Saturday, April 19, 2008

a light at the end of the tunnel

I'm coming up on my 2 year anniversary with the City I work for... and since i'm feeling a little down right now, I thought i'd go ahead and remind myself of the retirement figures that are reality if i stay with my job till I retire. which i know is really obsurd to think about... but in this kind of field... its impossible for them to fire me.
  • If I retire at 55 with the CalPERS system alone (meaning no additional retirements and not a dime from anyone else) I'll receive 66% of my highest earning year for 33 years of employment. This would mean i'd be getting an annual paycheck of $24,585.00 a year till i'm 88.... which equals $811,305.00 before annual taxes

  • If I retire at 65 with the CalPERS system alone (meaning no additional retirements and not a dime from anyone else), i'll receive 107.5% of my highest earning year for 43 years of employment. This would mean i'd be getting an annual paycheck of $40,043.75 a year till i'm 108 years old. ... which equals $1,721,881.25 before annual taxes
oh, and this figures that my highest annual salary is $37,250.00.... which is what I made last year.

I think I'll work until i'm 65.

I will retire May 21st, 2051

and if i continue to max out my ROTH while I can, That should be enought to travel with or to help cover the costs of the future hubby.

2 comments:

  1. that's amazing. i haven't even started those kinds of projections.. what kind of work do you do???

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