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re: Live comfortably on $55,000 per year?
Posted on 4/16/14 at 9:39 pm to arseinclarse
Posted on 4/16/14 at 9:39 pm to arseinclarse
After taxes, about 2500/month.
4
Posted on 4/16/14 at 9:43 pm to BRgetthenet
quote:
After taxes, about 2500/month.
That's not accurate. I currently make less than what the OP will be making and I take home more than that, even after 401k, insurance, HSA contributions and taxes.
Not married, no kids, standard deduction.
To the OP, comfortably is a subjective term. Small car note, rent, normal bills, you should be able to have a solid social life and save money at the same time.
Assuming no massive debt, do yourself a favor and contribute as much as your company will match to your 401k, it's free money. If you're young, healthy, and rarely ever go to the doctor, get on an HSA medical plan if your employer offers one. Essentially a tax free savings account for future medical expenses. After that, if you want to save more, open a Roth IRA as well.
Starting on all of this while you're young gets you a massive leg up on retirement and healthcare savings.
This post was edited on 4/16/14 at 9:51 pm
Posted on 4/17/14 at 4:05 pm to BRgetthenet
More like 3200 a month, I was making 50k last year and pulled in right at 3k/mo after taxes. Started a new job last sept and am making much more now. Funny how your views change on what is good money as you move up.
Posted on 4/17/14 at 4:54 pm to BRgetthenet
quote:
After taxes, about 2500/month.
Huh? You think people that make 55k pay 20k in taxes?
Posted on 4/17/14 at 7:35 pm to BRgetthenet
quote:
After taxes, about 2500/month.
you need a better accountant.
eta:
quote:
No one pays close to that unless they have the worst accountant on the planet
that
and if we're talking about pre-refund, OP needs to jack up allowances to get rid of withholdings. not advising tax fraud. just buy a house.
This post was edited on 4/17/14 at 7:37 pm
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