Seattle. Single. Live in a studio in downtown. A paid off 2013 car. Mostly cook by myself. Dine out at least twice a week. Will not try too hard to save, but will not buy any luxury stuff as well. After tax should be between 95k and 100k I guess. Just want to know how much I can expect to save? I target to save at least 50k. Is it doable?
The tc includes stocks right? Are you looking to save from your base+annual? Then you can shoot for 40-50
Include everything
Live on the streets and lease a Ferrari
Anybody who saying more then 50k is delusional assuming he is maxing our his 401k
I didn’t max out 401k. Also, 401k should be part of savings as well
Yes and no. I feel 401k is different is because while it’s savings it’s savings for your future life goals. Your not going to use it to buy a house/use it for rent if you fired/emergencies/start a business etc.
Why are you asking us. Bust out an excel sheet and figure it out.
50k is definitely doable. Spend 55k a year with rent just over 2k per month. Living pretty comfortably.
If your saving for retirement, Max your 401k, HSA, and open a Roth IRA. That would get 33k saved immediately and all but 5k is tax free. Then you can put the other 17k into stocks (S&P indeed fund or Vanguard total market indeed fund). That money will be taxed, but at the <120k rate, saving you quite a bit because of the other stuff I mentioned. That leaves you about 85k to live off of (pre tax).
How do you save 33k? Max 401k is 18.5k, max hsa is 3,450, and roth IRA is not eligible past 135k salary. Assuming single
With 150k in Seattle: 35k taxes 20k rent 10k travel and other fun 8k food 5k helping relatives, gifts, donations 2k health /gym 2k bills and utilities 3k everything else Leftover : 65k. Put it in 401k, backdoor Roth, hsa, then savings account, then invest.
Similar TC. Living on half my income. In other words. The amount going into my 401k + other savings is equal to the amount going into my checking account for living expenses. The first $20k or so saved is pre-tax. The other $30k saved is post-tax, and I live on $50k. So psychologically, it feels like I’m only saving 1/3 of my income after maxing out my 401k.
Tech Industry
Yesterday
458
Which company’s employees are most insecure?
2024 Presidential Election
Yesterday
2321
Biden ruined America and tech! Tax plans are insane
Layoffs
2d
41866
Google CFO confirms 'large-scale' layoffs (Apr 17)
Tech Industry
Yesterday
654
Chances of meta clearing E5 with screwing up one coding one round and acing all other
Tech Industry
Yesterday
1832
So hard being a women in tech industry
More than 70 should be doable.
But not realistic
How? Rent can be over 20k even with a roommate