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Feb 12, 2020
8:30
:53
am
Windward_Coug
All-American
POLL: What is a reasonable goal for the percent of your income that you should save for retirement?
Assume you're the average CBer and make around 150k a year.
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Windward_Coug
Previous username
Eldoradocoug
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Windward_Coug
Joined
Feb 8, 2011
Last login
Apr 25, 2024
Total posts
10,057 (26 FO)
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Messages
Author
Time
POLL: What is a reasonable goal for the percent of your income that you should save for retirement?
Windward_Coug
2/12/20 8:30am
Saving more than 15% for retirement seems excessive to me.
Samsonite
2/12/20 8:35am
Retiring early is a valid reason to save 20%+
donnerstag
2/12/20 8:36am
I will have the choice to "retire" at 45 as long as things continue as planned. That is true freedom.
TheLoneCougar
2/12/20 10:50am
<< Deleted >>
Buffalo
2/12/20 8:39am
And you’ll get really bored
pink22
2/12/20 4:13pm
Got to deal with the 50% divorce tax
LaserCoug
2/12/20 8:40am
I save the max and my company tacks on 10%.
LaserCoug
2/12/20 9:07am
For reals?
JuicyJam
2/12/20 8:40am
If you start young, and want to retire at a normal age,
Samsonite
2/12/20 8:46am
Do you have a government pension?
Baron
2/12/20 8:50am
Not yet. If I do, it will be gravy. Not planning on a pension or SS.
Samsonite
2/12/20 8:51am
So you will not have a military pension by age 55?
Baron
2/12/20 8:53am
I don’t know if I will. It depends on how some things shake out.
Samsonite
2/12/20 8:56am
Idk why you’re acting like you can’t do fun things now and still
JuicyJam
2/12/20 8:56am
Why would anybody want to wait to retire at 55?
Backcountry
2/12/20 9:35am
Because I love my job.
Samsonite
2/12/20 9:45am
I cant relate to that. Even if you like your job, isnt there something else
Backcountry
2/12/20 9:47am
My job gives me plenty of time to do those things as well.
Samsonite
2/12/20 9:52am
So youd rather be at work than be free to do the things you love all the time?
Backcountry
2/12/20 12:54pm
I save 50%
supertux
2/12/20 9:03am
I will never understand this mindset... Spend all the money so I have to work until I'm 65...no thanks.
TheLoneCougar
2/12/20 10:51am
I don’t understand wanting to retire earlier than 65
Cheesy Gordita
2/12/20 3:56pm
Retire doesn't mean stop working. Retire to me means
Baron
2/12/20 4:03pm
How can you not understand that? Maybe it's not for you
JuicyJam
2/12/20 4:15pm
I can understand both, but honestly, I'm scared of not spending money now. Not
Jay Rick
2/12/20 5:20pm
Basically FOMO. I don't feel like I'm missing out on anything. If I did, I would understand where you are coming from.
supertux
2/13/20 6:53am
Yeah, that’s the way to live. Even if not death. I don’t want to get to 65 and
Jay Rick
2/13/20 8:24am
As stated, retire doesn't mean sit pina coladas (non alcoholic of course) on the beach for 40 years.
TheLoneCougar
2/13/20 6:45am
I guess it depends at what age you are going to retire
JOPE
2/12/20 8:41am
people that don't take their vacations because their job is to demanding
Mayor of Cougartown
2/12/20 8:52am
Goal north of 20%. It allows you to get ahead, protects against lean years, keeps expenses low, and allows for early
Baron
2/12/20 8:42am
So what if you do that, put off doing things, and then die
Samsonite
2/12/20 8:49am
I don't put off fun things. I don't spend on stupid things and spend on fun things.
Baron
2/12/20 8:50am
I guess it comes down to your individual situation.
Samsonite
2/12/20 8:54am
For my situation, I spend significantly less on cars and housing than those of similar income.
Baron
2/12/20 8:57am
Yeah, choose to spend on experiences and
Doctor Rosenrosen
2/12/20 9:09am
You can't control for that, it is an unknown. You plan for an prepare for what you can control.
TheLoneCougar
2/12/20 10:52am
this should specify whether it incluces company matches and stuff.
Mayor of Cougartown
2/12/20 8:51am
Like if your company matches 10% and you save 10% is that 20%?
Baron
2/12/20 9:03am
At least 10%, ideally 20% plus. Harder for the tithers
cougfanz
2/12/20 8:58am
My goal isn’t to retire early. But to be able to cut back significantly
blackandblue
2/12/20 9:01am
I just want to avoid this:
Aggie90Cougar10
2/12/20 9:04am
at $150k, you really should start thinking about maxing annual 401k limits
Cougarclaw
2/12/20 9:09am
*$80K
frontrowcougar
2/12/20 9:13am
$150k is a lot of money. What is more important than savings?
Backcountry
2/12/20 9:42am
$150K pre-tax, in a one-income household with multiple kids
CommodoreCoug
2/12/20 9:53am
Plus houses just cost a lot nearly everywhere nowadays, even Texas prices have
Windward_Coug
2/12/20 10:00am
We make less than that with 3 kids and are still able to save 50% for retirement and we're very comfortable. And in
supertux
2/12/20 11:31am
People think they need the latest and greatest. Big homes, new cars, fancy
Backcountry
2/12/20 1:00pm
It's actually not that hard if you don't let your lifestyle creep too much with pay increases
supertux
2/12/20 1:02pm
I'm curious what you mean when you say "college funds don't make a lot of sense"
CommodoreCoug
2/12/20 2:20pm
I personally don't believe it's the responsibility of parents to pay for
Backcountry
2/12/20 2:28pm
My parents paid for my freshman year - all expenses. If they wouldn't have, I
Jay Rick
2/12/20 3:27pm
I'll bet you would have got loans and attended anyway.
Backcountry
2/12/20 3:33pm
You don't know the 17-18 year old me. My mom filled out my college applications
Jay Rick
2/12/20 5:22pm
Responsibility maybe not, but it may be the best thing to help get your kid ahead.
Baron
2/12/20 3:39pm
Perhaps. But imo kids will work harder and take it more seriously if they are
Backcountry
2/12/20 3:41pm
Maybe. But I don't think that is always the case. If you do it right, it can be set up that overtime
Baron
2/12/20 3:54pm
The 401(K) max pre-tax contribution limit for 2020 is $19,500 = 13% of $150K
tevye
2/12/20 10:17am
I save 5%, govmnt matches 5%, but I will have govmnt pension. Will retire at 57.
Freeloader
2/12/20 1:09pm
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