4 ms·

This is an unrealistic joke. Scraping by paycheck to paycheck like many folks and you're supposed to save near 50%? And my company just told me my healthcare pr

This is an unrealistic joke. Scraping by paycheck to paycheck like many folks and you're supposed to save near 50%? And my company just told me my healthcare premiums are going up another 10% without any cost of living increase in the past 5 years, all other costs have gone up every year. Obviously this chart is totally useless other than to simply say save what you can. Last I calculated it, I would have to work a little more than another 100 years to retire. So, I'll be starting that new saas when I'm about 120. For the first time in awhile here, we're doing worse than our parents. Dang baby boomers.

elmuchoprez 13y ago
The article does not say to save 50% of your income. It says that if during retirement you want to replace 50% of your income average during your working years, you need to save approximately 17% of your working income over a 30 year period.
- quaffapint 13y ago
  Depending upon what category you're looking at. For us folks that are close to retirement than a 20 year old, it does say to save near 50%. My current 8% is what I can max at, and thus my calculation of working another 100 years based upon x times my salary.
r00k 13y ago
Am I reading correctly that you haven't had a raise in 5 years? And in fact have been subject to effective pay cuts, due to increased healthcare premiums? Isn't it time to look for a better job?
- quaffapint 13y ago
  Heh - Yup, it's been pretty much pay cuts in the end. It's a real pain when you dont go out to dinner or vacations and still keep living paycheck to paycheck as everything gets more expensive. Around this part of the US there are jobs, but ever since the economic downturn the pay never rebounded, and now that employers realize they can get us developers cheaper, I don't expect them ever to go up that much any time soon. Given also that I can work from home, and am the sole support of my family, I don't want to take the risk of getting in an even worse position. This is why I spend many, many hours trying/doing side work to pay the bills. Here's to hoping my upcoming saas will actually gain traction...

elmuchoprez 13y ago

The article does not say to save 50% of your income. It says that if during retirement you want to replace 50% of your income average during your working years, you need to save approximately 17% of your working income over a 30 year period.

quaffapint 13y ago
Depending upon what category you're looking at. For us folks that are close to retirement than a 20 year old, it does say to save near 50%. My current 8% is what I can max at, and thus my calculation of working another 100 years based upon x times my salary.

r00k 13y ago

Am I reading correctly that you haven't had a raise in 5 years? And in fact have been subject to effective pay cuts, due to increased healthcare premiums? Isn't it time to look for a better job?

quaffapint 13y ago
Heh - Yup, it's been pretty much pay cuts in the end. It's a real pain when you dont go out to dinner or vacations and still keep living paycheck to paycheck as everything gets more expensive. Around this part of the US there are jobs, but ever since the economic downturn the pay never rebounded, and now that employers realize they can get us developers cheaper, I don't expect them ever to go up that much any time soon. Given also that I can work from home, and am the sole support of my family, I don't want to take the risk of getting in an even worse position. This is why I spend many, many hours trying/doing side work to pay the bills. Here's to hoping my upcoming saas will actually gain traction...