Originally Posted by
No Land 3
My dad was self employed growing up, I come from a family that saved for their own retirement using Roth Ira's, etc. So retirement was never a mystery having a job that will pay between 200 to 300k a year for the majority of my working life. I fully understand the majority of you are trying all you can do with the time you have left given the poor pay from before, and your yelling out loud about the importance of said programs because it would of been a blessing for you to have. I get that. I also do not want to rely on something later in life without a plan b, c ,d etc. Next go around we need to get a better retirement, but I am not counting on it, nor should anyone else.
You will never "make" that. Here's why:
Assume your gross earnings for 2018 are $300,000 and you are under 50 and contribute the maximum of $18.500 to your 401K.
300,000 - 18,500= 281,500
281,500 is your taxable amount
Federal Taxes (Married Filling Jointly) - 50,379
(This rate expires in 2024)
Social Security-7,960
(Cap amount at the present time)
Medicare Tax/Surtax- 5,355
(There is no Cap on Medicare)
State Income Tax- ?
You only "made" 236,306 less any State Income Tax
If you reach the 12 year pay by the amendable date and the next Contract takes 5 years to negotiate you must take inflation into account. Subtract about 9,000 for a 5 year window.
https://www.usinflationcalculator.com/
Math is hard, arithmetic doesn't have to be.
After my nap and cookies and milk I'll be doing the arithmetic that demonstrates how much a 10% non-taxable employer match is worth.