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[–] 12 points 1 year ago (11 children)

First, thank you for pointing out I made a mistake. I didn't see the calculator broke it into twice a month paychecks.

Take home for one month for $160k/year would be: $8,784

I'll correct my post, but $160k/year is still way too low to meet your “That much per person would give any household a very comfortable lifestyle even in a HCOL area.”

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  • [–] -5 points 1 year ago* (10 children)

    You're taking out too much tax. Closer to $9,300.

    A household of two adults would have $320k gross annually, so twice that.

    Also, I'm comfortably supporting two adults in a HCOL area, with a mortgage and high medical bills, for under $125k annually.

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  • [–] 10 points 1 year ago (2 children)

    A household of two adults would have $320k gross annually, so twice that.

    You don't think that's moving the goalpost just a bit by doubling the number of earners?

    Also, I’m comfortably supporting two adults in a HCOL area, with a mortgage and high medical bills, for under $125k annually.

    I'd be interested to hear how you're accomplishing that. At a minimum, can I ask what your housing costs are?

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  • [–] -4 points 1 year ago (1 child)

    I changed nothing about my original comment. I said per person, not household.

    Mortgage payment is currently $5,500 / mo. Note that this is not an income of $125k annually, but net expenses as recorded over the past few years.

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  • [–] 2 points 1 year ago (5 children)

    Max out a 401k and IRA and lmk how much is left

    (less than 8k/mo)

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  • [–] -4 points 1 year ago (4 children)

    What does that have to do with living costs?

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  • [–] 6 points 1 year ago (1 child)

    Because you can't work forever. Burnout, aging, illness, etc. Life happens. Or do you plan to live paycheck to paycheck into your 70s?

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  • [–] 3 points 1 year ago (1 child)

    I'm just thinking about the "take home" figure! 160k doesn't stretch as far as I thought it did when I was a kid

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  • [–] 2 points 1 year ago*

    I thought $40k was more than enough when I was a kid. But that was when you could buy a house for $30k to $50k. By the time I hit my 20s, inflation already had homes at closer to $100k, and the cost of everything much higher than when I was a kid.

    When I was growing up I didn't know anyone making more than $50k, most made less, and they were doing fine, owning homes, etc. $160k was wealthy.

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