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Old 02-01-2013, 06:11 PM   #21
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The reason I asked is because I'm wondering how why you only have $1.5M saved if you make that much money and have a yearly budget of $80K?
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Old 02-01-2013, 06:30 PM   #22
Recycles dryer sheets
 
Join Date: Mar 2011
Location: Dallas
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We were in the $250-350k range before we called it quits...it allowed us to pump the savings for 6 years at $100-110k / year...

We've been living on one salary ($55k at the start) since 99' and have pretty much stayed there, so for 15 years and one college grad & marriage later...We've saved a bit, but not crazy money as Uncle Sam has always taken his fare share.

I'm not a fan of planners, so never really had one. We currently are living with a budget of $3600 / mo in LA, CA and last month was a best of $3,350 for us. We're headed back to Mexico where we lived on $2k / month 3 streets from the beach and now know we could do this for an extended stay.

We're gypsies now, so no home to worry with (one day a modest one in Dallas where our daughter is). For now, just enjoying our "free time". We still use Mint to budget and watch the trends in our spending and discuss it at the end of every month; not a bad idea IMO.
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Old 02-03-2013, 09:21 PM   #23
Recycles dryer sheets
 
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+1
I didn't say that my yearly budget in the past was $80K, I am saying that is what I believe my post-retirement budget (and spending) will be. I lived a bit higher on the hog the past few years, plus I had a much larger house (4,000 s.f. Versus current house of 1,400 s.f.), three kids in college, plus was doing a major remodel on new house. I added up all of my monthly expenses, both fixed and variable, and then added $1500 for stuff I didn't think of, and that is where I came up with it.

Even with that, I'm not sure I can live that way, which is why I'm tracking the money that I spend, which I haven't done in probably 10 years.

I know I need this. Way too many Sundays where I am dreading Monday morning.
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Old 02-04-2013, 06:33 AM   #24
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Congratulations on downsizing the house - that's a real biggie.

When the kids get through college, that's another biggie.

In the meantime, save as much as you can while you learn to adjust to a lower budget. My gut feel is that $1.5M saved/invested is too tight for someone who is still learning to downshift their lifestyle, hasn't really followed a budget, and still in their early 50s. If you had twice that amount it would be a different story. You are looking at funding a 40 year retirement. There are plenty of folks who would do fine with $1.5M saved, but these are also folks who were living on a much smaller annual amount while working.

Relying on a wife's job and healthcare sounds risky. If you could swing it even without the wife working, that would be much better. Then anything she earned would be icing on the cake.
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Old 02-08-2013, 02:58 AM   #25
Dryer sheet wannabe
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Quote:
Originally Posted by Unpaintedhuffhines View Post
I didn't say that my yearly budget in the past was $80K, I am saying that is what I believe my post-retirement budget (and spending) will be. I lived a bit higher on the hog the past few years, plus I had a much larger house (4,000 s.f. Versus current house of 1,400 s.f.), three kids in college, plus was doing a major remodel on new house. I added up all of my monthly expenses, both fixed and variable, and then added $1500 for stuff I didn't think of, and that is where I came up with it.

Even with that, I'm not sure I can live that way, which is why I'm tracking the money that I spend, which I haven't done in probably 10 years.

I know I need this. Way too many Sundays where I am dreading Monday morning.
I remember those Sundays well!

Now I love Sunday as I prefer the weekdays to weekends. A lot less people and often better offers for meals out.
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Old 02-08-2013, 02:24 PM   #26
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