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Old 05-11-2016, 04:38 PM   #41
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You guys - c'mon, this baby's less than $4M!

Gulfstream Aerospace - Pre-Owned Aircraft - G200 S/N 79
That old thing? Nah, I'm holding out for the luxury private 747.
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Old 05-11-2016, 04:39 PM   #42
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After you develop hobbies, you'll be well over $40k spending a year
It depends on the hobby. I have about $5000 invested in music gear (guitars, basses, and amps). The ongoing annual cost for strings, maintenance, etc. is less than $100.
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Old 05-11-2016, 05:23 PM   #43
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When I retired, I started flying for Angel Flight and Pilots & Paws. I rent, since I do not fly enough to justify owning. Last year I flew over 50 hours, at $130/hour. That is $6500, which would take a chunk out of that 40 K.
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Old 05-11-2016, 05:46 PM   #44
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It's great that you fly for those groups. Our health insurance premiums cost 10k year, we spend between 10k-15k on travel and we like to eat out, etc. Our yearly spend is between 65-70K. Obviously we could cut out the fun stuff if we ever needed to.
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Old 05-11-2016, 06:09 PM   #45
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You said you have car, house and other stuff paid off. Do you have a fund to replace those items? Your car is good for 10 yrs, A/C 15, roof 15-30 depending where you live, major appliances 7-15 yrs, house paint 15 yrs, and so on. If you are not putting aside for those expenses, you will know how you can spend $40,000 a year and more is some years.
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I can't figure out how I'll spend $40,000/year in retirement
Old 05-11-2016, 06:19 PM   #46
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I can't figure out how I'll spend $40,000/year in retirement

$40,000 is about right for taxes, health, food, insurance, utilities, cars, etc.

Then any of the ings take a bit more, for example: skiing, golfing, traveling, playing, rving, diving, snowmobiling, motorcycling, flying, whatevering.

Maybe when people get old these type of things are no longer fun or wanted I don't know.
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Old 05-11-2016, 06:31 PM   #47
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Alas, I love good wine but cannot drink much of it - migraine trigger.

I've worked an additional 2,400 into the annual food budget as I am a bit of a foodie. Frankly, one of the fun things I'm looking forward to in retirement is to have the time to really make some strides in my cooking. I simply don't have much energy to make complex meals during the work week.
Try taking a mild antihistamine prior to imbibing, a lot of migraines are associated with the abundant amount of histamines found in red wine.
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Old 05-11-2016, 06:42 PM   #48
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We are still a family of five and our budget is much higher. Some of our bigger items ...
- medical insurance + out of pocket - $21K
- car/home/umbrella - $4K
- Sinking fund for cars - $10K
- Home maintenance/projects - $10K
- HSA - $6K

Now hopefully we are over budgeting on the out of pocket medical, car fund and home maint projects but you never know.


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I struggle to spend $250 per month let alone $2500.
Old 05-11-2016, 07:00 PM   #49
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I struggle to spend $250 per month let alone $2500.

A sack of beans, a sack of rice and you're all set.

Who wants to work for The Man forever. Stop workin' and start livin' the dream.

But first thing is to get those expenses way down. Housing and transportation are crucial.


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Old 05-11-2016, 07:37 PM   #50
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A sack of beans, a sack of rice and you're all set.

Who wants to work for The Man forever. Stop workin' and start livin' the dream.


ER Now !
That place is a palace. Far too extravagant. Here you go
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Old 05-11-2016, 07:39 PM   #51
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This thread once again reminds me how broad spending desires are with comparatively similar "happiness" levels.

My numbers are roughly (monthly)
4300 mortgage
500 food
300 bills
300 random stuff
300 travel
400 aggregated home maintenance

All said and done it runs about 80K/yr. I'm not retired yet and have 2 young kids so I'd add 1K for medical at least, which brings it to 92K.

I could move 50 miles east and use home equity to buy a better house and lower taxes to 300/mo knocking about 48K from the budget... so there ya go... 40K-90K just by having a house 50 miles west

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Old 05-11-2016, 07:55 PM   #52
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When I see monthly ER budgets here they all seem to be 70,000/year and up, and folks make a point to say they're frugal and don't take vacations, etc.
Under my numbers (and I don't consider myself particularly frugal) I'm finding it hard to spend over $40,000/year in retirement - is there anyone else here who is making it on that amount?
Well, if it was just my wife and me, we could make it easily on $40,000/year. But with the stepdaughter (who has 2 kids and no real education, no spouse not much of a job) needing pretty much constant support from us, it's become clear that we need a bit more than that. Thankfully, we have more, so we're okay, but this is just one example of things that can happen in life to complicate your best attempts at retirement financial planning.
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Old 05-11-2016, 08:18 PM   #53
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Don't forget income tax and property taxes. But yes, I do think that some of us are pleasantly surprised with low expenditures when we retire. The 80% number is just ridiculous, or at least it is for many of us, because we aren't spending that much even while working.
Here is a recent Canadian study that suggested that retirees were spending 62% of their previous income.

https://www.sunlife.ca/ca/Learn+and+...=en_CA&sf=true
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Old 05-11-2016, 09:05 PM   #54
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We live in a high cost of living area so living on 40K/year would be extremely difficult if not impossible for us and we have no mortgage and no debt. We need 60K to cover what we consider essential expenses and we substantially exceeded this figure last year with a very high dental spending. Then you add entertainment, liquor, fine dining, tennis club, swim club, travel etc...

We can afford this level of spending and we see no need to trim expenses or to deviate from the plan but if the need arises in the future with a protracted bear market we would have to possibly reduce expenses but never under 70K.

We also contribute both of our kids' annual Roth contribution in case we spend all of our money and leave them with no inheritance.
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Old 05-11-2016, 11:19 PM   #55
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$14K for child support and $28K for everything else puts me at about $42K per year. Taxes are a little unclear - lots of moving parts - but I believe will be near zero.

Paid off house and car, three kids here about half the time. ACA silver with CSR87 for ~$200/mo. A few small trips and maybe one big trip per year. Kids' college is a separate bucket.

@Major Tom - hey, housing *and* transportation! :-) (note the wheels)
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Old 05-11-2016, 11:51 PM   #56
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I have no firm number on how much DW spends but I approximate it at 20K/yr.
I am trying to get her to track it, just so we know.

Prior to retirement I was spending about $10,500/yr , but I noticed it crept up to 20K/yr. Probably due to restaurants and travel.
Last year for me I spent $56,000 but that included paying cash for a new vehicle.

We need a trip to Europe to spend some of our children's inheritance.
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Old 05-12-2016, 12:00 AM   #57
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Well, are you single?

And lucky you to have zero health care costs. Most of us aren't that lucky. We spend ten grand a year out of pocket, above and beyond our premiums.

As a married couple, I wouldn't even want to retire on only $40,000 per year. We plan to spend double that. We spend more than twice that now, but we are still supporting kids and paying off a house.
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Old 05-12-2016, 12:50 AM   #58
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FUEGO is my hero here . Detailed tracking of low spending with family and awesome life.

I have much to learn from you guys.

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Old 05-12-2016, 04:35 AM   #59
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One thing to keep in mind as we toss numbers around is that some of us are talking about living off a single annual number as an individual, others as a couple, and others as a family. It's not really apples to apples.

I'm heading toward the two-year mark, and I've also been shocked at how little I've spent, even though I live in an expensive city and don't feel I've deprived myself of anything. Of course, I do live simply, and it helps that the mortgage is paid off. The great thing is that it's eliminated any doubts I had about whether it was the right time to pull the trigger.

Going forward, I plan to loosen up a bit by supporting local coffee shops and restaurants more, and perhaps adding some travel. However, I remain wary of major one-time expenses (be they auto, medical or house related) that could throw everything out of whack.
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Old 05-12-2016, 06:19 AM   #60
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I am under 15k for base expenses in a HCOL. Paid off car and condo is the key to keeping it low. Low income maximizes the ACA benefit and minimizes taxes.
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