10% and 15%, since the high earner is the one saving 15%, it averages it to 13.3%
We're 33 and 32. We treat SSI as if 75% of it will be there for our retirement (this is what would happen if they deal with the shortfall entirely through benefit cuts). The retirement calculators are all over the place.
I contribute 7% to my 401k and my company matches 7.5%, so 14.5% total there. I also have a pension from another company which I won't depend on much. We have a big generals savings goal and IRAs as well.
Our goal this year will be lower because of having another kiddo. We plan to do at least 20%. We don't expect SS to be there. But I expect our pensions to be there when we retire. That said, we still try to save as much for retirement since the future is unknown. Too many what ifs.
Post by awkwardpenguin on Jan 18, 2013 22:21:11 GMT -5
We save 5% pre-tax and 6.5% post-tax in Roths. I get 10% (it's not a match per se) from my company and DW gets 9% from hers, both pre-tax. We should be fine without social security, but we are definitely counting on Medicare in some form.
Just over 15% including match. Dh just started a new job and we are closing on a new house (with a higher mortgage) in March. I am using this year to feel out how well that amount works with the new income/payments and will increase it next year according to our needs. I hope to increase 1-2% each year until we get to 20%. ETA: No on the SS. I assume there will probably be some kind of medi-care but I am not planning on that either since we will likely have access to retirement medical. It is pretty common in DH's profession.
Post by whitepicketfence on Jan 18, 2013 23:53:40 GMT -5
DH contributes 11% to his 401k and gets an 8% match (he's fully vested). We plan to increase this 1-2% each year until he reaches 20%.
I don't work but we are funding a Roth IRA for me. The amount we contribute annually varies since DH's income varies. We are hoping to begin maxing it out within the next few years.
I contribute 15% post-tax to my Roth 401(k). My company matches 25% of that, and it's immediately vested, so in total 18.75% of my post-tax income goes to my 401(k). Edit: Crap. I think that's how it works... or that 3.75% is pre-tax. I'm actually not sure, and have never really thought about it. I've only been contributing for 5.5 years...
Post by belovedbride07 on Jan 19, 2013 0:28:16 GMT -5
We're currently saving 9%, counting the match. We'll hang out here for another year to build up a healthy down payment before a baby is in the picture, then we're bumping back up to 15+%.
Although if DH gets the job he's hoping for (fingers crossed!), we'll be putting in ~13% this year, and bumping it to about 20% next year.
ETA: We're not really counting on SSI. We also have pensions from our current jobs; they just changed the formula and it's super complicated (and not very much) now, so that'll just be bonus money if it is still around.
Last Edit: Jan 19, 2013 0:29:45 GMT -5 by belovedbride07
Trying for #3; FET 8/18 -- BFN. Leaving things up to chance for now... After three years, three IVFs, and two FETs, we finally have our miracle babIES!
I contribute 8% with a 6% match from work. DH puts in 8% with a 5% match. Not even going to worry about SSI- making off right now it will not be there when we do retire.
Huh, I never really calculated it before. We upped to the max a few years ago when the market was so low (one of the few smart retirement things I've done). We both max our 401ks which is about 19% of our income. Plus we both get 4% matching and usually try to put something in our Roth IRAs. Without the match it is 20-25% of our income. At what point do you say you are saving enough? I so need to find a financial advisor.
Post by winemaker06 on Jan 19, 2013 10:38:28 GMT -5
We contribute max to both 401ks and Roth IRAs. Then we get an additional 6% in 401k matching. We've been told we're saving too much. I don't think that's possible when retirement is so far away. Plus I want a good start so we have the option to decrease contributions if we ever Have to in the future.
We contribute the max to our 401k's, H's employer matches 5%, and mine will do 8%. I also have a pension that my employer contributes 4% to. At this point we are not counting on SSI.
We contribute max to both 401ks and Roth IRAs. Then we get an additional 6% in 401k matching. We've been told we're saving too much. I don't think that's possible when retirement is so far away. Plus I want a good start so we have the option to decrease contributions if we ever Have to in the future.
Since some of your savings is in Roths, I would worry about saving "too much". You can access the Roth contributions at any time, so it could pay for a downpayment on a house or college money for a kid if you find yourself with extra money in retirement accounts. And the flexibility to decrease contributions is a great benefit. I wish we'd thought that way when we were younger.
Post by sillygoosegirl on Jan 19, 2013 11:36:56 GMT -5
DH is currently saving around 20% + 4% match + 3% profit sharing. I am currently saving around 40%, but am getting laid off at the end of March. I don't have a clue how much I'll make the rest of the year, so I don't know what sort of overall percent it'll come to if I get my accounts maxed out, as I hope to do.
I think and hope SS will be there, but we don't include it in our calculations. We want to retire early, so it's not like it would make a big difference to our plans at this point anyway.