corn18
Thinks s/he gets paid by the post
- Joined
- Aug 30, 2015
- Messages
- 2,067
I am retired and was futzing around with my social security spreadsheet which shows all my earnings from 1984 through 2021. What I am calling earnings is all W-2 income. I indexed them all to 2024 using the social security wage index data.
$12,301,860 Total earnings (average $322,720 / year)
$2,421,439 Total savings (in 2024 dollars).
19.68% Average savings rate
We had no savings at all in 2013 and $142,000 of consumer debt (4 car loans, RV loan, horse trailer loan, multiple credit cards. Does not include the mortgage). We paid off all debt except the mortgage in 2014 and started saving in earnest. This is the data from 2014 to 2021 indexed to 2024.
$7,153,887 Total earnings (average $894,235 / year)
33.85% average savings rate
My actual pay in 1989 (my first full year in the Navy) was $16,066 a year. I thought I was rich back then. That is $59,556 a year indexed to 2024 dollars. I got a $90 / mo stipend while I was at the Naval Academy. I remember getting my first real paycheck after graduation and it was something like $562. I almost crapped my pants and had no idea how to spend that much money. And then two weeks later, they sent me another one. Life was good.
$12,301,860 Total earnings (average $322,720 / year)
$2,421,439 Total savings (in 2024 dollars).
19.68% Average savings rate
We had no savings at all in 2013 and $142,000 of consumer debt (4 car loans, RV loan, horse trailer loan, multiple credit cards. Does not include the mortgage). We paid off all debt except the mortgage in 2014 and started saving in earnest. This is the data from 2014 to 2021 indexed to 2024.
$7,153,887 Total earnings (average $894,235 / year)
33.85% average savings rate
My actual pay in 1989 (my first full year in the Navy) was $16,066 a year. I thought I was rich back then. That is $59,556 a year indexed to 2024 dollars. I got a $90 / mo stipend while I was at the Naval Academy. I remember getting my first real paycheck after graduation and it was something like $562. I almost crapped my pants and had no idea how to spend that much money. And then two weeks later, they sent me another one. Life was good.