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View Poll Results: For retirees only. How are you living?
At our means 12 18.75%
Below our means 44 68.75%
Above our means! 3 4.69%
This poll is no good. I am creating my own poll. 5 7.81%
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At, Below, or Above your means
Old 03-28-2007, 03:14 PM   #1
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At, Below, or Above your means

After being on this board a while, it seems to me that most retirees are still living BELOW their means. Let's find out

For those who answer "BELOW our means", please explain yourself Why are you STILL saving?

No explanation needed for "Above our means". Just say when you plan to go back to work
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Re: At, Below, or Above your means
Old 03-28-2007, 04:09 PM   #2
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Re: At, Below, or Above your means

AOM.

Got a rental rehab and a few home-improvement projects to catch up on, but after last year's portfolio returns there's certainly a little slack in the capital expenses department...
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Re: At, Below, or Above your means
Old 03-28-2007, 04:43 PM   #3
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Re: At, Below, or Above your means

I'm not really saving....just not spending as much as I get. If I have a need to spend more, I will. but so far, I'm living just fine.
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Re: At, Below, or Above your means
Old 03-28-2007, 05:07 PM   #4
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Re: At, Below, or Above your means

Below as I am living off of after tax investments yet and growing the pot a bit. Anticipate starting 72T dist in 08 or 09. The bigger that pot gets the less stress I will have over finances. The old widows philosphy about having a stuffed mattress.
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Re: At, Below, or Above your means
Old 03-28-2007, 05:08 PM   #5
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Re: At, Below, or Above your means

Thank you all for voting.

Old habits are hard to die, I guess.
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Re: At, Below, or Above your means
Old 03-28-2007, 05:55 PM   #6
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Re: At, Below, or Above your means

I'm living below but this is my first year in retirement .If I'm left with a lot of money at the end of the year I'll just add it to my travel budget.
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Re: At, Below, or Above your means
Old 03-28-2007, 06:24 PM   #7
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Re: At, Below, or Above your means

So, not only do many people on this board plan for their money to last well into their 80's and 90's and beyond (despite the fact that the average life expectancy is 78)....

http://early-retirement.org/forums/i...topic=12916.45

.... but most people on this board also live below their means during retirement!

This is really a conservative bunch! : I wish my parents were like you guys because I would be in line for a very nice inheritence.
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Re: At, Below, or Above your means
Old 03-28-2007, 06:28 PM   #8
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Re: At, Below, or Above your means

Quote:
Originally Posted by JustCurious
So, not only do many people on this board plan for their money to last well into their 80's and 90's and beyond (despite the fact that the average life expectancy is 78)....
This is really a conservative bunch! :
Maybe, but we're definitely all above average!
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Re: At, Below, or Above your means
Old 03-28-2007, 06:42 PM   #9
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Re: At, Below, or Above your means

Quote:
Originally Posted by JustCurious
This is really a conservative bunch! : I wish my parents were like you guys because I would be in line for a very nice inheritence.
My parents' first year of retirement from the military (when they started new jobs) they spent 2% of their income on personal expenses, not including the mortgage payment which was another couple %... that's probably some kind of record... an inheritance is nice but their frugality definitely rubbed off on me in a serious way and consequently I feel uncomfortable unless I am living far below my means. For example, I get really uncomfortable sitting in a brand new car that is for sale on a lot... or buying clothes at an upper end department store... etc... sometimes I wish I could feel a little more free with my spending, but then maybe I'd be broke.
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Re: At, Below, or Above your means
Old 03-28-2007, 06:51 PM   #10
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Re: At, Below, or Above your means

Quote:
Originally Posted by macdaddy
My parents' first year of retirement from the military (when they started new jobs) they spent 2% of their income on personal expenses, not including the mortgage payment which was another couple %... that's probably some kind of record... an inheritance is nice but their frugality definitely rubbed off on me in a serious way and consequently I feel uncomfortable unless I am living far below my means. For example, I get really uncomfortable sitting in a brand new car that is for sale on a lot... or buying clothes at an upper end department store... etc... sometimes I wish I could feel a little more free with my spending, but then maybe I'd be broke.
It's difficult to turn off the very behavior the made ER a reality.
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Re: At, Below, or Above your means
Old 03-28-2007, 07:07 PM   #11
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Re: At, Below, or Above your means

all of the above, the below & the at. firecalc says i'm living at my means. my feeling is that i'm living above my means. my friends think i am living below my means.

example: just today i'm telling a friend how i'm downsizing my next car because the inherited house hasn't sold yet. i'm not crazy about any of the car choices so i'm compromising. so my friend says to me "why don't you just buy an interim car until you find what you want." now there's an idea i wouldn't have thought of (or considered).
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Re: At, Below, or Above your means
Old 03-28-2007, 07:58 PM   #12
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Re: At, Below, or Above your means

Quote:
Originally Posted by Khan
It's difficult to turn off the very behavior the made ER a reality.
I am not at FIRE yet, but that is what I was expecting....nice poll idea by the way, OP...
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Re: At, Below, or Above your means
Old 03-28-2007, 08:53 PM   #13
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Re: At, Below, or Above your means

Quote:
my feeling is that i'm living above my means. my friends think i am living below my means.
... my friends have been telling me that for years ... but i think it's because my "underspending" makes them feel uncomfortable with their overspending.
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Re: At, Below, or Above your means
Old 03-28-2007, 08:56 PM   #14
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Re: At, Below, or Above your means

I would say AMM. I do an analysis each year and project what's prudent to spend depending on how long I expect to be around. I'm not consciously trying to leave an inheritance to my family but if you're living off of assets, and you die before you plan to, you will live something behind.

I live well, not rich, more like independently middle class.


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Re: At, Below, or Above your means
Old 03-28-2007, 09:10 PM   #15
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Re: At, Below, or Above your means

living below your means is so boring. oh, we can't buy this, no we can't have that, nops those fancy tv and cars were built for someone else, let's wait another two years for the stuffs to get real cheap.... it's almost like the only that lbym people can do nowadays are going to the park, get on this forum and watch TV??

personally i am not a fan of lbym and several time attempted to cross the line but somehow never could, i guess i will have to continue this style after i retire too.

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Re: At, Below, or Above your means
Old 03-29-2007, 10:45 AM   #16
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Re: At, Below, or Above your means

Quote:
Originally Posted by Khan
It's difficult to turn off the very behavior the made ER a reality.
It might be hardwired in. I used to save my allowances as a young kid and then loan them back to my dad at interest when he was short on pocket cash.

Hope to have some to pass on to the next generation. Just have to figure how to keep uncle sammy's fingers out of the pie.
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Re: At, Below, or Above your means
Old 03-29-2007, 11:34 AM   #17
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Re: At, Below, or Above your means

Quote:
Originally Posted by d
... my friends have been telling me that for years ... but i think it's because my "underspending" makes them feel uncomfortable with their overspending.
sounds about right. it just happens the friend suggesting i buy two cars because i can't decide on one car resides in her atm machine.

Quote:
Originally Posted by Bikerdude
independently middle class.
great phrase. i'm very comfortable with that.
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Re: At, Below, or Above your means
Old 03-29-2007, 11:40 AM   #18
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Re: At, Below, or Above your means

I define this as spending less than the growth in our portfolio in the year. So any year that the portfolio grows is an LBYM year. Lately that gap has been wide.
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Re: At, Below, or Above your means
Old 03-29-2007, 12:18 PM   #19
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Re: At, Below, or Above your means

Quote:
Originally Posted by gandalf42
It might be hardwired in. I used to save my allowances as a young kid and then loan them back to my dad at interest when he was short on pocket cash.
I am interested to see how my kids turn out. I have three kids, one is currently living below his means, the middle one is living above his means (and paying interest), the youngest lives at her means. Their means = their allowances, which is their age in dollars twice a month.

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Re: At, Below, or Above your means
Old 03-29-2007, 02:10 PM   #20
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Re: At, Below, or Above your means

While accumulating, I guess, if total spending + savings < income, you are LYBM.

What is an ER's means? 4% of portfoio? 5? Higher? Lower? What if you plan to spend 7% of portfoolio for x years and then cut back?

While I'm below today, when I ER shortly what will I be?
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