The Motley Fool Discussion Boards
Retirement Discussions / FIRE Wannabees
|Subject: Re: What percentage of gross?||Date: 1/4/2004 1:55 AM|
|Author: synchronicity||Number: 1655 of 5144|
I just completed the numbers for 2003. Our percentage was higher than normal, it came in at 28%. That's increased from 27% in 2002, and 20% in earlier years.
In 2004, the amount we put towards "retirement saving" will be a lower percentage, as I now have a SIMPLE instead of a 401(k) (4,000 lower annual max allowed, unfortunately), and my new job has increased compensation. So my max SIMPLE amount is a lower percentage of gross income than my max 401(k) amount was at my old job.
However, I'll be putting a bunch more money into paying off CC debt (it's low interest, which is why I still have it), and after all CC debt is paid off I'll be putting savings into other "savings" funds, at least some of which can be used for retirement. So if you factor that in, our 2004 "savings" percent will be higher.
Depends on how you define it, I guess.
|Copyright 1996-2017 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|