Reply to $600K-$800K HHI

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Reply to "$600K-$800K HHI"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][b]We make 850k[/b], DH 54 and me 50 yrs old. We started making this kinda money only 6yrs back, before that we made around 350k. We have a NW of 5 million, [b]we save around 350k/year[/b], as I noted that we started making this sort of money late in life so our priority is savings. We do spend 20k/year on vacations, kids go to public school, we bought our house in 2018 and our [b]mortgage is 5200/month[/b].

No budget as such, we have a savings number and after that we spend the rest.[/quote]

How's this possible? What's your take home pay?[/quote]

Their numbers are not believable. [/quote]

Believable if not all their income is W2.  The better question is what is their effective tax rate?[/quote]

+1. It sounds like they are taxed on $590K less health insurance costs, mortgage, child tax credit, etc. As opposed to that amount being $804K. I’m not sure how the catch up contributions work in OP’s case. I’m in my 30s, so I don’t pay much attention, but I thought that if you were over a certain income you couldn’t take advantage of catch up contributions. It would seem that $850K would be over any sort of reasonable catch up contribution limit, but maybe it is different for state savings plans. [/quote]

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