I know a guy whose dad dropped dead of a heart attack at fifty-some, when my friend was a teen. As did his grandfather, uncle, etc., etc., etc. So he decided that 1) he wasn’t going to do that to kids or a wife - and has reached 45 without acquiring those burdens/blessings 2) why save for the future!? And I’m not going to fault him.
On the other hand, my relatives tend to live into their 80s.
Our mortgage payment is about 8% of our total income. But we aren’t able to put back any savings.
We don’t have a maid service, or landscaper, or a cruiser. We have three kids at home, pay car insurance on five vehicles and a camper, and pay for my sister’s telephone bill and car insurance. I also pay a larger share of taxes because I’m self-employed. Then there are the medical bills which we are chipping away at.
Our three biggest expenses, year after year, are taxes, insurance, and medical (not necessarily in that order).
I save 50% of my post-tax income. I also save in a 401k, but that’s pre-tax. I save about 14% of gross in the 401k.
No mortgage, but my rent is about 25% of my post-tax income.
25% to mortgage (incl. taxes & insurance)
15% to 401K (plus company match of 6%)
35% to savings (to have 'go **** you money if the job went south)
Got married and company was sold:
25% to mortgage
15% to 401k (no company match)
15% to savings
5 years later, the Company laid me off and I get to live on the ‘go **** you money’ until I retire.
Oh, yeah - I drive a well maintained 19 year old car that has been paid of for 15 years.