How am I doing financially?
Since I am anonymous I thought I may as well ask
Age is late 30s
Income is around $125,000/yr
Monthly outflows are around $2,600 out of which $1,600 are my fixed expenses and $1,000 are discretionary/entertainment expenses. Additionally I have a $6,000/yr travel/vacation budget so that's amortized to $500/mo. which brings monthly outflows to $3,100. I am a travel buff.
My take home is around $7,000/mo. so I save about $3,900/mo. (savings rate is 55.7%).
I have zero debt and no liabilities (single, no kids)
My credit score is 820, I have never paid a single bill late in my life!
Car is paid off a long time ago but thinking of buying a new one in a yr.
Savings are $165,000 cash
401k is $27,000 (I don't have a 401k in my company so haven't been contributing for the last 5 years)
I do not own a
My opinion is that I am WAY behind the curve for my age, I feel I spend way too much on eating out and entertainment (upto $500/mo. sometimes). Some of my friends think this is actually a very low amount for my income and the fact that I am single with no liabilities!
My objectives are to retire at 60, I figure I still have 20+ years for that so a while to go but want to try to set the correct course now. I ran some calculators online and it said I would need $2 million to retire comfortably which I find a STAGGERING and unachievable amount!
The part that scares me is inflation eating away my savings and not having enough for retirement despite my best efforts since the job market has becoming so shaky and the market so unstable.
First off is the question, how am I doing financially for my age group compared to the rest of the nation?
Category: Personal Finance