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View Poll Results: $90k in todays dollars for retirement would be...
Way more than I would ever need 99 29.03%
I would be happy, it is a bit more than I need 110 32.26%
It is about what i am targeting as an income 70 20.53%
It would be disappointing for my targeted income 43 12.61%
I would be terribly disappointed with this income 22 6.45%
Multiple Choice Poll. Voters: 341. You may not vote on this poll

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Old 12-03-2012, 01:33 PM   #41
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I just looked up at the light on the ceiling fan above my kitchen table, as I type this post. No, no dust there, although the last time I cleaned that globe was when I changed the bulb inside, well over 5 years ago.

Wait, there's some. I guess we are not that picky.

Or could it be that my wife dusted it recently? Hmmm....

Whatever. If it works, I will leave it alone.
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Old 12-03-2012, 01:40 PM   #42
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I think $90,000 plus SS would leave me comfortably fixed in retirement.

I think having a cleaner is just fine if it frees up your time for some activity you prefer doing. I no longer have one, but I do hire a gardener who also plows the driveway and shovels the walks in winter. I also have no interest in learning auto mechanics, plumbing, electrical systems or HVAC so I hire professionals for those things.
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Old 12-03-2012, 01:54 PM   #43
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I think $90,000 plus SS would leave me comfortably fixed in retirement.

I think having a cleaner is just fine if it frees up your time for some activity you prefer doing. I no longer have one, but I do hire a gardener who also plows the driveway and shovels the walks in winter. I also have no interest in learning auto mechanics, plumbing, electrical systems or HVAC so I hire professionals for those things.
I couldn't agree more!

I found a wonderful and reliable handyman, and that is a good way to spend money too (plus I love to give him work since he earns every penny). He isn't cheap but he is worth it to me. I think I'll have him replace my side door that sticks all the time, and work with his (very qualified, licensed) electrician buddy to put in an additional electrical socket in each of a couple of rooms. He can also add more bolts to my front door so that the next hurricane doesn't blow it open like Hurricane Isaac did. And then, maybe he can install sliding shelves in my under-counter kitchen cabinets. I am waiting until after the holidays for all this, though.
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Old 12-03-2012, 01:57 PM   #44
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Much more than I would ever need. I've never come close to spending that much in any one year.
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Old 12-03-2012, 02:04 PM   #45
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Well, if you were one of the two Powerball grand prize winners last week, you would learn to spend a lot of money pretty quick. I think even a scroogy guy like me would know to adapt to this new economic condition. Doubt that spending 10x or 100x would make me that much happier though, but spreading the wealth around is the right thing to do, oui?
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Old 12-03-2012, 02:38 PM   #46
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I'd feel secure (for once).
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Old 12-03-2012, 02:43 PM   #47
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We are somewhat below that with the CalPERS pension, which contains an UP TO 5% COLA adjustment. In addition, we are debt free and have 1/2 mil in investments. Also getting SS early (disability). We have MORE than we need. We have always lived a modest lifestyle, and are actually spending MORE than ever before and still not blowing through cash. Nice situation.
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Old 12-03-2012, 02:47 PM   #48
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I was excited when I saw the title of the thread since we are figuring around $100K with SS. But there needed to be some parameters, mainly if one's mortgage is paid off, if there is a COLA on any pension and if there is a health insurance benefit, perhaps from a union or the Feds.

I would think, and most people I know would envy us for having $100K per year, except 42% of our yearly budget is Housing (Mortgage w/tax and insurance, HOA fee & Utilities). The reason for this is because we took the profit from our sale (right before the crash) and did not put it in our new downsized house, we invested it instead. That's a mixed blessing but we have liquidity, did not lose money when everyone's equity vanished and are free to move to cheaper areas, but we now carry a large mortgage.

Is anyone else who is in the 90K area in the same boat? Most sources say you shouldn't have housing be more than 33% of your income. Even if you pay off your mortgage you will still have taxes, insurance, utilities and possible association fees.

So in sum, those fellow posters who answered above that 90K is cool, what percentage of your annual income will be housing and health? Those two categories may amount to 54% of our budget unless we move to a cheaper home and stay healthy. I'm 59 and will retire in two years and DW in five and she will have a pension with a 3% COLA. We live in a state capitol and the area is expensive.

Thanks
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Old 12-03-2012, 02:49 PM   #49
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I couldn't agree more!

I found a wonderful and reliable handyman, and that is a good way to spend money too (plus I love to give him work since he earns every penny). .....
So true, a good handyman most definitely is worth at least his weight in silver now that gold is off the charts. And bonus, his electrician friend.
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Old 12-03-2012, 03:02 PM   #50
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I should add that we have EXCELLENT post retirement benefits. I am too embarrassed to say. Sufice to say that EVEN WITH major health issues we come NOWHERE CLOSE to exceeding the 7.5% floor for deductibility. NOT EVEN CLOSE
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Old 12-03-2012, 03:19 PM   #51
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I am a handyman, an electrician, a shade-tree auto mechanic, and I occasionally play mason and carpenter too.

My wife calls me her "hero", but I just call myself frugal.

Actually, it's not just money, but I share the same DIY spirit with Jacob of the Extreme Early Retirement. I'd rather be working on something than spending time on the exercise bike or rowing machine (that are collecting dust somewhere in a spare bedroom upstairs).

PS. Ah, talk about dust, I had just admitted to needing some cleaning service. Would a cleaning lady call my home "job security" (beaucoup money for cleaning!), or would she run off screaming?

PPS. Because I did all the work above (I even dust occasionally and I vacuum too), I should be worth my weight in gold. Too bad my BMI is only 25.
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Old 12-03-2012, 04:22 PM   #52
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Its not how you have coming in, its how much is going out. But we're planning on pretty much living on a $95,000 annual stream of income from something we sold. It will last through 2018. Then I'll be 69 and can take close to the maximum SS amount. By then, if they don't kill it or means test it, my wife and I combined should be able to get around $50K, or even a little more, a year from SS and, assuming about a 4% annual growth rate over the next 6 years, another $80-100,000 from the good old retirement accounts. I think we're there.

116 days to go!
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Old 12-03-2012, 05:06 PM   #53
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Then I'll be 69 and can take close to the maximum SS amount. By then, if they don't kill it or means test it, my wife and I combined should be able to get around $50K, or even a little more, a year from SS
But the political landscape and the huge deficits are foretelling that there will be mean testing, claw back in form of taxes and cuts to Social Security benefits. I think I'll take SS benefits at full retirement age and not wait another 4 years for the them to make additional and likely negative changes for those of us who had paid full fare and in addition saved for their own retirements.
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Old 12-03-2012, 05:12 PM   #54
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I should have clarified, this would be for 2 people to live on.........
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Old 12-03-2012, 05:14 PM   #55
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That's fine. I am a bigger spender than my wife, so it's all right.
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Old 12-03-2012, 05:32 PM   #56
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Its not how you have coming in, its how much is going out. But we're planning on pretty much living on a $95,000 annual stream of income from something we sold. It will last through 2018. Then I'll be 69 and can take close to the maximum SS amount. By then, if they don't kill it or means test it, my wife and I combined should be able to get around $50K, or even a little more, a year from SS and, assuming about a 4% annual growth rate over the next 6 years, another $80-100,000 from the good old retirement accounts. I think we're there.

116 days to go!
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But the political landscape and the huge deficits are foretelling that there will be mean testing, claw back in form of taxes and cuts to Social Security benefits. I think I'll take SS benefits at full retirement age and not wait another 4 years for the them to make additional and likely negative changes for those of us who had paid full fare and in addition saved for their own retirements.
On the other hand, if you spend most of your stash by the time you get to 70, meaning depleting your means so that there is not much left to "test", would you not get your entire portion? Spendthrifts get rewarded, while savers get punished?

We are of course drifting off topic again, but the gummint rarely thinks deeply enough to realize that good intentions in law making may just incentivise people to do the wrong things, if not for themselves then for society.

We still have a few years to even get to the early SS withdrawal, but I find it hard to spend all or most of my stash, so that I will be getting more from the government, and be more reliant on it too. I value my independence too much, I guess.
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Old 12-03-2012, 05:51 PM   #57
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Maybe the little people could scrape along on $90K, but I have sophisticated and expensive tastes that must be met. The little people wouldn't understand this any way, so I won't elaborate.


(j/k)
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Old 12-03-2012, 05:51 PM   #58
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It would be tight at $90k. I'd have to put DW on an HSN and QVC spending freeze, and we'd have to cut back on travel. But that said, I'm budgeting less than $90k spending for when we retire.
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Old 12-03-2012, 05:59 PM   #59
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...I have sophisticated and expensive tastes that must be met. The little people wouldn't understand this any way...
Eh, this little person is trying to develop sophisticated tastes that require less money. If you can just buy something expensive, where's the elegance in that?

Seriously, I used to watch a lot of Food Network shows. Many chefs call expensive steak houses "heat and serve" restaurants, because what's there to do with an expensive cut? True chefs pride themselves on turning lesser cuts into tasty dishes. That requires true culinary skills.

I must go off to stir my pot of beef stew now. It's made with chuck roast.
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Old 12-03-2012, 06:03 PM   #60
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I would be fine with $90k + SS for one person. That is broadly similar to what I am budgeting for myself.

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I should have clarified, this would be for 2 people to live on.........
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