Gravity's Rainbow

botany, shoes, books, and justice

Retirement: probably not going to happen

| 0 comments

Retirement calculators suggest I need to be saving 75% of my current annual income to be prepared for retirement. That’s not remotely possible at my income level.

A minimum wage worker with full time hours in my situation would need to save 42% of their income. Someone making the living wage for my area would need to save 22% of their income. A median wage worker in my area would need to save 21% of their income.

Given that a living wage doesn’t leave room for retirement or any other kinds of savings, let alone debt payments, and that many people don’t even make a living wage, it’s no wonder most Americans are utterly fucked when it comes to retirement.

What really bites is that if I’d been able to take all the money that I paid (and am still paying) for school and my health over the last 12 years or so and stick it in a retirement account, I’d never have to save another penny.

Related Posts Plugin for WordPress, Blogger...

I'm listening!

This site uses Akismet to reduce spam. Learn how your comment data is processed.