Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I had a teeny bit of trouble accepting that. I'm single, no kids, never married (OMG I'm a SPINSTER!). And slowly I had to accept that I just wasn't going to have the saving-, buying-, or spending options that two people with more -- let's say double my income have. Even if it's not "double" as long as that second income more than makes up for the "cost' of that other person -- they come out ahead.
BUT, I was able to console myself with the fact that I DO make more as a singe than SOME people with kids. So I have more discretionally income than they do. I have to take the consolation where I find it.
I if were in a couple with each of us making what I do. OMG that would be sweet.
Sometimes a person goes through their entire life without buying a house. There are precedence for either. Buying a house is an investment like any other investment. It takes work and money to get real growth out of that house.
I can tell you that having a partner that contributes 40 to 60% of the household income does make life easier. From about 1984 to now our (spouse and I) incomes have been just about equal. I think she has worked harder for her share but she disagrees and said that I did. Well that makes a great relationship when we appreciate the other so much.
I'm already socking away 18% of my gross paycheck to retirement. And an additional 10% of my gross paycheck to regular cash savings, so that I can save up for a home someday. So that right there is already 28% of my gross income saved/invested. Then of course, there's taxes, healthcare deductions and living expenses, which account for the nearly 70% of my gross income in total. And I live modestly in a 600 sq ft 1 bd apartment in a crappy city here in Connecticut, alone. No central air, no dishwasher, no garage, etc. My gross income (salary) is $70,000. So I'm contributing $12,600 per year to my 401k as we speak. My company does not have any 401k matching whatsoever.
Even at this rate, I probably won't be able to retire younger than 67. I'm planning for a gross income of $55-60K per year in retirement just for myself.
You need to think about moving somewhere else at some point. CT is way too expensive. You'll need an income of at least 60K/yr in your retirement even in Podunk, Arkansas. I would plan on a mil and a half minimum + a paid off house before you're ready to retire. You're very wise to be thinking about this at this time in your life. Most people your age don't, you know.
You need to think about moving somewhere else at some point. CT is way too expensive. You'll need an income of at least 60K/yr in your retirement even in Podunk, Arkansas. I would plan on a mil and a half minimum + a paid off house before you're ready to retire. You're very wise to be thinking about this at this time in your life. Most people your age don't, you know.
Seeing as though she is in Hartford CT a local choice for her would be Eastern NY or MA. Massachusetts would be the better of the choices for a couple of reasons not the least of which is her 401k income would be tax free. She would also be fairly close to family for visits.
Having no spouse or kids at this point in your life can actually be a plus in that you can be much more flexible as to how and where you live. Once married, or even just living in a committed relationship, you have to spend a considerable amount of thought and angst on relocating or changing your lifestyle. As an unattached person you are free to explore employment and living options (roommates, condos, on-site mgmt positions, very small homes, etc) that might not be possible, or acceptable, for couples or families. I would say that my advice is to widen your horizons and open your mind even further to imagine your best life. You sound resigned to living the single life because of your age, orientation, and where you live. I know a lot of people who found their life partners in their 30's, 40's, 50's and older! My husband married for the first time (to me) at 51. If you honestly don't think there are any eligible people in your area, maybe a change is in order, if commitment or marriage are goals of yours.
You are doing great at this point...keep it up. Just the fact that you are thinking about this puts you light-years ahead of a majority of your peers. Don't worry about the age that you will retire at. That will become self-evident at some point. The main thing is to do what you can (saving and planning) on a regular and ongoing basis from now 'til then, while still enjoying your life. Don't forgo every fun thing in order to save every penny. I guarantee that you will only be young once, and some things are better done when younger, and less encumbered by the trappings of "the American dream". Many of those things come at a high price on your freedom. The future is not guaranteed, but you do want to be prepared for what happens if you live a long time. You have a good attitude about not needing all the unnecessary upgrades in life. Corporate America loves planned obsolescence and depends on the people who must "keep up with the Joneses".
You're on a good path, and where it leads at this point is largely up to you and the choices you make, so make the most of it. Sometimes life decides for those who don't , or won't, decide for themselves. Many people on this forum would give their right arm to time-travel back to your age and correct their poorer choices. I can't tell you how many times I've heard people say "If I knew then what I know now...I'd have done things differently".
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
!). And slowly I had to accept that I just wasn't going to have the saving-, buying-, or spending options that two people with more -- let's say double my income have. Even if it's not "double" as long as that second income more than makes up for the "cost' of that other person -- they come out ahead.
