Knowledge is power.
It’s not what you make that matters. It’s what you HAVE.
So here’s an eye-opener to calculate how much you’ve made in your lifetime and what you have to show for it.
Go to www.ssa.gov and register if you never have before.
It’s the Social Security Administrations website.
Then download your most recent statement and go to the second (or sometimes 4th) page.
The column listing your “Medicare Earnings” is how much you’ve made in every single year of your life going all the way back to your “bag boy” years.
Add up how much you’ve earned over your entire life.
Then multiply that number by .7 to estimate your take home pay after taxes.
Then divide how much you have in savings by that number.
That’s your lifetime savings rate.
If your number is anything like mine, I’m rather embarrassed how much I’ve spent compared to how much I’ve saved.
