Letter: Saving for retirement is difficult
The U.S. hundred-dollar bill Credit: Getty Images
A letter suggested that working people should save 15 to 20 percent of their annual income for retirement ["Neglect retirement savings at your peril," July 11]. Really? And survive on what?
The average salary in Wantagh is approximately $41,000 to $51,000 per year. After withholding state and federal taxes, health care, vision and dental contributions, union dues (if applicable) and whatever other deductions are taken, where would anyone, especially if they have children, come up with an additional $8,000 to $10,000 a year for retirement?
What about people whose jobs do not offer health care, and have to pay their entire premium? That is like taking on another mortgage!
It now costs a day's pay to fill your vehicle with gas. The numbers simply don't add up. If you become seriously injured, or sick, and cannot work, you will quickly find out that the American dream will turn into the American nightmare.
Gary Soccorso, Wantagh
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