Great question, Buckeye. I was in your exact situation outta residency, owing almost 200k.
If you haven't read "The Millionaire Next Door", you need to read it. Basically it says that the less money you burn, the quicker you develop wealth.
I'm kinda a middle of the road dude when it comes to saving. I've got a buddy who has been in private practice since 1992. He hit the jackpot with a job in a middle-size town, cranking in about 1.2 mil for 4 years until the hospital closed. Now he's at a surgery center (cush job) making about 350 k. Those wealth years he had allowed him to build a big pot, but it doesnt really matter, since he still has the first dime he ever made. He drove the Honda CRX he had as a resident for 14 years. The dudes at Midas cussed at him every time he came in with his jalopy to get a new muffler, since it had a lifetime warranty.
(true story, folks).
Me, I'm not a hoarder, but I don't live beyond my means. I lived in a small town for the first 7.5 years outta residency. It was a sacrifice in lifestyle, since there was not alot to do where I lived. But living there enabled me to pay off ALL my debt relatively quickly, and put a buncha money in the bank. I was then able to move where my boss (read wife) wanted to live, which benefitted everyone. We have a 2 year old who will grow up with my wife's loving family around him, something I didnt have as a child. So now the boss is happy, I'm happy, and my kids are happy.
Unlike my buddy, I spend some of my income. I'm a pilot, which is a pretty expensive hobby. But it adds to my life, I can afford it, and its alot quicker and more convenient than the airlines when I wanna go to Pensacola or wherever.
How much can one save? All depends on your income and how much you burn. The key is to live below your means for a long period of time. Its easy to burn ALOT. Just ask MC Hammer, who burned through 40 million cash money.
Living below your means does not equal poverty. I live below my means, but I live a cush life by any standard. Again, the key is to spend less than you earn.
Your last question is a good one. If one makes 500K a year, one can easily save 100K a year, on top of what ever tax deferred accounts the practice offers- right now the maximum one can save in a tax deferred account is in the mid forties annually. If one makes 650-700K a year, its pretty easy to save 200K a year on top of the tax deferred stuff.
Whats a good amount to retire on? My magic number is five mil.
