Reply to Ok can we stop saying $300k is "rich" in DC?

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Reply to "Ok can we stop saying $300k is "rich" in DC?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OMG. So saving $70,000 a year isn't great? That's more than the average family makes! No wonder so many of you think $300,000 is barely middle class. [/quote]

This is why I can't understand families whose gross HHI is $100,000 saying they are quite comfortable. They probably save $15,000 a year if they are frugal. That's not a lot to go towards funding a 30 year retirement.[/quote]

If you gross 100k, save 15k, and let's assume taxes of 20k, then you're living off of 65k per year after taxes.  Saving 15k per year in the stock market will get you about $1.5M (inflation-adjusted) after 30 years of a career.  That's enough for $60k per year in retirement, which basically covers your entire lifestyle even before adding in social security and any pensions.  (Plus, hopefully, you'll pay off a mortgage during that time and no longer need to spend it in retirement).

Tl;dr: saving 15k per year on 100k HHI is actually a solid plan for retirement.[/quote]
I'm the PPP below you. I did the same calculation, only over 40 years. Great minds think alike![/quote]

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