Similar here, well except for the 40 part.I'll be 40 later this month. I didn't seriously start investing until I was 34. You're ahead of where I was at 36.
We didn't start saving anything for retirement until I was about 38. We had 3 kids and spouse did not start working until she was in her mid-30s. I did have a job with a pension, but that was equivalent to saving about 12% of pay or so.
We both retired in our 50s (early 50s for her, mid for me). Even though we started later, our lifetime savings rate ended up being about 30% of gross income. Of course, that doesn't count the sort of forced retirement savings due to pension and SS.
We didn't live in a high cost of living area, but never had huge incomes like many here seem to. Adjusted for inflation, we topped out at the equivalent of what would be about $175K today. But we only had that income for a few years, spouse only worked full time for about 13 years and part-time for another 7. My pay topped out at the equivalent of what would be about $110K today.
Statistics: Posted by jeffyscott — Fri Jul 05, 2024 9:01 am — Replies 59 — Views 3536