How much should I contribute per year towards retirement?

[Twin_Cam_Turbo]

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LOL OP gonna be like WTF tomorrow morning.

Yes.

But also some good answers, sounds like I am borderline saving too much.

[Masked Bandit]

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Yes.

But also some good answers, sounds like I am borderline saving too much.

I don't know if there is such a thing as "saving too much". I mean sure, if your saving habits today drastically cripple your lifestyle that's a philosophical question but saving more early just means you have more options later be that retire old with a giant bag of money or just simply retiring much earlier than originally planned. All kinds of things can happen between now and then that can change you priorities.

As for how much I'm saving? All I can without significantly restricting the day to day life of my wife & kids. #7.2goals

[ThePenIsMightier]

You can definitely get into over-save mode and it's shitty because you're scraping by, squeezing pennies and eating expired plankton from the dollar store while ExtraSlow is figuring out if he has the towing capacity for his Ferrari.

[killramos]

A real struggle.

The solution is just to make more money

[ThePenIsMightier]

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A real struggle.

The solution is just to make more money

But ditch contracts to take 40% less as an employee.

[killramos]

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But ditch contracts to take 40% less as an employee.

We should have lunch some time on that exact topic

[taemo]

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I don’t really know when I want to retire, I can’t see myself enjoying sitting around but at the same time I don’t want to work forever doing the same thing I guess. I started saving at 23 but I fear inflation I guess.

goal is not to aim for retirement but financial independence, you can still do your daily job or pursue whatever you want without having to worry about your living expense.

[89coupe]

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Side question, how much should I contribute per year towards retirement? I’m 30 and I don’t have wild dreams in retirement, maybe a nice trip once a year and own a nice car ($150k?). What are others doing?

The more you can sock away the better. 30% of your gross income a year minimum, 50% even better.

The faster you can start producing passive income the better.

[Lex350]

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You should fear inflation. It can wipe out savings in an instant. Thanks politicians!

Not as quick as a divorce!!

[msommers]

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The more you can sock away the better. 30% of your gross income a year minimum, 50% even better.

The faster you can start producing passive income the better.

This depends greatly on how much you make.

[Twin_Cam_Turbo]

I’d say I’m 30% on a bad year and 50% on a good year of my gross income. Not sure what my fiancé saves, but she makes significantly more money.

[89coupe]

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This depends greatly on how much you make.

Why?

- - - Updated - - -

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I’d say I’m 30% on a bad year and 50% on a good year of my gross income. Not sure what my fiancé saves, but she makes significantly more money.

You are engaged and you don’t know what your significant other does with her income?

This blows my mind.

[Darkane]

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The more you can sock away the better. 30% of your gross income a year minimum, 50% even better.

The faster you can start producing passive income the better.

Does not compute.

30-50% gross? Lol

Taxed 40%, left with 60% and to live off 10-30%.

Is that correct??

[killramos]

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Does not compute.

30-50% gross? Lol

Taxed 40%, left with 60% and to live off 10-30%.

Is that correct??

You forgot the “live off 89Wife” part

[bjstare]

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I’d say I’m 30% on a bad year and 50% on a good year of my gross income. Not sure what my fiancé saves, but she makes significantly more money.

If she makes way more than you, you're doing it right.

Not knowing your fiance's finances (aside from "she makes more than me") is Isn't disparate financial approach in like the top 3 causes for divorce?

[Buster]

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A real struggle.

The solution is just to make more money

I gotta be quick to beat you to the smart stuff.

Managing your expenses is important, but revenue is critical.

[Twin_Cam_Turbo]

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If she makes way more than you, you're doing it right.

Not knowing your fiance's finances (aside from "she makes more than me") is Isn't disparate financial approach in like the top 3 causes for divorce?

I know rough numbers but not exact. We keep separate accounts and finances for the most part, and want to keep it that way.

[suntan]

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If she makes way more than you, you're doing it right.

Not knowing your fiance's finances (aside from "she makes more than me") is Isn't disparate financial approach in like the top 3 causes for divorce?

It's #1 or #2: Man does not make enough money to support wife's spending habits.

[Buster]

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If she makes way more than you, you're doing it right.

Not knowing your fiance's finances (aside from "she makes more than me") is Isn't disparate financial approach in like the top 3 causes for divorce?

This is always a hilarious topic when it comes up personally, and on Beyond.

It's basically two camps saying: "You do WHAT?"

[89coupe]

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Does not compute.

30-50% gross? Lol

Taxed 40%, left with 60% and to live off 10-30%.

Is that correct??

The leaner the better.

I’m assuming these are young people (couples) with good jobs.

Find cheap rent, take public transit, don’t eat out, it can be done.

If you work for a decent company they usually have savings programs that match your contributions, take advantage of it, max it out.

It’s a lifestyle choice of course, but you will be so happy for it later in life.

50% is extreme, but depends on your situation of course. Find passive income, so that can be used as part of the contribution number to offset your main source of income. It’s a hustle but nothing comes easy in life.

I have a buddy making around $7k/mth in passive income just reselling on eBay. All that money goes straight to savings. So that counts for the percentage of your main source of income.

The problem with so many is they would rather live in a nice place, drive a nice car, eat out, and go on vacations and pay debt every year. All while struggling to save.

But if they hunkered down, worked their asses off, lived modest, saved, by the time they get into their 40’s they would most likely be at an executive level, having a $600k/year plus salary, with a massive savings.