Sunday, April 19, 2009

Monthly Automatic Saving

The table shows our total automatic saving on a monthly basis. Unisuper and PSS(AP) are superannuation funds - the Australian equivalent of US 401k's and 403b's. The employer contributions are 17% and 15.4% of stated wages for Moom and Snork Maiden respectively (The amounts shown are after deducting the 15% contributions tax). In Moom's case the employee contribution of 7% is required, in Snork Maiden's case it is voluntary. We also each have standing orders to put money into accounts at Colonial First State - an Australian mutual fund provider.

Our total joint pre-tax salary including the employer retirement contributions is now $A155,173 or $US111,724. Automatic saving is, therefore, 25.54% of total pre-tax income.

In 2005-06 our income would have put us just on the edge of the top 10% of households. We're clearly in the top 20% but not top 10% currently.

BTW when Moom last worked in Australia in 2001 his salary was $A60,562 and now it is $A61,831. That's not adjusted for inflation.

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