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Reply to "What percentage of your HHI do you save for retirement at what age(s)?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Single 45 yo woman here. HHI $380k 15% effective tax rate due to own business. I save about 150k/year in cash (treasuries, nothing to invest right now); $25k/year in 401 plan. Based on my estimates, I’ll be $4mm in cash by 55yo+business worth $5mm. I guess I can retire then. [/quote] Gross != net. No way you can have $380K in profits and only pay 15% of that in taxes. Signed, Business owner[/quote] My gross income is 380k. I pay 15% effective tax rate relative this gross income, and it consists of W2 from an employer and own business. I didn't say it was all profits. [/quote] For future reference, when you say your HHI is $380K, the rest of the world takes that to mean your business profit is $380K (if you're self-employed). Some businesses gross $1M and have $40K in profits - no one considers that business owner to have a $1M HHI.[/quote]
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