Anonymous
12/18/2013 00:41
Subject: Are we saving enough?
Anonymous wrote:Anonymous wrote:This sounds a little bit like a humblebrag. Do you have a financial adviser? You might feel more confident if you have someone look over your whole financial picture, including insurance.
+1. How about somebody with a real question?
LOL it's not even a real scenario. This is probably someone making sub 50K a year wanting attention.
Anonymous
12/17/2013 15:54
Subject: Are we saving enough?
Anonymous wrote:OP here. Even though cable is a rip off, I don't see the value in getting rid of it to free up an extra 2 grand a year. This also was not a humblebrag. We have no kids and even still it seems a good % of our income just gets spent. It makes me guilty.
The no-kids thing should make my two suggestions on increasing income easier. Have you considered them?
Anonymous
12/17/2013 15:13
Subject: Are we saving enough?
OP here. Even though cable is a rip off, I don't see the value in getting rid of it to free up an extra 2 grand a year. This also was not a humblebrag. We have no kids and even still it seems a good % of our income just gets spent. It makes me guilty.
Anonymous
12/17/2013 14:49
Subject: Are we saving enough?
Anonymous wrote:I would cut down on the eating out or set a budget. I'm like you op I save almost everything I make and still wonder if I'm saving too little. I set a budget per month for the extras and don't go over.
Way to enjoy life. But your retirement should be fabulous.
Anonymous
12/17/2013 14:48
Subject: Are we saving enough?
Anonymous wrote:Is there any way you could bring in some more money, say by renting out one of your rooms, or turning tricks outside Whole Foods on a Saturday evening?
Also, cut off cable.
yup! cable must go!
Anonymous
12/17/2013 13:42
Subject: Are we saving enough?
These types of post are getting old. Really? You put away almost $100K/year and you don't think you are saving enough?
Anonymous
12/17/2013 09:12
Subject: Are we saving enough?
Seems a bit optimistic to me
Here is how your portfolio would have fared in each of the 113 cycles. The lowest and highest portfolio balance throughout your retirement was $1,600,000 to $27,505,093, with an average of $15,759,794. (Note: values are in terms of the dollars as of the beginning of the retirement period for each cycle.)
Here is how your portfolio would have fared in each of the 113 cycles. The lowest and highest portfolio balance throughout your retirement was $1,600,000 to $27,505,093, with an average of $15,759,794. (Note: values are in terms of the dollars as of the beginning of the retirement period for each cycle.)
Anonymous
12/16/2013 20:58
Subject: Are we saving enough?
Anonymous wrote:Is there any way you could bring in some more money, say by renting out one of your rooms, or turning tricks outside Whole Foods on a Saturday evening?
Also, cut off cable.
+1
Anonymous
12/16/2013 20:49
Subject: Are we saving enough?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:37 years old (both of us). After maxing out both our 401(k)s (DH has an employer match of 6%, I have no match), we take home about 11k. Our mortgage is $2700/month. We are saving/investing about 5k per month of that money. Is this enough? Should we be saving more? We don't live a very expensive lifestyle, but we do go out to eat quite often. Maybe we should cut that out...
So you save $17.5K a year each, plus the employer match of 6% (which I'll assume is at least $6K), plus you save $5K a month on top of that? So you save 100K a year and wonder if thats enough?
Not the OP, but we save a similar amount, have about 1.5M already saved in our mid 40s, and whenever I put my numbers into one of those online retirement calculators it tells me I need to save more. I think that's insane. Apparently I can't safely retire unless I have 5+ million in the bank according to these online calculators.
Use Firecalc. You can plug in your annual spending, your portfolio amount, and the number of years you need it to last. It will tell you the likelihood of your portfolio lasting. The key is what you estimate for spending - if you're already living way below your means and anticipate that will continue, then $1.5M will last a long time. Most online calculators assume you'll be living on 75-80% of your current income.
http://www.firecalc.com
Thanks, that seems much more reasonable.
Anonymous
12/16/2013 20:44
Subject: Are we saving enough?
Anonymous wrote:Anonymous wrote:Anonymous wrote:37 years old (both of us). After maxing out both our 401(k)s (DH has an employer match of 6%, I have no match), we take home about 11k. Our mortgage is $2700/month. We are saving/investing about 5k per month of that money. Is this enough? Should we be saving more? We don't live a very expensive lifestyle, but we do go out to eat quite often. Maybe we should cut that out...
So you save $17.5K a year each, plus the employer match of 6% (which I'll assume is at least $6K), plus you save $5K a month on top of that? So you save 100K a year and wonder if thats enough?
Not the OP, but we save a similar amount, have about 1.5M already saved in our mid 40s, and whenever I put my numbers into one of those online retirement calculators it tells me I need to save more. I think that's insane. Apparently I can't safely retire unless I have 5+ million in the bank according to these online calculators.
Use Firecalc. You can plug in your annual spending, your portfolio amount, and the number of years you need it to last. It will tell you the likelihood of your portfolio lasting. The key is what you estimate for spending - if you're already living way below your means and anticipate that will continue, then $1.5M will last a long time. Most online calculators assume you'll be living on 75-80% of your current income.
http://www.firecalc.com
Anonymous
12/16/2013 20:25
Subject: Are we saving enough?
Anonymous wrote:Anonymous wrote:Anonymous wrote:37 years old (both of us). After maxing out both our 401(k)s (DH has an employer match of 6%, I have no match), we take home about 11k. Our mortgage is $2700/month. We are saving/investing about 5k per month of that money. Is this enough? Should we be saving more? We don't live a very expensive lifestyle, but we do go out to eat quite often. Maybe we should cut that out...
So you save $17.5K a year each, plus the employer match of 6% (which I'll assume is at least $6K), plus you save $5K a month on top of that? So you save 100K a year and wonder if thats enough?
Not the OP, but we save a similar amount, have about 1.5M already saved in our mid 40s, and whenever I put my numbers into one of those online retirement calculators it tells me I need to save more. I think that's insane. Apparently I can't safely retire unless I have 5+ million in the bank according to these online calculators.
+1
Anonymous
12/16/2013 19:58
Subject: Are we saving enough?
even though this is a humblebrag, you have inspired me to look again at our finances. However, we have two daycare payments totaling $2700 a month, so $5k won't be possible...
Anonymous
12/16/2013 18:56
Subject: Re:Are we saving enough?
Do you have kids?
Anonymous
12/16/2013 18:50
Subject: Are we saving enough?
Anonymous wrote:Anonymous wrote:37 years old (both of us). After maxing out both our 401(k)s (DH has an employer match of 6%, I have no match), we take home about 11k. Our mortgage is $2700/month. We are saving/investing about 5k per month of that money. Is this enough? Should we be saving more? We don't live a very expensive lifestyle, but we do go out to eat quite often. Maybe we should cut that out...
So you save $17.5K a year each, plus the employer match of 6% (which I'll assume is at least $6K), plus you save $5K a month on top of that? So you save 100K a year and wonder if thats enough?
Not the OP, but we save a similar amount, have about 1.5M already saved in our mid 40s, and whenever I put my numbers into one of those online retirement calculators it tells me I need to save more. I think that's insane. Apparently I can't safely retire unless I have 5+ million in the bank according to these online calculators.
Anonymous
12/16/2013 16:45
Subject: Are we saving enough?
Anonymous wrote:Anonymous wrote:I make half what you do and save twice as much.
you net $5500 a month and save 10k (after maxing out your 401(k))? explain how you do this.
Psst...poster is teasing OP!