How much should I save for 140K TC in Seattle?
Is 50k doable?
Are you from India?
If you include 401k, 50k is barely doable imo
Isnโt 401k savings?
140k - 18k (401k) - 40% tax and 5% benefits leaves you $67k to live on. 18k + employer match gets you to $25k So the big question is, can you save $25k more out of $67k take home?
40% tax for Seattle for 122K taxable income? Definitely not. Closer to 30%
Then use 30% Federal, State, City, SD + FICA is generally up to 40% in most places
If you keep your rent cost down by living with a roommate(s) and save money by bringing your lunch to work, instead of going out to lunch everyday, you could definitely save close to 50k in cash. That's in addition to maxing out your 401k
140k is 100k after tax in Seattle. Easily doable.
140k is below poverty level. Sorry.
You only live once and you can't bring savings with you into your graveyard. Stop worrying about savings and spend the money on your needs and enjoy the life!
I already enjoy the needful
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