How much do you save per year? I assume everyone here automatically adds the max amount to 401K... right? Where/how do you save beyond that? I live in an expensive city and worry I’m not saving ebough

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I think most people try to max out their 401k, but I think many people can’t. Starting salaries out of college are what, 75k? If you live in NYC and have student loans, it’d be pretty difficult to max out the 401k and be able to afford living.

I save about 25k after 401k/HSA. This of course goes to investments and other stuff. This is about 30% post tax income. Live in NYC fwiw.

After 401k, my SO and I put a minimum of $50k into the mortgage (principal only) and $16k towards college sophomore (not really savings but is for the kiddo and no parent loans for us). It’s hard - I’m not going to lie. But we will have our house paid off in three years and will go a long ways towards him being able to retire early. (I don’t want to retire early but also don’t want to carry the full financial obligation including a mortgage if he retires.)

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If you came to consulting fresh out of undergrad, or only really have consulting or similarly situated friends (IB, finance, lawyers), have no kids or family responsibilities then these numbers make sense. But people fresh out of college are not typically making $75k. LMAO! That’s the kind of salary someone may not see for 5-10 years on the job. Maxing out a 401k or having a company that does matching is a HUGE luxury. Let’s not even get into student loans. Some people take a while to come into a job that can afford them the ability to take care of necessities and save let alone max out savings. Talk to people in their 30s-40s even who aren’t in consulting and you’ll see our idea of numbers on savings aren’t even close to the norm.

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We save 60k beyond maxing two 401k and HSA. Another 18k to charity.
Make 270k combined.

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75k a year

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For a bedroom. Whole place is $1900 a place and yeah it's a steal of a place

I average about 45% overall rate of savings, and I have 1.3M in my 401(k) after 25 years of max contributions.

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50k a year, same as c1 trying to retire early

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Most people don’t start maxing 401ks until there late 20s from what I’ve seen.

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Man, I suck at saving compared to y’all.

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D2 well said. The number for average person is no where close to some of those quoted here. And every individual's circumstances as you described will be different.

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Everything is the savings account with no 401k here. In 30s, never used 401k

Yea this feels like a dangerous game to play... so you're pulling in a, what, whopping 0.25% in that savings? even in a high yield you're only getting 2.5%... not saying avoid boring old savings, but time value of money and compounding is king here. I live in NY and have $120k parked towards a down payment on a mortgage I feel like I'll never get ha.

Take full advantage of your company match on your 401k first, it's free money. Then try to max your 401k at the 19,000 mark.. next, if you're healthy and have a HDHP, get that HSA maxed at 2500.

Then shoot for the backdoor roth IRA at 6000 to get the long term tax free growth engine going.

Finally, find someone to get you into a favorable capital gains plan... my guy uses weekly straddles, but it's treated 60 long term /40 short term capital gains tax which is the next best advantaged set up.

~50k with a combined income of 190k

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