My retirement age, the age when I could draw full benefits, was 66 and I started drawing my social security check while I still worked and salting it away in my savings. My retirement target had been age 67 and 40K in the savings account, in addition to my 401K, which was doing pretty good after 30 years. However, those plans changed when the work environment changed and I decided to give two weeks notice about 9 months earlier than planned, three months after my 66th birthday. It was no longer a place I wanted to work. So I retired with less than what I wanted in savings. The 401K was still doing fine. I consulted a retirement planner before I made the decision, however, and they said I was in good shape. Otherwise, I would have held my nose and kept working until I reached the 40K goal.
Retirement Targets
- Thread starter yowza
- Start date
That’s the data! Still shows a modest 3% increase per year, jumping to 5% due to rising inflation. The % started to trend down the last month or two. It wouldn’t shock me to see it revert back to 3%
What I find unsettling is the number of older Americans, my parents' generation that only have SS plus a little more to live on. That is fine as both are alive, but when one passes away, that puts a strain on the surviving spouse getting by on only the one SS check each month. That generation believed that the government would take care of them in old age, and the cost of medical needs are eating them up.
I am not sure how often SS is adjusted for inflation, but I don't think its happening on a yearly basis, putting a strain on many older people.
I am not sure how often SS is adjusted for inflation, but I don't think its happening on a yearly basis, putting a strain on many older people.
I refuse to believe either political party is good or will fix things. Both have been fully in charge at one point or another in the last 20 years, and neither party fixed things during “their time”. It seems the only thing they do well is talking enough to get re-elected.
Huh? the only way you can get in that 3% range is if you use a 9month period and either skip the 4th quarter of this or last year. It shows 4.5-5.2 for the majority of the areas.
Both are at fault. You are 100% correct.
Nothing gets done because the Senate rules make it basically impossible for anything major to pass without 60 votes to bring it to a vote. Which is a silly rule, that neither side is willing to do away with.
As much as both sides talk about it, it shouldn’t stop them, they use it as a crutch to protect them from having to stick their neck out and do the work.
Yes, but real leadership shouldn’t make that a true barrier. The answer shouldn’t have to be getting 60+ of one party in office. They get paid well to lead…and as far as I can tell, they are all a waste of money. They are all either too stupid or stubborn to put their country instead of their party. We’d better not derail this with politics talk though…I suppose that’s a good way to get this thread shut down.
Maybe you missed looking at the data that showed 2018-2021 between 3 and 4% with very little fluctuation especially between 2018-2020 (data shows averages around 3% for those years). It only raised to around 5% the last 18 months, largely as a result of inflation/higher COL.
The last couple months have trended downward again. It will likely revert back to 3-4% in 12-18 months.
Meaning, historically the average increase is 3-4%, and it’s likely closer to 3%
1) we were not talking historically as businesses look and the last 12-24 months at longest. So you would look at 9/30/23 through 9/30/21. 2018-2021 is old news and also has Covid in it which makes it a poor gauge for today.
2) you had said 2-4 originally. I have t seen anything in the last 2 years that shows 2 of anything.
Who said anything about the last year? I’ve said 2-4% is historically the average. It has only raised in the last 12-18 months due to a few external factors, factors that are temporary.
Historically the average increase is 3%. Which is right the middle of 2-4%. And nothing suggests this temporary increase will last.
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It's called party over country, see that a lot on the right. They are afraid to go against the party, or they will be primaried, which is what happened here in Iowa to those that opposed the financing of private schools were in the state.
Okay, I’m curious how your business presented a 3% wage increase to the employees last year and this year as that is what historically it should be? They had to be ticked didn’t they?
I said historically my business gives a 2-4% increase each year. I never said it was for last year
Edit: I actually negotiated a 17% raise last year
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I would not say peers. If you're talking about employees, middle management, executive management and board members of all types of businesses, then yes. But I would not consider that group as my peers as I would consider them to be giving facts as delivered to me from all different perspectives.
Oh by the way, someone provided the real data, which showed a steady 3% wage increase from 2018-2020. Wages started to increase to 4% in 2021 as demand of workforce increased while fewer people were willing to work in the pandemic. 2022 saw the pay increase to 5% as the supply/demand was still in favor to the workers and businesses willing to pay more for inflation/higher COL. This trend started to a downward trend late in 2022. One should be able to conclude the regular wage increase will fall back to 3% once the supply/demand balances out and as inflation rates continue to decline
Do you want me to report those findings to all these business executives?
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