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$145K take home pay is surely like $200+K/year? It's $240k/year in Canada. If your spouse is going to work too, I admit that is a lot more doable. Is it? Sa
by n00b101 10y ago
$145K take home pay is surely like $200+K/year?
It's $240k/year in Canada.
If your spouse is going to work too, I admit that is a lot more doable.
Is it? Saving $1.5M by age 40 gives you a $30k/year life annuity (2%) for retirement. During the accumulation phase you need to save $100k/year for 15 years, so you only get to spend $45k per year during your pre-retirement life. Living off $30-45k/year maybe makes sense for 1 person, but 2 people or a whole family?? I think not, that's called poverty. You need to be earning $240k gross per household member starting from age 25, in order to make this retirement "plan" work.
- sheepmullet 10y ago$30k/year is ~$550/week. If you already own a home that is more than enough to live well as a family in most parts of the US. > Living off $30-45k/year maybe makes sense for 1 person, but 2 people or a whole family?? Of course you have to make sacrifices. It all depends on what you want in life. I lived with my parents until my early thirties and that allowed me to buy a house outright.
- mcguire 10y ago"Living off $30-45k/year maybe makes sense for 1 person, but 2 people or a whole family?" You'd be in good company. The median household income in the US is ~$51k. The median personal income is ~$30k. The poverty line in the continental US for a family of 4 is ~$25k.
- nommm-nommm 10y ago>Living off $30-45k/year maybe makes sense for 1 person, but 2 people or a whole family?? I think not, that's called poverty. Ah yes, the hacker news bubble where $40k a year is poverty. Sometimes I am just speechless... This is one of those times.