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Home > One million in sight

One million in sight

March 21st, 2016 at 12:54 am

In total lifetime earnings, that is. Not savings, not by a long shot! I just went on Social Security.gov and downloaded my lifetime earnings. Adding to that this year's salary and I finally will reach one million earned so far in this lifetime in 2016. That's what comes of delaying my earning years pretty much until age 30 (29, actually), by virtue of the better part of a decade of grad school and post-doc work.

It will still take me another 2 years or so to get to half a million net worth, and if I want to have a million in the kitty when I retire, I'll have to work until 70 and have reasonable luck with the markets. Hoping I can maintain the good health to keep working another 15 years!

4 Responses to “One million in sight”

  1. rob62521 Says:
    1458562252

    A million dollars! Yowza! Too bad it isn't savings, but you are getting there!

  2. PatientSaver Says:
    1458572503

    You've positioned yourself well for future high income earning years. Maybe you won't have to work til 70, which seems like cruel and unusual punishment.

  3. snafu Says:
    1458575529

    I think it's most likely that work timeline will extend beyond 70 y/o as so many are entering after more than 4 yr degree and we are living so much longer. I wonder what retirees who have 35 years stretched in front will do? PT work, consulting??? When they established 65 as retirement age only a small percentage were expected to live long enough to collect benefits.

  4. Dido Says:
    1458578563

    Rob62521, thanks! Yes, it feels good to mark that milestone!

    PatientSaver, I am always bemused by the difference in attitude that we have towards work. "Cruel and unusual punishment" would only hold if I didn't love what I do. And no matter the ups and downs that I've had in the workplace, the work itself I've always loved. It's what gives my life meaning and purpose more than anything else. Even when the point comes that I am not doing paid work, I imagine that much of my time will be devoted to writing and volunteer work to fill that gap--as well as some long-delayed travel, and going back to taking art classes rather than the finance classes I currently fill my spare time with. Work = Meaning, not punishment, in my book!

    Snafu, yes, I do think that the timeline for paid employment will extend as lifespans have extended. I just hope that we devote more money to health prevention programs. We are indeed living longer these days...but how much of that time is living in good health, and how much is just extending a period of disability until death, is not clear to me. If we're just extending lifespan without also extending healthy lifespan, we'll plow ourselves under with increased medical costs.

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