Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Not rehashing TMND thread
Old 03-21-2015, 01:07 PM   #1
Recycles dryer sheets
 
Join Date: Oct 2014
Posts: 354
Not rehashing TMND thread

I read all 181 posts on TMND thread after it closed. Wow! Lots of interesting thoughts. I sensed an underlying premise in some of the hypothetical calculations/assumptions. One of those was the median income assumption over a 40 year period. I don't know about the rest of you but I started working (a paper route) 38 years ago. My last pay check (January 2015) was just a bit higher than that first one. My first monthly check in the military in 1990 was less than $900. My last check when I retired from the military in 2013 was close to $7500/mo. My point is that since we all started our road to FIRE I would be willing to guess that the vast majority of us received some sort of raises and increased job responsibility. So yes, many can't save much when they start off in their 20's. But, if you find yourself in your mid to late 40's and you are still not saving much for retirement then maybe you weren't trying (or you had that horrible divorce/health issue). My personal experience is that most people don't really try.
__________________

__________________
-Big Dawg-FI since 9/2010. ER in 2015(failed-mentally not $$). Now back for TMY's.

" People say I'm lazy, dreaming my life away Well, they give me all kinds of advice designed to enlighten me When I tell them that I'm doing fine watching shadows on the wall "Don't you miss the big time, boy. You're no longer on the ball" -John Lennon-
Bigdawg is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-21-2015, 02:38 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
braumeister's Avatar
 
Join Date: Feb 2010
Location: Northern Kentucky
Posts: 8,597
Quote:
Originally Posted by Bigdawg View Post
I sensed an underlying premise in some of the hypothetical calculations/assumptions. One of those was the median income assumption over a 40 year period.
For many here, the w*rking career was far less than 40 years.

After college, I only had 33 years in the w*rk force, and that's high compared to many of our members.
__________________

__________________
braumeister is offline   Reply With Quote
Old 03-21-2015, 05:46 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
HFWR's Avatar
 
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 12,964
I've been in the w*rkforce for forty-four years, but my "career", such as one would call it that, will be thirty-two and change when I FIRE.

Of course, I'm only a NPV millionaire...


Sent from my iCouch using Early Retirement Forum
__________________
Have Funds, Will Retire

...not doing anything of true substance...
HFWR is offline   Reply With Quote
Old 03-21-2015, 05:49 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,403
I guess I did not have it as easy as some here. As I recall, I have 140+ quarters on the SS record. That's more than 35 years of work, though not all as a professional job.
__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is offline   Reply With Quote
Old 03-21-2015, 09:26 PM   #5
Recycles dryer sheets
 
Join Date: May 2013
Posts: 119
Quote:
Originally Posted by Bigdawg View Post
I read all 181 posts on TMND thread after it closed. Wow! Lots of interesting thoughts. I sensed an underlying premise in some of the hypothetical calculations/assumptions. One of those was the median income assumption over a 40 year period. I don't know about the rest of you but I started working (a paper route) 38 years ago. My last pay check (January 2015) was just a bit higher than that first one. My first monthly check in the military in 1990 was less than $900. My last check when I retired from the military in 2013 was close to $7500/mo. My point is that since we all started our road to FIRE I would be willing to guess that the vast majority of us received some sort of raises and increased job responsibility. So yes, many can't save much when they start off in their 20's. But, if you find yourself in your mid to late 40's and you are still not saving much for retirement then maybe you weren't trying (or you had that horrible divorce/health issue). My personal experience is that most people don't really try.
Here are some data points for from the 2013 Survey of Consumer Finances for median *household* income (not individual income) for several age groups. The overall median was $46K.

25-35 44K
35-45 61K
45-55 62K
55-65 65K

So, yes, income does increase in the 44-54 age group -- by about 40% which is considerably less than the roughly 900% increase that you experienced. BTW, your income would place you in the 67th percentile if you were the sole wage earner in your household, and in the 81th percentile if you were a dual income family with your spouse making an equivalent amount, which is, of course, much above the median.
__________________
Fred123 is offline   Reply With Quote
Old 03-21-2015, 09:29 PM   #6
Recycles dryer sheets
 
Join Date: May 2013
Posts: 119
Oops, type on 55-65: should be 56K
__________________

__________________
Fred123 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
The site's security certificate is not trusted! (no, not er.org) kaneohe Other topics 6 12-21-2012 08:05 PM
Hello Forum....not quite starting out, not quite ready to FIRE PV4ALL Hi, I am... 5 03-01-2009 11:10 AM
Not Augsburg, not Aachen... Lancelot Life after FIRE 5 07-07-2007 09:00 PM

 

 
All times are GMT -6. The time now is 12:41 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.