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<p>You do realize that making 90k on paper does not translate to having 90k to spend.</p>
<p>Just doing the basic math</p>
<p>The DOE requires and they must pay 3% in to their retirement for 10 years (automatic deduction)
($2700)</p>
<p>In addition, they are saving 15% before taxes toward retirement ($13,500 on 90K). Isn’t this what we are always advising our kids to do?</p>
<p>This takes their 90K to ~ 73,800 taxable income</p>
<p>the feds are taking ~ 25% (18,450)
City and state taxes ~6750
Union dues for the 2 of them 2268.96
27,469 of their taxable income is now accounted for leaving them with
46,330</p>
<p>1600/month rent =19,200
30 day metro cards for 2 people 2496
savings 1000/month 12,000
33,696</p>
<p>balance =12,634 /12 months leaving them with ~ 1052/month (263/week) to health insurance (if they did not take the free option) co-payments, utilities, student loan payments, clothes, food and other misc expenses.</p>
<p>Where are they squeezing out more $. They are doing ok for 2 young people starting out</p>