- April 16, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Financial Situation Overview
Currently, after taking care of bills/expenses and saving, I have approximately $425 per week in free spending money. In addition to this, I have a pension, max out my IRA, and have a 457 that receives a monthly deposit of about $400. Furthermore, I am investing an extra $800 per month in low-risk investments.
# Income and Expenses Breakdown
My annual salary is $106,000, and I reside in Seattle where indulging in leisurely activities is a regular part of my and my wife’s life. Given this financial setup, I am considering if there is scope for increasing my savings or if the $425 per week in free spending money is a reasonable amount.
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Need more information: Age, retirement and savings amounts, living situation, debt, family planning, dreams and goals.
Surface level? Yes, you’re spending $425/wk. $22k annually. That’s 20% pretax income. Probably around 24% post tax. Unless you are already at a level of coasting for retirement, housing is paid for, and debt is gone it’s too much. I would recommend closer to 10-15%. We all have hobbies and things we enjoy as apart of our lives that cost money. Living in Seattle which has a high COL, but don’t let that fool you into robbing your future.
If kids aren’t going to be in the picture then everything you are doing is proportional. You don’t have to own a home if you don’t want to. Savings is good and investing is on track with the pension. Since you have no need to leave anything for a new generation you can plan your retirement to die with zero. Which allows a bit more life now vs later!