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Re: $90 per day aint hay
Old 07-08-2004, 02:40 PM   #41
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Re: $90 per day aint hay

A back-of-the-envelope calculation using real numbers (how much we tend to spend each year, taken from Quicken over the past four or five years) gives me a range of about $80-95 per day. That's for two people and one cat. None of us feels deprived at all - quite the opposite, in fact.

We just moved to a new area with more expensive rental costs, so it'll be interesting to see how the numbers play out this year.

BTW, those numbers are for everything, including rent and taxes.
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Re: $90 per day aint hay
Old 07-08-2004, 05:09 PM   #42
 
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Re: $90 per day aint hay

Hi Holly. FYI, you are way over us. A couple with
4 dogs and 2 homes.

John Galt
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Re: $90 per day aint hay
Old 07-08-2004, 05:11 PM   #43
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Re: $90 per day aint hay

I'm at $115/day. No mortgage or other debt.

$37 of the $115 goes to health insurance (almost one-third).
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Re: $90 per day aint hay
Old 07-08-2004, 05:21 PM   #44
 
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Re: $90 per day aint hay

Holy Katort! $37 per day for health insurance
Have you shopped? Are you happy with it?
Howcum so high? How do you justify paying that much?
Seems absurdly high to me.

John Galt
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Re: $90 per day aint hay
Old 07-08-2004, 06:38 PM   #45
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Re: $90 per day aint hay

John, that's what a typical low out-of-pocket, fee for service, family plan costs these days. It is about the best money can buy, however. And the $37/day includes the max out-of-pocket of $800 per year for a family (and there is no lifetime max). Plus it can't be canceled, and if I die, my wife's coverage can't be canceled either.

I can get an HMO for less, but not that much less. I have no high-deductible low premium choices. The cheapest premium is around $800/month, but it's with an HMO most people avoid at all costs, provides less, etc.

Do I shop? Are you kidding? I'm lucky to have anything at all. There's nothing out there that doesn't require underwriting. In my state you either buy through an employer group plan (if you're lucky enough to have that option in ER), receive Medicare/Medicaid, or buy through a state mandated plan that costs even more and provides less. If I were to try to buy it on the street, I couldn't get it. This isn't like shopping for a long-distance plan. When it comes to health insurance, people who have it are hanging on for dear life and those who don't have it are one major health crisis away from bankruptcy.
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Re: $90 per day aint hay
Old 07-09-2004, 11:39 AM   #46
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Re: $90 per day aint hay

As a rough calculation our current daily costs are about $140 for everything but income taxes. *Is this number really directly useful for my retirement? *Probably not. *About half of that cost is for our home in Silicon Valley which we will be selling when we hit ER. *Adding in taxes wouldn't make it anymore useful as those are tied to my current high income AND I will be changing my country of residence. *That change of country will also throw most of the other budget items out of whack.

What I am doing for FIRE budget planning is using our travel budgets, doing some averaging over different destinations and planning for that as a worst case with an extra yearly amount to cover health insurance + out of pocket costs, and yearly overhead (ISP, cell phone, computer upkeep, mail box, etc.). *This is almost assuredly on the high side as when we FIRE we will settle into one location and spend a number of months there. *We will get better accomodation rates and will do more of our own cooking. *If we need to we can also adjust where we spend our time - e.g. more time in central Europe as opposed to Paris and Berlin.

I'm also planning on an extra amount of portfolio beyond the 4% rule amount to buy us a retirement pad if and when we decide to stop travelling.
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Re: $90 per day aint hay
Old 07-09-2004, 09:30 PM   #47
 
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Re: $90 per day aint hay

First for Bob_Smith.........I suppose I saw some premium numbers
way up there with yours and ignored them at once because I knew we could never pay at that level.
We used to have insurance through my wife's employer
but now we cover ourselves. However, everything is capped, so if we get some dread disease, we are in deep doo doo. On the other hand, it's about all we can afford and if I can make it to 65 (5 years) Medicare will kick in.

Now for Panhead...........I also have figured what we would spend at a "subsistance" level. This is why I
keep insisting that $50 per day for a couple is quite
doable. I'm not saying anyone would enjoy it much.
Maybe this (ability to visualize cutting back to bare bones) is a biker thing. I really enjoy traveling/living with
nothing more than what I can carry on a motorcycle.

John Galt
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Re: $90 per day aint hay
Old 07-10-2004, 12:46 AM   #48
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Re: $90 per day aint hay

I think the subsistence thing is an important idea to have in your head, but John Galt, I have to admit, the one expense I did not remove from the calculation was motorcycle insurance and excise tax ! Every other luxury was removed, cable, cell phone, etc, and every other category cut to minimum, but I ain't going w/o my bike ! I couldn't agree more, there's nothing like taking off on the bike for a week with only what you can carry. It really makes you realize what you truly need......

-pan-
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Re: $90 per day aint hay
Old 07-10-2004, 05:21 AM   #49
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Re: $90 per day aint hay

Family pictures, tax files, a change of clothes and a credit card. Everything else is stuff. We go thru the mental drill every hurricane season. Years ago - it used to take a lot longer to pack for evacuation - now it's easier - stuff is expendable. I remember my old XKE jag (30 yrs ago) wherein I had a 61 Pontiac to use when it didn't run or to go get parts to fix. I offen wondered - who owned who. Less stuff/lower cost of living. Unfortunately we are slowly drifting in the opposite direction to use the funds coming in.
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