Hi all, in trying to come up with a financial plan for my future, one big missing input for me has been anticipating what to expect my salary will be in 3, 5, 10, 20 years. Of course it’s highly uncertain and depends on my actions, but having a baseline expectation still seems valuable.
Based on some academic articles and blog posts I’ve read (linked below), it seems like a pretty complex thing to estimate, e.g. depends on age and where you live.
Just assuming inflation + some % doesn’t seem right and this feels crucial to any budgeting or planning exercises I undertake.
Does anyone have any suggestions or preferred methodologies?
Thanks a lot!
Links Blog - https://www.kitces.com/blog/safe-savings-rates-real-earnings-growth-curve-cost-of-living-raises/
Academic articles (lifecycle earnings): 1. https://fguvenendotcom.files.wordpress.com/2019/02/gkos_2017_rev3_submit.pdf 2. https://fguvenendotcom.files.wordpress.com/2018/11/gks_lifetime_history_2018_v101_fg.pdf
Submitted April 06, 2020 at 08:37PM by dbrods21 https://ift.tt/2wn9AY4
