Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Old 10-02-2012, 11:20 AM   #21
Recycles dryer sheets
Join Date: Sep 2004
Posts: 330
Grown kids......No college expenses.....No mortgage.....No alimony etc....NADA

ferco 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 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 10-02-2012, 11:23 AM   #22
Thinks s/he gets paid by the post
imoldernu's Avatar
Join Date: Jul 2012
Location: Peru
Posts: 4,652
Less than $1 million?
Yes... much less. Happily retired since 1989. Homes in Il and Fl and a "lake place"

I started a thread here:
Sharing 23 years of Frugal Retirement
... that comes from notes that I made along the way. A little long, perhaps, but I am using it as a way to share my diary with friends, and hope to add notes from time to time, as new things pop up, or major changes happen.

Certainly not for those who have world travel, or elegant living in their plans, and many will not be content to change their current lifestyle to adjust to limited income.

I'd agree that someone retiring today may need a little more than what we had when we retired, but I honestly feel that learning "frugal" would allow for retirement for much less than $1 million. (the "Kicker" is covering the healthcare cost before Medicare comes in.)

The saving grace for early retirement, is the ability to go back to work if things don't work out. We were prepared to, but were lucky, and have lived happily everafter... so far.

Good luck!

imoldernu is offline   Reply With Quote
Old 10-02-2012, 11:29 AM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
HFWR's Avatar
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 13,124
Barring winning the lotto marrying a rich widder woman unforeseen circumstances, I will retire with quite a bit less than $1M. I do have subsidized health insurance to get me to Medicare, will have a teeny tiny non-COLA pension of about $300/mo., and a SS check. Plus, at 58 and counting, I don't believe I'll have to fund 40-50 years of retirement, like some here.
Have Funds, Will Retire

...not doing anything of true substance...
HFWR is offline   Reply With Quote
Old 10-02-2012, 12:21 PM   #24
Recycles dryer sheets
Join Date: Dec 2010
Location: Tequesta
Posts: 279
I think it could be done, but I'm not gonna do it! We have a 2d home in a rural area of Western NC. The costs of running that home-taxes, electric, gas, insurance, any maintenance I can't do, etc. are less than $5,000 a year. They're actually right around $4,000, but we aren't there in the winter. I figure that if everything goes south with our retirement plans, we could live there easily on $40-50,000 until SS kicked in.

So yes, it could be done, but I don't want to be the one to do it. I would prefer to have a good bit more.
67walkon is offline   Reply With Quote
Old 10-02-2012, 01:06 PM   #25
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2003
Location: Kansas City
Posts: 7,463
My past is too messy to follow but let me toss out some tidbits. Remember this was the 90's when a dollar was a dollar. Ballpark net worth 250k including 6k RE income age 49. I don't recommend going 12 years without health insurance like I did(too mean to get sick) or doing one year on 12k(she said I was sick in the head). Lived in a payed up fish camp over Lake Ponchartrain technically still in the City and Parrish of New Orleans. The hard to compare part comes from not keeping detailed records(aka spreadsheet), temp work in 95/96, small non-cola pension in 98, early SS in 2005 and that wonderful Mr Market til year 2000. We ran a lot of years maybe 18 to 24k expenses.

Now in my old age 40 - 60k with maybe half in the discretionary(aka party on category) - more than beater pickup, travel, remodeling, eating out a lot, etc.

And next year when I turn 70 plus - good ole RMD - so I gotts to spend a tad more cause I can't take it with me.

heh heh heh - All praise too Saint Jack(aka index funds), my cheap SOB ways early, and of course the point in history when I was layed off - and morphed into a born again slacker, I mean high class ER. I may not live in New Orleans anymore but I intend to party on in KC.
unclemick is offline   Reply With Quote
Old 10-02-2012, 02:00 PM   #26
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
Join Date: Jul 2008
Posts: 20,715
I personally am not in this scenario, but would like to think that it is doable, particularly if one already owns the roof over his head. Where one decides to live is certainly a big factor, and he will have to learn to be more resourceful.

Originally Posted by travelover View Post
+1 It all depends on your expectations. Anyone else here that was just out of college, without two nickels to rub together and had the time of their lives?
When I came to the US, I did not even have a nickel to rub between my thumb and index fingers, leave alone two. But when I got out of graduate school, I was already working part-time and had good paper money in my fist. That's what I got for not partying while in school (not even once!), and worked my butt off during the weekends and the summers.

Originally Posted by Midpack View Post
You may have seen this, there are lots of resources on retiring with less than a million...
I had not heard of this book, and just reserved it online at the library. I saw that the publication date was 2000. Seeing that the book title is How To Retire Early and Live Well With Less Than A Million Dollars, I wonder if the book got revised, it would not be retitled to $1.34 million to account for inflation in the last 12 years.

Come to think of it, if our portfolio cannot keep up with inflation, it will be just a matter of time before this situation applies to us, when our money becomes just as worthy as $1million in 2000. Sad.
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is offline   Reply With Quote
Old 10-02-2012, 02:01 PM   #27
Thinks s/he gets paid by the post
NYEXPAT's Avatar
Join Date: Jul 2009
Location: Miraflores,Peru
Posts: 1,072
I will have been retired for 25 years (Oct 17,2012) and while I had more than a million when I started, I am sure for the last 10-15 years I have been substantially below it. AA was always 100% stocks until the early 2000's when I got out altogether. Now, just have real estate and high interest cd's and SS kicks in end of 2015. I would not do anything differently,except to "pretend to work" for society's sake and maybe should have bought a bit more property before the "current tear" emerging markets have been on the past 4 years. With the current debasement, I have little doubt that currencies and real estate will put me over the million dollar mark again in the near future. For sure, I will never again live the "1980's young retired millionaire's lifestyle" and lucky for me, I do not want to!
NYEXPAT is offline   Reply With Quote
Old 10-02-2012, 02:31 PM   #28
Moderator Emeritus
Join Date: May 2007
Posts: 11,056
I think it's possible to retire with less than $1M. In the medium-size southern city where I used to live, the median income for a family of four is around $52K. Of course, the median family of four has to save for retirement and they also have to pay mortgage/rent expenses, payroll taxes, and child rearing expenses. Once the house is paid for and the kids are gone, their retirement expenses probably fall in the $30K-$40K range (retired households in that city have a median income of $31K). Most of it will probably be covered by social security once they reach FRA so $1M would probably be adequate to cover a few years of ER.

FIREd is offline   Reply With Quote

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 11:30 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2018, vBulletin Solutions, Inc.