending on our incomes / business - but trend is going down these day - but we could live off less than $200K if our situation changes.  No debt, house and cars paid off.  Most of our money is tied up in index fund ETFs outside of retirement accounts.  We drive used or non luxury cars, public schools, modest house, don't spend money on fancy toys.[/quote]

since you revived the thread ... how do you only have $380K in retirement savings if you've ever made $1mm in a single year?  I made $700K last year (which blew my mind) and banked $300K in addition to $50K in retirements plans & 529s.[/quote]

You saved 350K out of 700 -- How much did you pay in taxes?[/quote]

I paid about $250k in taxes - a fair amount of my income is classified as dividends, but still that's a blended rate of 36%. So, I netted $450k. My employer added $30k of the 401k money, so that is above the $700k figure - if I thought it mattered, if have been more clear there.

So, from the $450k, I have housing costs of ~$36k ($12k deductible), I spend another $36k in food/utilities/entertainment, another ~$30k in random expenses (clothes, travel, etc).  $17500 in personal 401k contributions. That leaves well over $300k excess. I could jack my housing to $72k per year and the picture wouldn't change much.

My kids are small, my wife is relatively frugal, and other than anonymous message boards ;) we don't do anything that would flaunt our good fortune. It blows my mind that someone could make more than $500k annually and not accumulate major wealth in fairly short order. No wonder the country has absurdly low average savings rates. [/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