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][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][b]42.[/b]  Over 100% of after-tax income is saved.  I prioritized paying off my house and having lots of cash on hand over retirement savings my entire life.  Now that I have no mortgage, it's all going to retirement/investments (I now have[b] $8K in retirement[/b]!).  I say over 100% of after-tax income will be invested because I also get an [b]annual gift from my parents[/b].[/quote]

What on earth?[/quote]

Seconded.[/quote]

so.. the annual gifts covers the cost of living (gas, food, utilities?) 
what is your HHI? When did you start saving that now you have EIGHT THOUSAND DOLLARS (!!) in your retirement?

perplexed by this strategy. When your parents pass away will you have an inheritance? SO. MANY. QUESTIONS. [/quote]

I valued having a paid-off house much more than retirement savings, so all savings went toward the house.  I paid off the house about a year ago and then moved to having a lot of cash so I could handle whatever life threw at me.  Once I saved up $125K in cash, then I finally moved toward starting to save for retirement. The first retirement contribution of my life was last month and it was $8K.

Since I have no mortgage and I’m single, I only spend about $30K per year, but my parents give me a gift of 34K per year, which is why I say I save more than 100% of my after-tax income.  I will almost certainly receive an inheritance, but likely not too much since there are multiple siblings.

Yes, my approach was unconventional, but I don’t think people understand just how rich you feel if you have a paid-off house and $100K in cash, even with no other investments.  Just look at the other thread from the lady that needs $20K to get through a layoff but has $700K in equity on her $1.5 million house, a decent amount in retirement accounts, etc.  She has to sell trinkets around her house to raise $2K, etc. — it seems so stressful to live the way financial advisors recommend, never paying off your house, dumping money into retirement accounts you can’t touch for 30 years, and so on.[/quote]

I'm not sure unconventional as much as filling up a burn barrel with cash and setting it on fire.[/quote]

That’s fine.  I’m sure at least some of the people that keep their 2.75% mortgages also fly first class — I consider *that* to be setting cash on fire.  I’m very happy with my choices.[/quote]

LOL with mommy and daddy paying for your entire life it's pretty easy to be happy with your "choices".[/quote]

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