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Exactly. Someone making $30K a year 20 years ago

Posted on: February 12, 2020 at 10:40:07 CT
TigerFan92 STL
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with basic 2% growth in salary for a 40 year career saving 12% of their salary will have $1million in the bank and enough savings to support 90% of their pre-retirement income.

$30K/year ends up about $66K at retirement 66yrs old.
The 12% savings is really 6% out of their check possibly 9% as most companies match at least 3% and most 6% in total.

That should cover 70% plus, possibly 80% of Americans. The rest will depend on Social Security and working longer... 70 years old

With no 401K they can establish a Roth IRA and even saving 8% will get them to where they can live off 80-85% of their pre-retirement income which is normally what people live off. Plenty of options for those not trying to spend everything they make

Edited by TigerFan92 at 10:42:20 on 02/12/20
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Yes, some media talking heads really are that dumb. Meet - BH O'bonga MU - 2/12 10:18:19
     you mean all media talking heads (nm) - ashtray UF - 2/12 14:58:49
     Morning Joe thinks Trump is going to arrest him.... - MUTGR MU - 2/12 10:22:27
          Mourning Joke is a parody at this point - 4TigersinMichigan MU - 2/12 10:30:41
               And scarboro is the kind of R that trump had to work with - hokie VT - 2/12 10:35:54
                    Yes, GOP members like Mourning Joke are one reason why - 4TigersinMichigan MU - 2/12 10:38:42
                         She is stupid but cute. He is just stupid. nm - hokie VT - 2/12 10:42:47
          "Journalists" are so self important. They are no longer - hokie VT - 2/12 10:29:29
     lol 30 year car loan?(nm) - Ragnar Danneskjold MU - 2/12 10:20:59
     RE: Yes, some media talking heads really are that dumb. Meet - MrBlueSky MU - 2/12 10:20:28
          so, they can vote based on something else. - dangertim MU - 2/12 10:35:51
               She contended that there are a lot of people who don't - MrBlueSky MU - 2/12 10:39:44
                    FYI, that's not the point of the article, but carry - dangertim MU - 2/12 10:42:35
                         The point of the article made no point. Damn Dan/tim - MrBlueSky MU - 2/12 10:45:13
                              do you read?(nm) - dangertim MU - 2/12 10:58:12
          Those folks could do the same thing with a roth ira. - RHAYWORTH MU - 2/12 10:25:55
               Exactly. Someone making $30K a year 20 years ago - TigerFan92 MU - 2/12 10:40:07
               Well, they don't have to, since gummint will bail out their - GA Tiger MU - 2/12 10:37:33
          RE: Yes, some media talking heads really are that dumb. Meet - BH O'bonga MU - 2/12 10:23:51
               Math is hard isn't it?(nm) - eatatjoes MU - 2/12 10:27:25
                    RE: Math is hard isn't it?(nm) - BH O'bonga MU - 2/12 10:29:05




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