Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 12-21-2012, 01:03 PM   #121
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Lsbcal's Avatar
 
Join Date: May 2006
Location: west coast, hi there!
Posts: 5,677
Quote:
Originally Posted by arky View Post
Been running at about 43K per year since retirement (Jan 2008) for a single. Don't quite understand the posters who do not include taxes in their totals. Federal, state and property taxes account for ~25% of my expenses !!
One might avoid Fed & State tax by either (1) spending from savings, (2) taking from a Roth IRA.

We payed a lot in taxes this year.
__________________

__________________
Lsbcal is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-21-2012, 01:13 PM   #122
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,095
Quote:
Originally Posted by arky View Post
Don't quite understand the posters who do not include taxes in their totals. Federal, state and property taxes account for ~25% of my expenses !!
I didn't include Federal Income taxes only because I am doing discretionary Roth rollovers, so the taxes I paid this year are inflated quite a bit.
__________________

__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is offline   Reply With Quote
Old 12-21-2012, 01:33 PM   #123
Recycles dryer sheets
 
Join Date: Dec 2010
Location: Tequesta
Posts: 279
Another thing to consider is that I like Mr. Money Mustache's attitude, but my wife isn't so keen on it. Probably many here use a lot of the same approaches to saving that MMM does, but perhaps many don't. I'm trying to adopt some of those money saving things without driving my wife nuts and she's trying to accept that she will be better off if I don't die in the harness, so to speak. We've reached a balance, we think, and both of us are looking forward to finding out.
__________________
67walkon is offline   Reply With Quote
Old 12-21-2012, 01:37 PM   #124
Recycles dryer sheets
 
Join Date: Nov 2006
Posts: 171
I would be embarrased to post what we spent this year, so I won't. But, as others have said, it really does matter where you're at in life. I probably spend more than others do in a whole year just trying to keep my 15 year old son fed. Just his playing HS baseball set me back almost $1,500. Then, I have a DD in college, another DD that's out of college but still needs some help. Man, the money just seems to fly out the door at our house.

My goal for 2013 is to end up under $100K (after taxes). What's weird is, I don't think we live lavishly, but when I read of people living on $20K, I guess we probably do spend too much on some things. No debt. Low cost of living area.

According to my Quicken report that I used to estimate retirement expenditures (several years from now), I think me and DW can get by on maybe $65K (after tax). I can't really see it going any lower than that.
__________________
PatrickA5 is offline   Reply With Quote
Old 12-21-2012, 01:49 PM   #125
gone traveling
 
Join Date: Jan 2012
Posts: 13
Married. Early 40s. 2 kids. Bay area
Retired this year
About 27K so far YTD
Doesn't include 7k property taxes or fed and state taxes
Firecalc 100% on 4% SWR with max 160k spend
Don't feel deprived at all
__________________
richfei is offline   Reply With Quote
Old 12-21-2012, 02:23 PM   #126
Recycles dryer sheets
 
Join Date: Nov 2006
Posts: 171
Disregard my lofty goal of $100K for 2013. Just remembered I have a DD getting married next year. Crap. Maybe 2014.
__________________
PatrickA5 is offline   Reply With Quote
Old 12-21-2012, 02:58 PM   #127
Full time employment: Posting here.
 
Join Date: Dec 2010
Location: Southern California
Posts: 916
It's looking like $60-62k for a family of 4 (DW and I are 43 with 2 young kids), no mortgage or car payment in reasonable cost of living area.

Its a 10% increase from prior year, but its an intentional lifestyle change. Since were borderline FI, Im taking the approach of enjoying life more now with increased spending (family activities and vacations). We might spend more next year as I converted to contract work (work less hours, more free time) but getting about 30% more pay.
__________________
Aiming_4_55 is offline   Reply With Quote
Old 12-21-2012, 03:12 PM   #128
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,262
Quote:
Originally Posted by PatrickA5 View Post
Disregard my lofty goal of $100K for 2013. Just remembered I have a DD getting married next year. Crap. Maybe 2014.

I hear ya.... not about the DD marriage, but some of the other things that make the number higher... as an example..

HI and other medical costs are close to $10K higher with the two kids and DW...

Car and boat costs, including insurance, are about $4K higher (I would not have a boat with DW)....

Food costs are probably about $5K higher

Housing cost are probably $4 to $5K higher.... I was just fine living at my old place... but, needed more room with family...

Vacation costs are about $10K higher... DW LOVES to go places... and we have to pay for 4 people...

Other misc items are another $5 to $6K....


Even subtracting all of these, I still was cheaper when single than the number left over.... so there must be other items I am not seeing right away...
__________________
Texas Proud is offline   Reply With Quote
Old 12-21-2012, 03:44 PM   #129
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Lsbcal's Avatar
 
Join Date: May 2006
Location: west coast, hi there!
Posts: 5,677
Some of these posts are interesting because several of them show the love/hate relationship we have with wealth (big and little wealth).

So who are the good guys? Is there a definition of the proper and maybe saintly income (spending) level? I sure don't have a (non-political) answer.

Anyone want to venture a definition?
__________________
Lsbcal is offline   Reply With Quote
Old 12-21-2012, 03:50 PM   #130
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,096
Quote:
Originally Posted by Lsbcal View Post
Anyone want to venture a definition?
Sure.

Anyone who spends less than me is a miserly tightwad. Anyone who spends more is a gluttonous spendthrift.

Howzzat?
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 12-21-2012, 03:52 PM   #131
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,860
Quote:
Originally Posted by Lsbcal View Post
Some of these posts are interesting because several of them show the love/hate relationship we have with wealth (big and little wealth).

So who are the good guys? Is there a definition of the proper and maybe saintly income (spending) level? I sure don't have a (non-political) answer.

Anyone want to venture a definition?
We are ALL the good guys, Lsbcal. Every one of us. We are all doing our best to set goals that are reasonable for us as individuals, and to meet those goals as best we can. It's just interesting to read where others are on their parallel, though often different, journeys through life.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Old 12-21-2012, 03:53 PM   #132
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,446
Quote:
Originally Posted by REWahoo View Post
Sure.

Anyone who spends less than me is a miserly tightwad. Anyone who spends more is a gluttonous spendthrift.

Howzzat?
Sunds like my family
__________________
MichaelB is online now   Reply With Quote
Old 12-21-2012, 03:59 PM   #133
Thinks s/he gets paid by the post
nun's Avatar
 
Join Date: Feb 2006
Posts: 4,836
You have to consider taxes, but whether you have them in your budget depends on how you pay them. If they are withheld at source I can see how you might exclude them, but in ER when income is coming from sources other than IRA or SS you must budget for them or be faced with a nasty surprise at tax time.
__________________
So we beat on, boats against the current, borne back ceaselessly into the past.

Current AA: 65% Equity Funds / 20% Bonds / 7% Stable Value /3% Cash / 5% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
nun is offline   Reply With Quote
Old 12-21-2012, 04:05 PM   #134
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,402
Quote:
Originally Posted by Lsbcal View Post
So who are the good guys? Is there a definition of the proper and maybe saintly income (spending) level? I sure don't have a (non-political) answer.

Anyone want to venture a definition?
A good guy is anybody who spends enough to buy his happiness, provided that he is using no more than 4%WR.

A super guy is someone who is happy with 3.5%WR, while having no SS, no pension, and has to buy his own health insurance, and only retires after putting his children through college with no student loans.

And a saint is someone who meets the above qualifications, yet can find happiness living in an RV in the boondocks, and spends only $15K/yr. Oh, I forgot to add that he must also have enough left over to indulge in a bottle of XO cognac every so often, while alone in the boondocks of course.
__________________
NW-Bound is offline   Reply With Quote
Old 12-21-2012, 04:22 PM   #135
Thinks s/he gets paid by the post
 
Join Date: Nov 2009
Posts: 3,862
Quote:
Originally Posted by nun View Post
You have to consider taxes, but whether you have them in your budget depends on how you pay them. If they are withheld at source I can see how you might exclude them, but in ER when income is coming from sources other than IRA or SS you must budget for them or be faced with a nasty surprise at tax time.
+1.

Furthermore, some of my income is taxable only at the federal level, some of it only at the state level, and some of it (actually, just over half of it) is taxable at both the federal and state levels (and some of it is fully tax-free). I have no taxes withheld so I have to write checks to both places during the year (i.e. estimated taxes) and the following April.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is online now   Reply With Quote
Old 12-21-2012, 04:27 PM   #136
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,376
Quote:
Originally Posted by Lsbcal
Some of these posts are interesting because several of them show the love/hate relationship we have with wealth (big and little wealth).

So who are the good guys? Is there a definition of the proper and maybe saintly income (spending) level? I sure don't have a (non-political) answer.

Anyone want to venture a definition?
I am not the jealous type, and am more on the lower end of spending scale. I for one am getting tired of all the frugal posts since I do enough of that myself. I want some of you big spenders on this forum to quit being modest and complimenting us frugal-its.. Start posting all the good stuff so I can live vicariously through your life.
Btw- I could ramp up my spending, but there are really only a few things that I would really want, but the ongoing increased carrying cost of those items (such as a second home at my favorite vacation place) would stress me financially more than the benefit of having it would provide satisfaction.
__________________
Mulligan is offline   Reply With Quote
Old 12-21-2012, 04:36 PM   #137
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,384
Quote:
Originally Posted by Mulligan View Post
I for one am getting tired of all the frugal posts since I do enough of that myself. I want some of you big spenders on this forum to quit being modest and complimenting us frugal-its.. Start posting all the good stuff so I can live vicariously through your life.
Sorry Mulligan to disappoint you, but I live on $8/day, and I am researching ways to get it down to $7.50 next year. I think that my modest personal inflation rate may help.

Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Old 12-21-2012, 04:44 PM   #138
Moderator Emeritus
 
Join Date: May 2007
Posts: 11,038
Including taxes, we spent over $280K this year - so far.
__________________
FIREd is offline   Reply With Quote
Old 12-21-2012, 04:47 PM   #139
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 2,971
Quote:
Originally Posted by FIREd View Post
Including taxes, we spent over $280K this year - so far.
Wow!! That's more than i've spent in my entire adult life. However, it fits within your means so that's great for you. I know most people say money doesn't buy happiness but I promise i'd be happier with more money.
__________________
aaronc879 is offline   Reply With Quote
Old 12-21-2012, 04:48 PM   #140
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,376
Quote:
Originally Posted by haha
Sorry Mulligan to disappoint you, but I live on $8/day, and I am researching ways to get it down to $7.50 next year. I think that my modest personal inflation rate may help.

Ha
Ha, I hope you are just talking about food costs per day, not everything. Because that would mean you are lumping me in with the big spenders, and all wealthy people most deservedly would be personally offended by my inclusion.
__________________

__________________
Mulligan is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 07:42 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.