Reply to I Live Comfortably on Less than $70K After-Tax in DC Area

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I'm surprised that no one has called out only saving $8400 / year for retirement.

Maybe you're comfortable now...[/quote]
I get 100% match, so it's double. More than 20% of my income! which is more than the recommended 15%. I think I'm doing well in that area.[/quote]
Me again....I just did a calculation. Saving $19,000 a year earning 8% (stock average is more than 10%) would be more than $1,200,000 in 25 years. And that's assuming that I don't start increasing the amount of contributions, and it doesn't account for what I've already saved. I'll probably have $2 million at this rate, and that's just on my own.

Goes to show that one can earn around $85,000 or $90,000 (single, no kids), live comfortably, and save for a nice retirement.[/quote]

You use some fuzzy math, OP.  $8400 * 2 = $16,800, not $19,000, and since you're earning in the mid 90k's, that's not more than 20% of your income.

8% is a pretty aggressive assumption for gains.

I'm not saying you won't be fine, but it seems as though the assumptions you make are always skewed towards making your picture rosier than it is.  It doesn't strengthen your argument.

[/quote]

Same fuzzy math that says an $85k income only pays $15k in taxes.

Op, you're a high earner with minimal expenses.  You should be maxing out your retirement accounts now - it won't be any easier later. [/quote]
OP here, and we are really getting to the crux of the disconnect. You are saying that a single earning $90s is a high earner, yet other people are saying $90s is poor.

So, let's come to an agreement. An individual earning $85k, $90k, $95k, is a high earner (I'd call it "comfortable'), but that amount for a family would be a bit of a struggle. [/quote]

It took you TEN pages to get to this???[/quote]

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