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There are a lot of career options between minimum wage and cut-throat corporate...A client of ours runs a chain of auto body shops...the guys physically re-painting cars after accidents can potentially make six figure salaries. Just one example, but $8/hr and high stress corporate aren't the only options out there.
Please don't inject logic and reality into this thread.
I'm rather enjoying the overload of self-limiting, out of left field assumptions.
Not much. 15 years ago I crashed out of community college due to failing remedial math multiple times. I decided it was hopeless and accepted a life of poverty. I am pretty comfortable and have done pretty well on what I have made so far. I can't imagine doing the 2 hr commute and working in a cut-throat corporate environment.
Unless you get moving, you are looking at getting by on hundreds less every month in retirement.
If I were you, I'd at least get another job to add to your income and your SS earnings, too.
Unless you get moving, you are looking at getting by on hundreds less every month in retirement.
If I were you, I'd at least get another job to add to your income and your SS earnings, too.
Honestly, I'm planning on working until I absolutely can't anymore. "Retirement" as we knew it went out with the WW2 generation/boomers who had 40 year careers and pensions. Now that people have to fund their own retirement it's going to end up coming short for many. I read an article stating the average 401k balance from someone in their mid 50's is a mere 150k.
Honestly, I'm planning on working until I absolutely can't anymore. "Retirement" as we knew it went out with the WW2 generation/boomers who had 40 year careers and pensions.
I'll be able to retire at a normal age, but I like what I do, so I intend to work longer.
Honestly, I'm planning on working until I absolutely can't anymore. "Retirement" as we knew it went out with the WW2 generation/boomers who had 40 year careers and pensions. Now that people have to fund their own retirement it's going to end up coming short for many. I read an article stating the average 401k balance from someone in their mid 50's is a mere 150k.
For those earning $16k, Social Security (I just looked online) is 9k/year. That 150k you boo hooed about = 17 YEARS of your Social Security benefit. So if you had that, and spread it over 25 years, it would be the equivalent of another 67% of your SS benefit..every month for that quarter century.
It would likely have meant saving under 15k in an employer plan over decades, and watching it grow. A few hundred per year saved.
I'll be able to retire at a normal age, but I like what I do, so I intend to work longer.
That's probably the same case for me. I might switch to teaching (have my PhD but work in private industry right now), but after about a week of not doing much I get very bored. Even traveling more than a week gets to me.
If I essentially just contribute to matching in my 401k and add a few grand to my Roth IRA (assuming an average of 5% returns) I will have around 2.7 million when I reach retirement age, now whether that will be worth much then I don't know, but it seems like a decent enough amount today.
So you have made around 9 dollars an hour for 15 years? I made more than that after working as a stocker at a grocery store for a few years.
So it appears you are in the wrong line of work if you haven't been able to get any kind of raise for 15 years.
25 dollars a month in the same scenario puts 70k in your retirement. If you make 16k and have learned how to live off of that plus social security would allow you to maintain the same standard of living when you retire. 25 dollars a month is less than 2% of your take home pay.
16k take home with a roommate and a cheap paid for car is actually a pretty decent income. I lived off of less while in graduate school with roommates.
Rent + Utilities: (assuming 700 a month): 8,400
Car Insurance: (50 a month): 600
Food: (200 a month) : 2,400
Car Gas: (100 a month) : 1,200
Savings: (100 a month) : 1,200
That still leaves 2,200 remaining for all other expenses and at 16k take home I'm sure your healthcare is essentially free.
I can't imagine working 15 years with NO raises...or not getting a job that pays more. Most of my working life was in restaurants that started out at $1 hour waaay back in 1958-59. Over the years it went UP to $2.17 hr...all of this is, of course, plus tips. When I finally left the biz it was up to about $4.75 hour. I always did pretty well and by the time I quit I was averaging $16 hour, with tips. I mostly worked breakfast/lunch and made more working dinner shift.
Fast forward all these years later and I'm working part time at Walmart. I started out at $8 hour and three years later was up to $10 hour with another raise coming in July. I also have some really nice benefits including vacation, PTO, bonuses, paid jury duty, more pay for working Sundays, etc.. I don't need the health insurance because I have a Medicare Advantage plan. That means I also have a monthly SS check.
Using my last pay stub for 2013 I grossed $17,192. Add to that $8,304 in SS for a total of $25,496. Deduct $1,260 for Medicare and $3,010 for all the taxes...AND I still pay SS/Medicare...net income is $21,226. Most folks think this isn't enough to live on but I do pretty good!
Expenses for the year....
Rent, including utilities...$3,600... $300 mo.....I rent my mom's small guest house. It helps us both.
Car payment...$2,664
Auto Ins....$600...$50 mo./paid every six months
Bundle for TV/phone/ISP...$1,800...and I'm thinking of pulling the plug on some of that.
Food/HH supplies/Pets...$2,400
Gas/Oil changes, etc...$550/I use about $45 month for gas and drive very little.
Car Maint./Repairs...$500/only reached this total one year
Out of pocket healthcare...$200...One year I paid about $500 for shoulder rehab
Personal/clothes, etc. $400...I'm not a "shopper", at all.
So, my "fixed" expenses totaled $8,664 and the rest totaled $4,050 so $12,714 for the year. I also tacked on $2,000 year for road trips and vacation so $14,714. And I STILL have enough to put $6,373 into savings...if I'm disciplined enough. Or don't have a major house expense my mom can't afford to pay for. I just wrote a check for over $800 to pay for a plumbing issue in my little house but didn't have to hit the EF to pay it...whew!
Yes, I'm older, I'm single and don't have to worry about supporting others, although I DO help my mom out quite a bit, which cuts back on my savings, but it's okay! At any rate, I don't see why ANY single person can't live on what *I* make. The bad thing is that I will have to keep on doing this for the rest of my life because I can never afford to retire.
Oh yeah, and I figured out that adding my regular wages and SS together and dividing by the 32 hours I work every week, I'm actually averaging about $15 hour. I can live with that.
Last edited by AZDesertBrat; 01-15-2014 at 09:32 AM..
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