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, you still saved a good amount of money for retirement? If so, tell us how.
from day one, every bit of my overtime went into a different account, and now that i have direct deposit, I never see it. If i cant live off of 40 hours something wrong
Even at age 20, having lived on my own with a roommate or two since my 18th birthday, I was able to save about $100 a month, and that was on a slightly above minimum wage job. I didn't have a car, I either rode the bus to work or rode a borrowed motorcycle. Sometimes my bus commute took an hour and a half each way because I had to transfer and wait for a connecting route. I was paid weekly and would immediately deposit my pay and put a $20 in a corner of my wallet. I would do the same each week. I would only dip into that for a true life or death emergency. At the end of the month, after the last bill was paid, I would deposit my cash, now $80 to $100, into my savings. I understand what it's like to be poor. I actually lived on Top Ramen for a month once because it cost 25 cents for two bowls, my whole day's food. I grew up poor and didn't really get out of that situation until my 30's. Even during my years in the military, I was low income (about $700 month plus housing and food) and lived on base or with roommates until I married another service member. We left the military at the end of our enlistment and moved back to my hometown in CA. At one point we were making about $40k together and things were looking pretty good until my husband got laid off. So then we lived on my $24k income alone for a few years. My husband left me in my mid-30's. We had to sell our house in a down market, so we saw no gain. I had gradually clawed my way up from a temporary minimum wage job to a permanent job earning $13/hour, and then kept pushing myself up the ladder through self-study and employer based classes. After 24 years with that company (a utility) I had managed to achieve an income just under six figures (my income alone). By this time I had remarried and was able to save a lot more, even though we had a sizable mortgage. At all times during my career I was able to put away at least a little bit each month, so I know it can be done. I retired at age 51.
Before anyone says this is all some story about a long ago time, remember I'm only 57 now. I don't think I'm super special or anything. If I can do it, so can others. I don't hold it against anyone if they don't want to live on Top Ramen, but just don't tell me that what I have done is not possible. It took me a long time and I suffered several setbacks, but I learned a lot about how the work world operates, and I took advantage of any opportunities to learn from those with more knowledge. The most important thing I learned is that you need to hear the wisdom of those that have traveled a road before. Learn from the mistakes of others and don't fall into those same traps.
Last edited by TheShadow; 01-14-2017 at 10:05 AM..
I read somewhere that about 40% of working Americans make less than $30k a year ($15 an hour.) Most people could not come up with $1000 to cover an emergency. A good percent of Americans are poor.
The result is most Americans live pay check to paycheck and have very little saved for retirement and with the average Social Security check being about $1200, many seniors live their final years in poverty.
Anyone on this board, the exception and even though you were low income most of your life, you still saved a good amount of money for retirement? If so, tell us how.
Hmmmm...... never been impoverished but things have always been tight.
16 years ago I started working for my current employer at $29K a year. My husband's income was sporadic (sales).
But we forced ourselves to save which was easier in this low cost environment. Sadly, it's grown more expensive and overcrowded by the day.
I was lucky enough to have a 401K - so I saved as if both my spouse and I were working at the same income.... and saved 30% - 15 for me and 15 for him.
It's worked out pretty well.
It's an art and a science to live below your means. Also? A necessity.
My income is currently $57K. So still not huge. But we wont for nothing.
Of course the $60k doesn't go as far in LA as it would here, but there are advantages. Someone mentioned higher SS payments in retirement and more retirement savings if a fixed percentage is taken out.
Lots of costs are also fairly fixed like car prices, or don't scale linearly with cost of living, like food.
I have a lot of friends and acquaintances getting by in the $30k range, and I honestly don't understand how they do it day to day, much less in retirement, even with no to minimal debt.
My inlaws lived pretty well on 60-70K a year in LA but they had their housing costs covered.
We're not retiring in LA but outside/rural CA and 60K is completely do-able there. And yes, we will have our housing paid off. Hopefully.
Thank you, ncole for showing that shared housing can be a viable option. As it has to be for many in Asheville.
Until my late 20s I couldn't conceive of living by myself - when you are young is the best time to be frugal.
Of course a lot on here are successfully coupled, that has the same advantages. But are we talking 30K for a couple (a bit difficult) or 30K for an individual (fairly easy imo).
The Qol will also depend a lot on benefits from work, most importantly health insurance. #2 is can you (or someone who cares about you) do car repairs for a reasonable rate. Ditto for house repairs if you own your home.
A lot of it has to do with frugality. Plain and simple your relationship with stuff. Oh and being able to cook for yourself. It doesn't have to be ramen noodles, btw.
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