Re:I think I know why you can't hire engineers right now
by robotresearcher on Thursday January 13, 2022 @01:02AM
(#29917336)
> Do you really think you can save 90% of your income and retire after 3 years?
You certainly can if you make 5 million a year! Which means that absolute income is absolutely relevant.
Re:I think I know why you can't hire engineers right now
by kelnos on Thursday January 13, 2022 @01:52AM
(#29917619)
Hell, in many places you can retire under those conditions if you "only" make $500k a year. The trick is to move to a much lower cost-of-living area after you retire, often abroad. If that kind of thing floats your boat, anyway.
Re:I think I know why you can't hire engineers right now
by 88913527 on Thursday January 13, 2022 @01:57AM
(#29917646)
If your income is $100k and you save $90k, spending $10k, after 3 years, you will have saved $270k. With growth, you might have $300k. To support your ongoing $10k annual expenses, you'd only be spending 3% of your portfolio. The math checks out. Of course with taxes, a savings rate of 90% is more than likely to be possible.
Do you really think you can save 90% of your income and retire after 3 years? This is terrible financial advice and completely ignores functions and changes in spending due to life events. Not to mention, I don't believe that function is legitimate depending on retirement age and current age combinations.