Quote:
Originally Posted by mrkajz44
Agreed - this is the key. If the money never comes into your bank account and is automatically diverted elsewhere, then it's very easy to live of 90% of your paycheck. Literally the best retirement planning I've done to date is ensuring I get 10% diverted from the paychecks automatically at every job I've had. I've literally never been paid 100% of my salary.
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I don’t know if this is typical but my employer gives 4% as a defined contribution pension, then matches 50% up to another 4%, so setting aside 8% of my salary gets me 16% in investments. 8% is not difficult to save since I never see it. The company match is the extra incentive to save - I might or might not save less without it but I wouldn’t save more.