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re: Career Question
Posted on 2/14/23 at 8:44 pm to 94rebel
Posted on 2/14/23 at 8:44 pm to 94rebel
$20k per year extra pay?
Just assume you put $15k into your 401k for 30 years (assume 6% average return)
Future value = $1,257,000.
If you work 30 years for the government, what percentage of your annual pay do you earn?
I had a pension that would pay up to 80% of best 10 years income on a 30 year retirement scale.
That would be an annuity of $32,000 per year starting at age 62.
I think the decision is pretty cut and dry if you are looking at retirement options.
Just assume you put $15k into your 401k for 30 years (assume 6% average return)
Future value = $1,257,000.
If you work 30 years for the government, what percentage of your annual pay do you earn?
I had a pension that would pay up to 80% of best 10 years income on a 30 year retirement scale.
That would be an annuity of $32,000 per year starting at age 62.
I think the decision is pretty cut and dry if you are looking at retirement options.
2
Posted on 2/14/23 at 8:46 pm to meansonny
I appreciate the response, that’s really kind of you man. You are right. I’m going to apply.
Posted on 2/14/23 at 11:08 pm to meansonny
quote:
$20k per year extra pay? Just assume you put $15k into your 401k for 30 years (assume 6% average return) Future value = $1,257,000. If you work 30 years for the government, what percentage of your annual pay do you earn? I had a pension that would pay up to 80% of best 10 years income on a 30 year retirement scale. That would be an annuity of $32,000 per year starting at age 62. I think the decision is pretty cut and dry if you are looking at retirement options.
No matter who told me to do this when I was 23 it took me until I was 32 to start saving a good amount of money. I know everybody is different but saving 15k on 60k is going to be really hard for a 23 year old.
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