nikita (hukuma) wrote,
nikita
hukuma

financial planning (2)

Well, after a lot of number wrangling I think I have a mostly workable plan. It's a little hard to make the numbers work out. I'm currently aiming for saving1 20% of our income (on top of the 8% that gets put into the university mandatory retirement plan), which seems workable. But if you add children into the picture (which we want to do in the near future), it all goes to hell, since my best estimates are that 10-15% of our income will go towards child care. That only leaves 5-10% free for savings; combined with the university plan, we can manage retirement on that, but I'm not sure what we're going to do about having a second child, or paying for school or university tuition. My current plan is to ignore this issue for now and get back to it in my next round of planning, which is due in February once I get to work out our taxes and see how big an adjustment to our figures I need to make.

1 By "saving" I mean putting money towards increasing our net worth; in the near term, this will really be paying off some loans.

Poll #875629 financial planning

What's in your financial plan?

Retirement projection
1(4.2%)
Long-term life events
1(4.2%)
Short-term life events (3-10 years)
2(8.3%)
Other
0(0.0%)
I have no plan
10(41.7%)

How much do you save? Include any retirement plan at work, but exclude employer contributions.

< 5%
1(4.2%)
5% of income
0(0.0%)
10%
1(4.2%)
15%
2(8.3%)
20%
6(25.0%)
25%
3(12.5%)
30%
2(8.3%)
35%
1(4.2%)
> 35%
3(12.5%)
less than 0 (spending exceeds income)
1(4.2%)
I don't know
4(16.7%)

How much does your employer contribute towards your retirement?

0%
17(73.9%)
1%
0(0.0%)
2%
0(0.0%)
3%
0(0.0%)
4%
1(4.3%)
5%
0(0.0%)
6%
2(8.7%)
7%
0(0.0%)
8%
0(0.0%)
9%
0(0.0%)
10%
3(13.0%)
> 10%
0(0.0%)
Tags: children, financial planning, money, retirement, savings
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