This Is How Much You SHOULD Be Saving
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- เผยแพร่เมื่อ 2 เม.ย. 2023
- How much do you aim to save for retirement? Are you planning a traditional retirement?
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Thanks for watching, I appreciate you!
I personally consider a “super saver” as one who saves 30-40+% of their net income, 15-20% is just what you are supposed to do..
I like it!
I agree with your comment. I am pushing myself to do 40%. I would love to get to 50%.
@@rda9441 It sucks right now, but we've prioritized paying off or at least down the principal on our home.
I save 21% pre tax (401k) and 40%-50% post tax (Roth IRA, brokerage, savings account)
I agree with you Erin. "Super" implies above and beyond recommended. 15% doesn't seem high enough of a savings rate to be considered "super".
In my mind a super saver = 50% +
A good saver = 25% +
Love this chanel :)
Thanks so much Christian!
In our younger years my wife and I always saved a little for retirement, at least $100 a month which doesn't amount to a lot after 20 years but it's also not insignificant.
In 2019 we started to get more serious about contributing to tax advantaged retirement accounts, increasing those amounts each time we got a raise and now as of last month we maxed them out. We will make around 140k this year so it amounts to about 50% just going into retirement (401k, Roth IRA) because we also have 6% as part of a pension contribution.
I'm 41 and my wife will be 35 this year. Next year we are looking to pay off the house early and be completely debt free. We are considering getting another house one day with some land if we can ever find something within our budget as our current house has only a small yard and not much privacy.
When we married in 2011 we were bringing in a combined $50k so our income has definitely grown over the years but we have strived to live below our means so that one day we can retire on time, if not early.
Erin. I retired early at 55 a year ago due to health reasons. I had saved for years and the last 5 years I set aside 25%. In the last year I have not done much waiting for surgery and then recovery from the surgery. I now feel much better and have started working part time a couple of months ago. I reviewed my balances after 1 year, not counting my house (paid off) or adjusting for inflation. My balances increased by 29k in the first year helped by higher interest rates and a higher than normal tax refund. I also loaned out $8k that I likely will not and do not expect to get back. If I hadn't saved so heavily when I was younger I would have been in bad shape financially. I am considering going back to work full time for a couple of years because benefits are so expensive and I am a little bored. I haven't decided yet. Good topic and Best Wishes to everyone.
I’m glad to saved early…and that you are feeling better these days! 😊
Being retired and living off of 2 Social Security (SS) checks plus a pension check, saving more is difficult. That being said the 'raise' we just received with SS is going into boosting our slush fund. We have 3 1/2 years to go before we're required to make withdrawals from our 401K plans and right now we're doing just fine without it.
I'm basically in the same boat but I have two pensions (the smaller pension has no cola), SS, and dividends. Haven't touched my IRA accounts. I still invest in a non IRA account and my emergency fund is pretty good. My savings percentage is over 60%.
Assuming social security is still doing well by the time we retire, I want our core expenses to be covered by it. This way when the market is down we don't have to touch our investments.
One does not need high income to create wealth.
100% agree!
I’m saving 11% in my 401k and 10%in my Roth acct as of February this year on 74k a year,I’m retiring in 5 yrs at 62,this is the best I can do for my retirement.
Another excellent video for everyone!
Thanks Don!
Great advice! I remember when I first started off and I couldn’t exactly hit 15-20%. Saving what you can and increasing the % over time is good enough! Life fluctuates and that’s ok 👌🏾.
I heard on another podcast some theory about smoothing the pain of budgeting, how it's hard at the beginning to save, cause you don't make much, but much easier when you're older and not only make plenty, but have likely paid off the mortgage, car, etc., so have more disposable income. I like that idea, think it's more tolerable, but the trick is to actually increase the savings rate when you start earning more, as opposed to letting lifestyle creep eat your retirement away...
My wife and I both love your channel. Keep up the good work Erin !!
Thanks so much!!
I would think 50% or higher,heard from financial advisors the goal is 20-25% but depends on your goals. May need to be higher if you start later in life.
Thanks for another great, informative video, Erin!
Thanks for watching Abriam!
I been on a Erin Talks Money Marathon 😂 Thank you for the great content!
Thanks for watching! I love it!!!
“Super Saver Erin” talks money!
😂😂😂 love it!
The BEST advice from Warren Buffet: Do not save what is left after spending, but spend what is left after saving. I recently maxed out all of my retirement accounts and only spend what's left over. Now I'm fully prepared to let compound interest work its magic!
I like your advice to start saving when you can with what you can. I know I'm well behind the average savings for my age, but I'm saving what I can whenever I can.
That's what's most important - good luck on your savings journey!
Glad I started early I have saved a lot. Had extra time to let the compound investing grow with a few years. It’s insane how it can grow over time
Savings rate means so many different things, every time you analyze it, you should look into that definition. If making recommendations, again, you should define it.
We found that in actuality, we saw a lot of fluctuation. Once we hit our stride, we always maxed tax sheltered options, but some years we might do that, while pulling from previous savings to pay for renovations or a special vacation. If we were better budgeters, we might refer to that as sinking funds, rather than savings.
I am 57, and on BS7 I’m doing my company match (6%) in traditional and 15% in ROTH
Great video, as usual, Erin. I would like to modify something. For starting out for you recommend paying off debt before saving, except for making an emergency fund. I would like to add an update. My oldest daughter, age 22, just started her first job after graduating college. Her company matches dollar-for-dollar up 5% of her gross income contributions into a retirement fund. She wanted to pay off her minimal school debt (minimal by today's standards) before investing in retirement. I told her that paying off debt is a fantastic idea, but I did recommend that she take advantage of the dollar-for-dollar matching up to 5% of her gross income since that is an automatic doubling of her retirement investment. Thanks for your videos, Erin
great addition!
It’s free money!
I agree, take it!
According to Vanguard the average deferral rate in a 401k plan is 7.3%. If a person is putting in double the average (I.e. 15%) then they are considered a "Super Saver."
Would be simple if they defined a super saver as someone saving more than 50% of their income.
Have you ever thought about a side career in Data Analytics Erin? I bet you would be awesome at it!😂 Awesome video as always
That would be fun!
Savings rate is 22% into 401k's and 15% into company stock. Add another ~5.5% of matching between all of that, the grand total comes out to about 43%. Probably another 5-10% per year on additional stock purchases, depending on the available funds.
I like that chart on daily spending. A few weeks ago, I settled on the idea that we would need a 100 dollars a day (initially) to live on in retirement. So, $200 for the both of us. Therefore $73,000 a year, after taxes. That is our goal for now. I agree will you, a Super Saver should be above what is needed. I guess since most saving amounts are below what is needed, then hitting the bench mark is considered super.
The way I am teaching my kids is to automatically transfer 1/3 of their pay check to savings. Once they graduate and start working full time, I’d like them to continue that savings rate split maybe 25% toward 401k/HSA/Roth IRA accounts, and the rest into a savings account for short term goals such as house downpayment.
Love that!
Hello can you give me any advice on purchasing a car ?
@@rambogaming2497 atleast 4 years old at 60% off original MSRP price. Pay cash. Have it inspected by a qualified shop/mechanic before signing anything. Try buy goid reliable companies (most japanese brands).
Thanks Aaron I haven’t said it in a while but your presentation skills are at 10 along with your research and your knowledge that’s why watch I always learn song I would tell you that when I was in my 20s our savings rate was closer to 10% now in my later weekend anywhere from 20 to 35. That’s good thanks for another great video.
Thanks so much Tony!!
Its Erin. Aaron is the boy name, plus her name is in the channel name 😅
Good video. I think it makes more sense to look at long-term savings and investing as % of annual spending (as opposed to income). To be a "supersaver," one should probably be saving the % of his or her spending equal to age as a very general rule of thumb. If you are 25 and saving 25% of your annual spending, you are probably doing pretty well. If 50, save and invest around 50% of savings. Again to be a "supersaver". My thoughts anyway.
Very interesting take!
Great video. Spot on. Save as much as you can when you can (especially young). Things that can slow your savings rate some years are wedding, house, kids, car, etc. I've always pushed for 25% but will have to cut it back for a few years to 15% now. Because I saved so well, I was able to buy a very nice brand new house in Dec back in my home town, then 2 months later when there was a really good deal on 80 acres of hunting land I was able to buy that also. Without over saving on the years I was able to I would not have been able to take advantage of a great deal on the wooded land. You never know how your life will change or opportunities that may pop up. Keep the videos coming. Love watching from WI.
Living small and saving large worked for us. We hit nearly 50% saving/investing while paying off a small home in 12 years on two modest teaching salaries. We saved a fortune by driving used cars, working overtime, summers and a part-time job, finished grad school, traveled widely and raised a family; and just paid off our daughter's balance on her mortgage. It is possible. Good luck, dedication and hard work required.
You usually meet up with luck if you meet up with hard work first
Wow, that’s great! A huge congrats to you!!
Hey Erin, thanks for your wonderful videos !!
I believe it would be a great idea if it were discussed by financial folks on how much in dollars one should be able to save. For example (15K, 23K, or 45K per year) instead of percentage rates. Someone who saves 15% for a person who makes 300K per year is very different than someone who makes 60K per year for example.
I love that idea - I can try to explore it down the road!
I can offer an explanation as to why the default is to do percentages in the meantime. Someone making $300K per year, likely has a more expensive lifestyle than someone making $45K per year. So they are going to have higher income replacement needs when they leave the workforce. That percentage based off their income prompts them to save a higher dollar amount relative to their income. What matters most is what your expenses look like - and as you sit down to figure out how much you need to save to reach your goals, how much (precent or dollar amount) you need will likely be unique to your circumstances.
I like to go off dollar amounts myself as well just because tax advantaged accounts have a dollar limit each year so you really have to keep track of the dollars going in on an annual basis.
How much to save is hard to nail down since it depends on where you live and the lifestyle you want in retirement. There is a reason why a good number of retired folks move to places like Florida because their income doesn't get taxed and they can get the most out of their income, but if you plan to live in LA or NY those dollars aren't going to go nearly as far. Some people even choose to move out of the country where cost of living can be even cheaper.
You are still npt suppose to have a mortgage cover more than 30% of your annual salary. Regardless how much you make. This is also why you use percentages for savings rates on wage levels. Since salary does not dictate lifestyle as someone else claimed. Rich people are rich because they mkre often than not are frivilous with their money. Not the other way around.
Have been saving all my working years. Learned early to pay me first (saving) then budgeted what was left. Worked for me.
Once, in my 20’s, finally got $200.00 saved…oops car repair took all 200.00.
Ouch, that definitely happens! I’m glad you are a consistent saver!
80% savings rate. All going to pay off high interest grad school debt. Finishing it off this fall, not too long after the interest freeze. Only possible with a parent's basement or other unique really cheap living situation, but worth it if that's an option for you. Buy your freedom, then get investing.
I did the basement living for a few years, totally worth it!
In or der to achieve that 10 or 15 percent savings goal the best way is to pay yourself first. My opinion.
It’s understandable that saving % rate is low / below what is required : ideally save from as early as possible ( for compound effect) then increase gradually multiply income streams that ll help to enhance saving rate to the desirable level : start from 20% and increase that to the level of 50% to achieve Financial Freedom and additionally FIRE( if one aims for it within ten years ..!!
Hi Erin. I just subscribed to your channel and than you for your videos! Can I ask why you did the income video with 3 levels, but the networth video with 5 quintiles? Can you please do a video on the income of each quintile? I've seen a video on it, but I'd love to see you do a video on the topic and I'm sure others would love to watch it.
I can do that 😊
And welcome to the channel 🙏
@@ErinTalksMoney Thank you! I'm glad to be here.
@@ErinTalksMoney Thank you so much, Erin. But I'm still curious, why did you use 3 levels (lower, middle, upper) for your income video, but 5 levels (the quintiles) for your networth video? In other words, why did you decide to use different brackets for the two videos? Thank you!
Honestly - it wasn’t intentional. When I originally planned the income video (it was done first) - I was planning on doing a video on ‘income to be in the middle class’ - that was going to be the whole video. Then when I started working on it - I figured, well, guess I better cover the to areas outside that middle range.
That video did well, and a lot of the feedback suggested that income wasn’t the best measure - hence the net worth video came about. (But keep in mind that income video was very different than what I had originally planned anyhow, and I never planned on a follow up video - it was more due to request) So as I researched - net worth ranges are VERY large - and quintiles seemed more fitting as it would provide more detail. And you often hear that terminology: upper-middle class or lower-middle class.
If I had to break it down, I might say that I was more prepared for the net worth video to be what it was. (The income video was kind of unintentional) 😊
4:36 Spawn are great for those who actively choose them and, from a societal perspective, "to each their own." But for those of us with...other priorities, long live the DINK life! People who choose to love you mean far more than those who are merely "expected" to.
😂 to each their own for sure! Kids are great if you want them, and if you don’t, that’s just as great. (I just hope people look at that topic from more than a financial stance)
I appreciate you boiling down this to basic numbers. However, what you have saved in various accounts, and their tax treatment and withdrawal guidelines, have a huge impact on how well you can weather market down, turns and if you can retire early. Generally, I think these basic guidelines are good for people to follow, but strongly suggest that you speak to a financial professional, who can help guide you to be efficient with what you save and be efficient when you take distributions.
I’d think anyone saving more than 25% of their gross income including salary/commissions/bonuses would be a super saver because that would be super.
It would be interesting to see tiers with different labels for savings percentages based on gross income.
My savings percentage for 2023 is well over 60%. Retired two years ago.
How much you save is more dependent on how well you live within your means, slightly less on income. I was saving 30% at just a $100K income for nearly 2 decades. 15% auto deposited in 401K and 15% auto deposited into paying off 2 rental houses. Now with 100% passive income I retired early and still putting savings into my rollover IRAs.
If I would to do it over again, I'd be matching my companies 401K match only, and the other 25% would have gone into real estate.
I agree with that!
You were counting paying off a loan as savings since it was an investment?
@@sfjarhead4062 Absolutely, one I saved and paid cash for and the other I had someone build on 3 acres. The first one has gained 400% in value, the other 700% value since purchased, both while producing $4K + monthly passive income. Depreciating their value and able to write off expenses for tax purposes. Combined market value of just over one million if I were to sell them any time soon. Show me a better income producing savings vehicle that isn't dependent on stupid politicians tanking the markets periodically?
*I have some cash set aside in case another short sale or foreclosure comes along, and would be my recommendation for younger savers/investors.
Erin, can you make a video where you budget live? Im very young and I don't know how to start making a budget. These apps are confusing for me, id like to do it by hand or on Google sheets. Thanks so much.
In a nutshell a budget is all about assigning every dollar a job, essentially you are planning out a month in advance where all your money is going. The key is you have to stick to it, and if you fail one month, don't give up...keep at it.
Always look for ways to save on your monthly expenses, review options each year to save on your cell phone bill, cable bill, etc.
One question I've never seen answered in these retirement savings guidelines is does it include employer match? For example if I save 10% of my income and have a 5% employer match does that meet the 15% target? Or do I need to save 15% of my income to hit the target and any employer match is just gravy?
Employer match counts!
@Randy Buck
Does your employer contribution match the first 5% of your contribution.... Or is it 5% of your salary?
I would think employer contribution would be a bonus to your savings, not a reason to save less of your income... But if you count it, make sure you figure out what % of your income their match equals, it's probably not 5% of your income.
@sfjarhead4062 Back when I was working, my employer matched 75 cents on the dollar of the first 8% of my salary, so yes, it was 6% of my salary. That's one reason I was able to retire when I did.
I've heard you wouldn't count the employer match as part of the percentage, that part isn't actually part of your gross income, just bonus money.
I’m a super saver nowadays (over 50%) but it comes after many years of not saving a lot at all, so I have a lot of catching up to do…
Are these %'s pre or post deductions? And should one count the matching % of their employer when calculating their savings rate? 🤔
Pre- & yes, go ahead and count employer match!
@Erin Talks Money 22.5% then. And 1% into hsa. Trying to up that one next. It's tough though.
Rn I save a little over 45% of my income, 20% (including matching) of that goes to retirement savings. I'm proud but I know that I need to make more because this might not always be sustainable
That's awesome! Congrats!
Just to be clear, you're talking about saving percentages of GROSS income, not NET (i.e., take home pay after tax and deduction withholdings)?
YES...just to be clear 😉
25% I consider a super saver
I would take your income after tax etc. deductions, remove your fix costs (housing, transport, food etc.) then if you save 50% or more of the remainder, you're a Super Saver !
Have a nice Monday, everybody ! 😀
Hi Erin, can you answer a question for me- re: the Fidelity study- does this include net worth or only retirement account balances? Thanks
Account balances only 😊
Thanks! Love your channel
Thank you!
All I have done is save for 40 years and I am 62 planning on retiring soon and the plan is to spend !
When talking about savings rates, is this on net income or before taxes? Also, does it include income from investments?
Traditionally it is referring to before taxes - and usually people are referring to their earned income
@@ErinTalksMoney I saw that later in the video. I should have watched the whole video before asking. 😆
😂 no worries!
Used to be able to save over 60% on $90k/yr income (the effective tax rate was already 20% so really the annual expense was less than $18k) but after covid I got into world travel hobby which threw my super saver status out the window.
I'm 47, married with 4 kids, 2 still at home. Financial Independence can be had, but I wonder what people think normal household income is? If you honestly and sincerely use a spreadsheet to figure normal household costs, it would be very hard to push a reasonable family budget below a net of 65K and still hit the very basics. Household income is a moving target, but the last number I saw was 80k gross. It appears that a normal family with normal jobs and basic things cannot save 20%. What am I missing?
I think 'normal' is really, really hard to nail down. If one's home is totally paid off and you live in a modest cost of living area - living below - well below - $65K could actually be quite easy. I totally get what you are saying- that would be aa very different story in many areas of the country. But I have lived in very large metro areas, and very rural, small towns. Housing costs range anywhere from $450/mo to $2,000+ per month. We often get so use to our own circumstances that we forget that there is truly no normal out there.
20% is a good goal. I was using median incomes and costs for typical family expenses. Using those numbers, it's mathematically impossible. You mentioned having a paid off house, or an apartment for just a few hundred monthly, or living in a very low cost area. If then, maybe yes; I would still respectfully submit that 20% on any normal household income is a stretch. Thanks for the video.
It can really take sacrifice on a lot of small things to make your goals. Back in 2018 we were able to get our monthly cell phone bill down from about $70 to $16 a month. And when it comes to streaming services, we rotate one each month so we only pay around $15 rather than having multiple services at once.
These small savings make a big difference over time.
Our annual expenses are probably in the neighborhood of $30k, once our house is paid off it will probably be more like $20k. Focus on getting rid of debt and suddenly it becomes more possible to save more for retirement if you keep your lifestyle inflation costs in check as much as possible.
@@Tialian 30k per year is 2500 a month in total living expenses. Please understand I'm genuinely curious, not doubting. You mentioned you own a house and inferred you have a mortgage. With property taxes, required home insurance, repairs/ maintenance/heat/utilities and the monthly payment, can you share what your monthly housing cost is? I can't make the numbers work. Not trying to be combative, I genuinely can't see how it can be done. Thanks!
@@yhckelly our mortgage is $1,264 on our house we bought in 2012 at $184k. House is worth over $400k now so if we bought at that price our mortgage would be much higher.
We do a monthly Costco run (buying the right items in bulk saves money) but otherwise work to keep our other groceries (use coupons!) and utilities to a minimum. We only put like 3k miles on the single car we own, sold the 2nd car back in 2019 and haven't needed another.
I’m 60. True story that guys I work with saving much less than me got well over the million mark just by carefully managing their portfolios. IMO if your household income is near or over 100k and your not saving half you need to sell the toys expensive cars and get out of the McMansions that you can’t afford. Kids today make money I could never have dreamed of 40yrs ago and are squandering it on new cars and stuff.
A super saver is more than a 40% savings rate. I am at 44% at this point in the year.
That’s awesome!
35 percent savings rate...22% retirement, 8% short term goals, 5% vacation/fun.
Erin,
I have saved 50% for the last five years but don’t think I can maintain that much longer.
Does that make me a super saver ?
Absolutely!!
IMO anything above the target is "super"
...and anything below the target is "sub"
Question is ... How to determine the target, and is it (or should it be) the same for everyone?🤔
I like that! I think there will always be these general targets - BUT - what matters most is individual goals - and when people sit down and figure out what they need to say, that number will be unique to them. That's my two cents 😊
I'd say super would be 50% of pretax income...
30% savings rate 😎
Saver should equal 15%. Super saver should be anything ABOVE that.
In my opinion people should save either 10% of their net income or 15% of their gross income and never touch that money no matter how tough it gets. My opinion.
1) if I contribute 5% to 401k and have employee contribution + 10% making a total of 15% total income would that be considered a good saving rate ?
2) paying the monthly mortgage is considered/included in the saving rate as you are building wealth by buying an asset ?
Love your videos!
I meant employer’s contribution, like matching my 5% plus an additional 5% making +10%
How do you know you are going to make money on your mortgage rather than lose money? You do not know what the future holds for the housing market. It could crash and stay that way for years.
@@WheresWaldo05 Hi, yes you are right. I meant that bu paying mortgage you are building equity cause regardless the market you are reducing debt
My 401K takes 8% - so I'm not doing super duper great. Honestly I've gotten financially lazy over the past decade as my income level has risen and I don't feel the need to watch every dollar - even though I know it still makes sense.
There's nothing wrong with having much of your finances on autopilot - as long as you are still checking those boxes on saving and investing. (And it an 8% saving rate gets you to your goals, well than that's just fine 😊)
I have a mandatory deduction for my state retirement and also max out my 457b ($30k a year). Super? Naw I don’t feel I am
I really should track my spending, huh... Right now I just throw $500 at a Roth Ira on the first of the month and roll over what ever was left of my last paycheck into debt. 26k until I'm put of consumer debt should be gone by the end of the year I hope!
Minimum six month emergency fund before investing. Then invest into dividend growth stocks so they provide an increasing income each year. Enjoy life, but try to save what you can. Our last 5-10 years we saved 50% or more rather than increase our standard of living, because we were happy where we were. Life is good.
Most Americans don't earn enough money to save more. Wages in the USA have not kept pace with inflation for at least 40 years, so most Americans are struggling just to cover basic expenses. The only way for people to have faith in our economy is to re-balance the distribution of income, so that workers get a MUCH larger slice of the pie. Only then can we begin to close the income inequality gap that is getting wider every year.
It isn't wise to retire early: your Social Security check will be diminished and Social Security income is a good investment - approaching super saver performance.
so sorry Erin but for me is a 35% saving from every paycheck and I can retire at 30 years old how is this possible with dividends :D easy works
If you earn 150k a year and only save15% what on earth are you doing with the rest of it? Id actually like to know. 15% should be the minimum? Not SUPPER? that suggests actually making an effort?
I make $120k a year, every month I save about $5,000-6,000 a month depending on my spending each month.
120k ÷ 12 months is 10k per month. After taxes... 10k × .65 = 6500 take home per month.
You living under a bridge if saving
5 - 6k per month or what?
@@WheresWaldo05
I was thinking the same thing.
His numbers don’t add up.
If u want ur channel to grow.. u have to spend time responding to comments.. people like responses… not just a like button… just an FYI…. if u want growth in ur channnel u have to spend 50% making content, and 50% responding to comments of ur comment.. people love responses.. makes it tuff but u have to do it to incrase ur channel….my guess is u will not reply to this comment.. just an FYI….
I spend at least 2 hours responding to comments on the first day that videos are posted. I read all the comments and respond to as many as I can 😊
Is paying off a loan on a Rental House considered SAVING!?
Because, if I get that home paid off, I get to pocket those Rents!
(The same way I would pocket Savings for Retirement!)
It’s pretty similar- being debt free is pretty darn nice! Naturally the goals of market investors and real estate investors is slightly different - but both want financial freedom! Good luck, I hope the properties are paid off soon and then you can start pocketing those rents!!
Yea, but it’s not anything like Consumer debt as those Rents can’t be earned on a new Jacket!
Networthify has too many flaws
Barely surviving on a 6 figure income is laughable and deserves no pitty. That's a self-made mistake that's easy to correct but most couldn't bare getting rid of the 800,000 plus home they could never afford in the first place or the Land Rover that will blow up within 6 months of ownership🤣
Why assume anything for someone else. I live an a neighborhood full of people who have 6 figs as families and none of them say they are super rich yet.
At 75k per year i feel rich. Lots of saving/investing and lots of toys too. Only debt besides mortgage is a truck going to be payed off in 2 years with low miles. Life is soooo good! Oh yeah, i only work 45% of the days in a year also. Lots of free time!
I save/invest 60-70% and consider myself to be a super saver. This is easier to do because my home is paid off and I don’t have any other debt.