Originally Posted by scrabbler1
This is not far from my situation. My annual expenses are around $20k, excluding excess income taxes from non-recurring cap gains distributions not necessary to cover my expenses. My total portfolio is $1.1M (see my "Approaching a Milestone" thread) although that includes an IRA I do not yet have unfettered access to, so all of my withdrawals are from the rest of my investments (about 2/3 of that total).
This is for one person, not a couple, and I have health insurance.
It is reassuring to know people can live well on less money. My expenses last year were 5X yours, and those did not include fed and state income taxes. Yet, my portfolio is not 5X yours.
Well, 30% of last year expenses was for my children, and it should be gone in 2012 (fingers crossed). The last few years, my expenses have stayed in the low 6 figure. There were also some other expenses that I hoped were a "one-time" thing (like $5K for home repair), but these one-time things just kept on occurring. Yeah, there's also the RV thinggy, which then guzzled a lot of gas and also needed new tires. If it's not one thing, it's another...
I am expecting my expenses to come down quite a bit, starting in 2012. If I still like my part-time work, which paid for a large percentage of the expenses the last 5 years, that means more money available to buy, buy, buy more stocks. Or I can quit for real. It's nice to have options. Heh heh heh...