Cincyguy63
Dryer sheet aficionado
*Caution: "First World Problem" here
I've been in the profession of sales for the past 32 years. The last 2 decades I've been working mostly in MegaCorp Software and a 4 year stint at an IPO that paid off. As I start to evaluate an exit strategy, I see many sites or calculators that ask to put in your current annual income as a starting point. As a software sales exec you could have incredibly large swings in income from 300k to well over 1M+ per year. Love to hear from anyone else out there about how they save/ and plan for retirement with these large swings. When I look around at peers my age I see all the trappings of these large income years (ie big house, cars, trips, boats etc). I've focused on reducing debt, paying down mortgage, funding 529's etc.
What income basis do you use? I've basically looked over my W-2's for the past 15 years and take out the lowest and highest income years and take the avg. Make sense?
I've also been more focused on expense and lifestyle monthly and annual costs by assessing Needs/ Wants/ Dreams and tracking everything in Mint.
Any other advice around planning for fixed income retirement while living your entire professional life on variable comp.
I've been in the profession of sales for the past 32 years. The last 2 decades I've been working mostly in MegaCorp Software and a 4 year stint at an IPO that paid off. As I start to evaluate an exit strategy, I see many sites or calculators that ask to put in your current annual income as a starting point. As a software sales exec you could have incredibly large swings in income from 300k to well over 1M+ per year. Love to hear from anyone else out there about how they save/ and plan for retirement with these large swings. When I look around at peers my age I see all the trappings of these large income years (ie big house, cars, trips, boats etc). I've focused on reducing debt, paying down mortgage, funding 529's etc.
What income basis do you use? I've basically looked over my W-2's for the past 15 years and take out the lowest and highest income years and take the avg. Make sense?
I've also been more focused on expense and lifestyle monthly and annual costs by assessing Needs/ Wants/ Dreams and tracking everything in Mint.
Any other advice around planning for fixed income retirement while living your entire professional life on variable comp.