Making those big bucks back in the day

[74-911]

Spent the day going through and shredding most of 40 years worth of IRS tax forms, 1040's and attending documentation. It was almost like going through old photo albums, i.e. lots of memories.

The one that was really an eye opener was 1969. In Jan. 1969 I reported to my first duty station: the Air Force Military Personnel Center at Randolph AFB in San Antonio. I was an E-2 programmer specialist just out of tech school.

My W-2 for 1969: Gross wages subject to withholding: $ 1683.90. Federal income tax withheld: $ 19.77.

Talk about living the high life. I suspect many of you have similar experiences.

I think military pay has changed considerably since then.

[widgeon13]

I think my gross in 1970 was approx $17000. I was working 12 hour shifts, 4 on 2 off, getting a lot of double time. Took a cut down to $9000 in 1971 when I went on active duty as an O-1. Those were the days, not a worry in the world.

[trekkor]

Is there an online database for individual's tax history?


KT

[74-911]

Originally Posted by trekkor

Is there an online database for individual's tax history?


KT

Not that I am aware of. For some reason I just kept all that stuff.

[wdfifteen]

Originally Posted by trekkor

Is there an online database for individual's tax history?


KT

Your social security statement of benefits has that.

[aigel]

Obviously that wasn't much back then either, judging from the tax witheld! That would be about 10k today if you plug it into an inflation calculator.

What I find interesting is that one doesn't get significantly happier with more money. You still go to work every day and the older you get, the more you feel you have to salt away for retirement.

G

[LakeCleElum]

I got out of college in 1973 and thought if I made $10K/yr, I would be on Easy Street....Passed that up the 2nd year I was out....

Soon found out that it's not what you earn, it's what you Spend!

[74-911]

Originally Posted by wdfifteen

Your social security statement of benefits has that.

Forgot about that. You can get year by year stats on your wages subject to SS and the amount withheld for SS on-line. Up until the last year or so they mailed that info out but it is now available only on-line.

Need to remember that the wages subject to SS may not be the same as wages subject to income tax.

[VincentVega]

Sort of funny. I was thinking about the other day, havent seen one in a while.

I goto Social Security Online - Social Security Statement and see

In light of the current budget situation, we have suspended issuing Social Security Statements.

You may be able to estimate your retirement benefit using our online Retirement Estimator.

[GH85Carrera]

I quit my job in Alabama back in 1978 because the guy would not pay me a grand a month. I figured at 12K a year I would be rich.

[Rick Lee]

My parents said the richest they ever were was when they made $17k in 1971. Once I came along, it was all downhill, though they made plenty more money each year than the last.

[URY914]

When I got out of college with a degree in construction management I used to handle payroll on the jobsite. I was just about the lowest paid guy because I was salary and they were working overtime. I was also one of the few that had never been to jail.

[Hard-Deck]

Originally Posted by 74-911

I think military pay has changed considerably since then.

Yes, slightly, but we don't do it for the pay.

[74-911]

Originally Posted by Snapper33

Yes, slightly, but we don't do it for the pay.

True for most I would expect.... but back in those days many of us did it because we didn't have a lot of choice - it was called the draft.

[Hard-Deck]

Originally Posted by 74-911

True for most I would expect.... but back in those days many of us did it because we didn't have a lot of choice - it was called the draft.

Good point. I am often thankful that I lead volunteers. My dad was exempt in WWII, enlisted anyway and my Brother was short on the draft list when it stopped in '75.

[pwd72s]

Ahhh, for the good old days...before we witnessed double digit inflation AND double digit unemployment...

Really does illustrate the damage of high inflation...good thread.

[Zeke]

My best years ever were the 2 years before the last 2 recessions. In case the statement is not clear, that's 4 years out of 40 that I made enough to be very pleased.

[Jim727]

Interesting stuff. I was thinking the other day about that and how inflation steals from us and found this calculator: CPI Inflation Calculator It's easy to see how people on fixed income get well and truly hosed and how important it is to project retirement income requirements against purchasing power, not numbers of dollars.

When I left the Air Force in 1976, my biggest year as a USAF pilot was about $11K, exclusive of combat pay. Even factoring in the inflation rate I wasn't getting rich or even much ahead, but managed to be comfortable. As much as anything, our reference points change.

[herr_oberst]

Reference points change indeed. Looking thru the Social Security Statements when they first came out caused my jaw to drop at how little I made when I thought I was making a lot.
Inflation is just burying us, isn't it?

[pwd72s]

Originally Posted by herr_oberst

Reference points change indeed. Looking thru the Social Security Statements when they first came out caused my jaw to drop at how little I made when I thought I was making a lot.
Inflation is just burying us, isn't it?

At the risk of sending this to Parf...there is only one "winner" with inflation...that is government.
Those wanting to return to a gold standard seem less crazy to me these days.