People think they need the latest and greatest. Big homes, new cars, fancy

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Feb 12, 2020
1:00:59pm

Backcountry All-American

People think they need the latest and greatest. Big homes, new cars, fancy

Vacations. Even things like college funds dont make a lot of sense to me. Hedonic adaptation. The more people make, the more they spend. But are they really happier than when they were 23 living in a 900 square foot apartment? Maybe. But I doubt it. $150k is a lot of money. I really dont think its unreasonable to think a savings rate of 50% is doable. Just takes a little sacrifice for a big time reward.

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Backcountry

Previous username: The Lone Wolf
New username: Simple Jack
Bio page: Backcountry
Joined: Sep 6, 2008
Last login: Aug 8, 2023
Total posts: 0 (0 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?

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.

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.

2/12/20 10:51am

I don’t understand wanting to retire earlier than 65

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.

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.

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

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

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

2/12/20 9:53am

Plus houses just cost a lot nearly everywhere nowadays, even Texas prices have

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"

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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