Zambroski Posted September 22, 2019 Share Posted September 22, 2019 I’m sure a lot of people retire comfortably spending less than $4k/mo. I guess it all depends on what one considers “comfortable”. Some can thrive being frugal. Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted September 22, 2019 Share Posted September 22, 2019 (edited) I’ll just say that plenty of people retire on 4k a month. It won’t be enough for my goals, but plenty do, and often by choice. And people retire for different reasons at different ages and motivations. I’m working until I’m 70 because in my scenario, I already can take as much time off as I want, and I’m not where I want to be in terms of the “quality” of my retirement. There are plenty or retirement calculators that will tell you what you can expect to earn in retirement. We calculate it out to age 90 and look for high probabilities in a monte carlo simulation of enough $. Edited September 22, 2019 by DriftBusta Quote Link to comment Share on other sites More sharing options...
1jkw Posted September 22, 2019 Share Posted September 22, 2019 (edited) Retirement is different things to different people, one thing I know for sure all the money in the world is of no use if you are dead, or too crippled or mentally incapacitated to use it. Edited September 22, 2019 by 1jkw 1 2 Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted September 22, 2019 Share Posted September 22, 2019 6 hours ago, Snake said: My taxes are $200 a month. Electricity is $100. Fill tanks for winter heat $1100. ($100) Internet/TV etc $100 Phones $100 Food $300 $900 keeps me alive, warm, in a house and 'entertained'. Even if I add in $500 a month for unexpected happenings.... $1,400 Tell me what I am missing and let's add it in.... I ain't busting on Tom's assumption, just trying to see where the money goes. Healthcare. It may be very low for you. Fuel. How much gas does it take to have fun on your Seadoos You just bought a Camp up north. How much does it cost to maintain that? You showed us a picture of a nice Diesel Pusher you wanted to buy so you could go see the country. How much will that cost to maintain. Do you give any gifts to kids, grand kids, nieces, nephews ? Christmas, Birthdays, Graduations, etc. Do you ever go out to eat? Insurance for all your possessions? How much do you spend now to have the life you have? Plan on spending 75% of that in retirement. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted September 22, 2019 Share Posted September 22, 2019 5 hours ago, f7ben said: Tom is out of his fucking mind. My wife and I put together wont make over 90k now. Apparently not only could I not retire I cant even live lol So you make and live on almost $8000 per month now? Could you live on $4000 per month without a lifestyle change? Healthcare will cost you $1000 of that each month. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted September 22, 2019 Share Posted September 22, 2019 5 hours ago, BOHICA said: RV spot rent during winter months $1000 rv gas/energy a month $500 rv maintenance a month $200 Rv summer storage fees. $200 Tickets/access to tourist traps while rving $200 a month. RV spot rent during winter months $500/month rv energy a month $100/month rv maintenance a month $100/month Rv summer storage fees. $500/month Tickets/access to tourist traps while rving $500 a month. RV gasoline. $200/month Food $400/month Eating out $400/month Gifts $400/month Gasoline for toys /$200/month Plane tickets $400/month Insurance for all possessions $400/month Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted September 22, 2019 Gold Member Share Posted September 22, 2019 11 minutes ago, AKIQPilot said: RV spot rent during winter months $500/month rv energy a month $100/month rv maintenance a month $100/month Rv summer storage fees. $500/month Tickets/access to tourist traps while rving $500 a month. RV gasoline. $200/month Food $400/month Eating out $400/month Gifts $400/month Gasoline for toys /$200/month Plane tickets $400/month Insurance for all possessions $400/month So over 4000 a month for RVing? Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted September 22, 2019 Share Posted September 22, 2019 1 minute ago, BOHICA said: So over 4000 a month for RVing? Not just for RVing. For living. That is barely half of my expenses. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted September 22, 2019 Share Posted September 22, 2019 21 hours ago, AKIQPilot said: I was talking about a couple for sure. I mentioned "couple" in my first post. Sure an individual could survive on $3k per month but you aren't doing much and are definitely living near poverty levels on that income. I thought I read in that other thread a few weeks back that $36k per year was below poverty level. The bottom line is this. You need 75% of your preretirement income to live comfortably in retirement unless you change your lifestyle. It will take a complete lifestyle change to live on $4k per month if you are currently living on $7k per month. Either a lifestyle change or for many a rude awakening. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted September 22, 2019 Share Posted September 22, 2019 lets not forget income taxes since most are not drawing off a roth they need to pay the tax man. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Jimmy Snacks Posted September 22, 2019 Platinum Contributing Member Share Posted September 22, 2019 I am working until I croak.....fuck it. Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted September 23, 2019 Share Posted September 23, 2019 On 9/21/2019 at 2:11 PM, AKIQPilot said: $4k per month is bordering on poverty. You definitely aren't doing much if $4k is your budget. Could you live on $4k per month? if your house and cabin are paid for you bought your new cars the last yr you worked yeah I could pretty ez live on 4k a mo . especaly if you are a vet and don't need to pay for insurance. he'll 4g is pretty decent . I am pretty sure my neighbors at the cabin both live on 1 postal pension. pretty sure it is 3g a mo plus ss. so call it 4 ish they have the mn summer cabin and a place on a channel in FL for winter . at a certain point you are over travel and going out every night . you don't need much then Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted September 23, 2019 Share Posted September 23, 2019 3 hours ago, Ez ryder said: if your house and cabin are paid for you bought your new cars the last yr you worked yeah I could pretty ez live on 4k a mo . especaly if you are a vet and don't need to pay for insurance. he'll 4g is pretty decent . I am pretty sure my neighbors at the cabin both live on 1 postal pension. pretty sure it is 3g a mo plus ss. so call it 4 ish they have the mn summer cabin and a place on a channel in FL for winter . at a certain point you are over travel and going out every night . you don't need much then Definitely true on the bold. If you dont have to buy health insurance you could live on $4k easily. The average american will pay $1000/month just for health insurance and health related expenses As long as they are healthy. Get sick and that number goes up quickly. Quote Link to comment Share on other sites More sharing options...
SVT MXZ XRS Posted September 23, 2019 Share Posted September 23, 2019 On 9/21/2019 at 11:08 PM, Angry ginger said: just got my new assessment from the town at $625k. I think after dancing off and on with a 10k property tax bill I will get there this year unfortunately. It's crazy how home/property values have such a major difference in different areas. On 9/22/2019 at 7:46 AM, steve from amherst said: IM around $7700 for a lot lower assessment. I'm at about $6K for about 3/4 of that. But I have a lot more land. Like I said, crazy how it differs 17 hours ago, AKIQPilot said: RV spot rent during winter months $500/month rv energy a month $100/month rv maintenance a month $100/month Rv summer storage fees. $500/month Tickets/access to tourist traps while rving $500 a month. RV gasoline. $200/month Food $400/month Eating out $400/month Gifts $400/month Gasoline for toys /$200/month Plane tickets $400/month Insurance for all possessions $400/month You spend $2,100/month on tourist attractions, food, eating out , gifts and plane tickets? Quote Link to comment Share on other sites More sharing options...
Edmo Posted September 23, 2019 Share Posted September 23, 2019 40 minutes ago, SVT MXZ XRS said: It's crazy how home/property values have such a major difference in different areas. I'm at about $6K for about 3/4 of that. But I have a lot more land. Like I said, crazy how it differs You spend $2,100/month on tourist attractions, food, eating out , gifts and plane tickets? 7500 in property tax here for a peashooter house and postage stamp lot. Hopefully we’ll be spending some dough traveling in retirement. I don’t plan on sitting around. Quote Link to comment Share on other sites More sharing options...
SVT MXZ XRS Posted September 23, 2019 Share Posted September 23, 2019 1 hour ago, Edmo said: 7500 in property tax here for a peashooter house and postage stamp lot. Hopefully we’ll be spending some dough traveling in retirement. I don’t plan on sitting around. Crazy. Same here , but $2,100/month , no wonder he doesn't think anyone can survive on $4000/mo. Gifts, attractions and plane tickets $1,200/month is pretty out there. I can partially see the food at $800, but for two? Must be eating pretty fancy Quote Link to comment Share on other sites More sharing options...
XCR1250 Posted September 23, 2019 Share Posted September 23, 2019 On 9/21/2019 at 2:11 PM, AKIQPilot said: $4k per month is bordering on poverty. You definitely aren't doing much if $4k is your budget. Could you live on $4k per month? I do, but the only bills I have are utility bills and taxes which are reasonable here. Quote Link to comment Share on other sites More sharing options...
racer254 Posted September 23, 2019 Share Posted September 23, 2019 On 9/21/2019 at 1:08 PM, spin_dry said: Yeah. Misread it. Bullshit. You misrepresented it, just like the article hoped would happen. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Jimmy Snacks Posted September 23, 2019 Platinum Contributing Member Share Posted September 23, 2019 7 minutes ago, racer254 said: Bullshit. You misrepresented it, just like the article hoped would happen. STFU stupid. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted September 23, 2019 Platinum Contributing Member Share Posted September 23, 2019 (edited) Zero desire to travel/live by RV but to each their own. I understand why people love it its just not for me. We plan to do some travelling but mainly staying in hotels and VRBO's. If I were to RV this would be the only way I'd go and I'd do mostly mountain area's in the summer. https://earthroamer.com/ Edited September 23, 2019 by Highmark Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted September 23, 2019 Share Posted September 23, 2019 3 hours ago, SVT MXZ XRS said: It's crazy how home/property values have such a major difference in different areas. I'm at about $6K for about 3/4 of that. But I have a lot more land. Like I said, crazy how it differs You spend $2,100/month on tourist attractions, food, eating out , gifts and plane tickets? So how much do you live on now? Expect to need 75% of that in retirement. $400 a month eating out is $100 per week. Thats $50/person/week. You aren't living large with a $50/person/week eating out budget. $400 per month for gifts. That's all giving. Christmas, Bdays, Graduations, donations, booster clubs, door to door fundraisers, etc. $4800 per year is not that much giving. $400 per month for plane tickets. One trip to Disney Land with the grandkids and a couple of random flights will eat that budget is a hurry. $400 per month for groceries is all groceries and consumables. From shampoo to toilet paper to paper towels and plates and ziplocks and food. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted September 23, 2019 Share Posted September 23, 2019 5 minutes ago, Highmark said: Zero desire to travel/live by RV but to each their own. I understand why people love it its just not for me. We plan to do some travelling but mainly staying in hotels and VRBO's. If I were to RV this would be the only way I'd go and I'd do mostly mountain area's in the summer. https://earthroamer.com/ I only travel and live in the RV to explore areas where I may want to buy a place. We have been all over the southwest including Colorado, Utah and on to Texas. I won't be living in the RV for long. We will likely be buying a place here pretty soon. RV living is super cheap. That is the main reason I'm doing it now, because of how inexpensive it is. 1 Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted September 23, 2019 Share Posted September 23, 2019 3 hours ago, SVT MXZ XRS said: I'm at about $6K for about 3/4 of that. But I have a lot more land. Like I said, crazy how it differs So healthcare, property taxes, property insurance, and utilities are going to run you $1800-2000/month. Add up your cell phones, internet, cable tv, auto insurance, gasoline and you have another $500/month. When you add everything up it takes some money to live no matter if you're retired or not. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted September 23, 2019 Platinum Contributing Member Share Posted September 23, 2019 2 minutes ago, AKIQPilot said: So healthcare, property taxes, property insurance, and utilities are going to run you $1800-2000/month. Add up your cell phones, internet, cable tv, auto insurance, gasoline and you have another $500/month. When you add everything up it takes some money to live no matter if you're retired or not. My insurance bill is insane with the farm and all the toys. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted September 23, 2019 Share Posted September 23, 2019 3 minutes ago, Highmark said: My insurance bill is insane with the farm and all the toys. Out of all my fixed monthly costs, healthcare coverage is my #1 expense at $850. #2 is insurance at about $600. #3 is property taxes at about $400. Quote Link to comment Share on other sites More sharing options...
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