How much do you have saved?

fastesthamster

fastesthamster

Senior Member
Joined
Mar 1, 2006
Messages
825
Reaction score
55
Let's go, amount saved as a percentage of your current cost to company (or gross net income).

You can count pension/provident funds, and extra amount saved in bond. Don't count bond, or assets such as cars or houses. If you have other debt (besides homeload), subtract that from your savings.

Currently, I have 98% saved. Aged 30. Doesn't seem like a lot, really.
 
fastesthamster said:
Let's go, amount saved as a percentage of your current cost to company (or gross net income).

You can count pension/provident funds, and extra amount saved in bond. Don't count bond, or assets such as cars or houses. If you have other debt (besides homeload), subtract that from your savings.

Currently, I have 98% saved. Aged 30. Doesn't seem like a lot, really.
Click to expand...

Are we talking about annual here (This seems like a given but just checking)
Also CTC/Gross/Nett income could all differ greatly
 
walterl said:
285% but I'm 46
Click to expand...

huh?

BTW I clicked on your link and had an aneurism
I was expecting some sanctuary for lions and instead I found the one Lion rugby supporter left. :erm:
 
450% give or take... too lazy to actually work it out really...
 
McT said:
monthly or annual total cost to company?
Click to expand...

Annual total cost to company. Friend and I were discussing savings. Seemed like 10x your total cost to company would be an okay amount to retire on.
 
fastesthamster said:
Seemed like 10x your total cost to company would be an okay amount to retire on.
Click to expand...

At what age though?

At 25 my CTC was R60,000.00 .... I don't think R600,000.00 is enough to retire on ;)
On another note - when do people generally hit their peak/plateu?
Surely unless you have your own company, your position will peak at some point?
 
Dolby said:
At what age though?

At 25 my CTC was R60,000.00 .... I don't think R600,000.00 is enough to retire on ;)
On another note - when do people generally hit their peak/plateu?
Surely unless you have your own company, your position will peak at some point?
Click to expand...

Sure. But your standard of living was used to R5k per month before tax. So R600k would give you ~R2.5k per month in interest (assuming 5% interest rate). So it would have been liveable if that was your last CTC before retiring (but not necessarily comfortable). This also assumes house et al is paid off at this point.

The 10x seems to scale with your cost of living. So if you get a pay increase, you will need to increase your savings accordingly in order to keep that lifestyle. Just a back of the envelope trying to see how much is enough when it comes to savings.
 
Dolby said:
On another note - when do people generally hit their peak/plateu?
Click to expand...
That's a good point.
You need to use your cost to company just before you retire. I would guess that a good place to start is to assume that your cost to company would increase by inflation.
 
I generally recommend clients save 240 times their monthly expenses after debt as the number they need to retire on.
 
Shayd said:
I generally recommend clients save 240 times their monthly expenses after debt as the number they need to retire on.
Click to expand...

This.

Live poor while you are 20. Save all the cash you can. Raise a family when 30, give them enough to be busy, but not enough to be bored. Education is #1 priority. Peak at 50. Chill from 60.

Life = Sorted.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X