The Society for Human Resource Managers reports average base pay increases in 2013 will be 3% on average, about one percentage point below pre-recession levels.
Would it surprise you to learn that you may earn a million dollars or more over the course of your working career? Consider this. If you were to earn $75,000 now and plan to work for 20 more years, you could earn more than $2 million during your career, assuming an average annual raise of 3%. This calculator is designed to help you attach a dollar figure to your life’s work.
The U.S. Census Bureau announced that real median household income was $51,017 in 2012.
The figure below shows the total income you could earn from this point forward in your working career based on the information you provided. As you can see, you could earn a substantial amount of money over the course of your lifetime. When you look at the big picture and see how much money can pass through your hands over a lifetime, the need for sound financial management becomes clear.
|Current annual income:
|Expected percentage annual raises:
|Expected retirement age:
|Total lifetime earnings based on the above information:
The chart below shows how much you could expect to earn each year between now and retirement based on the information you provided. Try changing one or more variables to see how you could alter your lifetime earnings.
Year by Year Earnings