People like to look at how much you can save for retirement and use fancy numbers for compounding and interest rates. People say if you save X amount of dollars a year you will have 1 million (or whatever) amount of money when you retire. Yeah.... But 1 million dollars in 35 years isn't going to go to far. Maybe I will be able to buy a car.
How much money do you think a captain will be making in 35 years? Maybe 500K -700K+ a year in future dollars. If they are still making 100-200K in 35 years then all of us young guys are in for a world of hurt.
The reality is, your money might barely keep up with inflation and devaluation. Housing, Healthcare, Gas, and most energy costs have doubled or trippled in the past 5 years. So, if your investments doubled or trippled in the past 5 years, you are just braking even. Try picking up a copy of the 401K hoax (book) and you will realize why trying to save for retirement by the age of 60 is almost impossible at average wages and without a pension or social security.
I would rather have the 5 extra years of pay than a few extra dollars from upgrading earlier etc. In reality, age 65 will probably effect your upgrade or career advancement by 2-3 years, and you will have 5 years of extra earnings at future pay rates (which will be higher than todays due to inflation and devaluation of the dollar).
How much money do you think a captain will be making in 35 years? Maybe 500K -700K+ a year in future dollars. If they are still making 100-200K in 35 years then all of us young guys are in for a world of hurt.
The reality is, your money might barely keep up with inflation and devaluation. Housing, Healthcare, Gas, and most energy costs have doubled or trippled in the past 5 years. So, if your investments doubled or trippled in the past 5 years, you are just braking even. Try picking up a copy of the 401K hoax (book) and you will realize why trying to save for retirement by the age of 60 is almost impossible at average wages and without a pension or social security.
I would rather have the 5 extra years of pay than a few extra dollars from upgrading earlier etc. In reality, age 65 will probably effect your upgrade or career advancement by 2-3 years, and you will have 5 years of extra earnings at future pay rates (which will be higher than todays due to inflation and devaluation of the dollar).
Last edited: