Poll: How would you feel with $90k/year in retirement?

[Alan]

$5K/month in locations like the above is lower than I would have guessed.

A few years ago, I would have thought of following in your footsteps, selling everything and hitting the road. But I have realized that I am way too much of a homebody to travel like that. Even when RV'ing, which is a small home on wheels, we have not been away from home for more than about 6 weeks.

Apart from Yellowstone all the places we stayed were rented through VRBO and were very reasonably priced. The most expensive, and the largest, was the condo in Friday Harbor on San Juan island and that was $2,500 for a month. The 1-bed cabins on the slopes of Mt Hood, and in Wilson, Wyoming were $495 / week. Wilson is right by Grand Tetons National Park and $80 got us an annual unlimited pass into all the National Parks, and a smaller sum got access to all the State parks in Washington (in total we had 6 weeks in Washington). We visited 9 National Parks.

We drive a Prius so the cost of gas was minimal compared to an RV. Gas was well over $5/gal on San Juan Island but in the month we were there we didn't need to fill up. Once you arrived by ferry, all other inter-island ferries on foot or with a bicycle are free. (we rented bikes twice to tour other islands, and on foot another time).

We've booked up the 2 cottages we'll staying in Ireland next May and they are costing 400 Euros/week (~$500) They are fairly remote so the cost will be much higher as we'll need to rent a car for the month.

 

[NW-Bound]

Alan, thanks for the info. I have wanted to visit San Juan Islands, but despite being to the Seattle area numerous times have not had a chance. It was mostly due to our trips being impromptu, and I did not specifically have the islands as a destination. I am sure I will come that way again, however.

If you don't heat the moat in winter it will ice over and the peasants can cross over and get in your courtyard. Can't have that.
They are so always begging for food and looking pitiful. Really a downer. What's the use of being a lord if you have to look at rabble in your courtyard?

No, the moat is to protect a lord from another king, not from his own subjects. Yes, the poor peasants might be an eyesore, but they would not dare bother you. Let me tell a real story.

There was a king in the Middle Ages who was bothered by the sight of the cripples, invalids, and beggars in his kingdom. So, he announced that he would host a dinner for them. The poor came to the city on the preset day, and were ushered into a large hall where a great feast awaited them. After they stuffed themselves, the king made an appearance and asked "Do you want to be without cares, lacking nothing in this world?". Of course his subjects answered positively.

The king then ordered the doors shut, and the building set on fire. No one escaped! He later explained that his action was to make sure that there were no more disabled people and weaklings in his kingdom.

So brutal, you say? Well, these victims were fortunate, because they could have faced a far worse fate than being burned to death. For the king was Vlad the Impaler, who invented dozen of ways to impale people, some allowing the victims to suffer for days before they died.

 

[ejman]

It's been done before

I'd forgotten that picture. Sad, sad memories...

 

[ejman]

Alan, thanks for the info. I have wanted to visit San Juan Islands, but despite being to the Seattle area numerous times have not had a chance. It was mostly due to our trips being impromptu, and I did not specifically have the islands as a destination. I am sure I will come that way again, however.



No, the moat is to protect a lord from another king, not from his own subjects. Yes, the poor peasants might be an eyesore, but they would not dare bother you. Let me tell a real story.

There was a king in the Middle Ages who was bothered by the sight of the cripples, invalids, and beggars in his kingdom. So, he announced that he would host a dinner for them. The poor came to the city on the preset day, and were ushered into a large hall where a great feast awaited them. After they stuffed themselves, the king made an appearance and asked "Do you want to be without cares, lacking nothing in this world?". Of course his subjects answered positively.

The king then ordered the doors shut, and the building set on fire. No one escaped! He later explained that his action was to make sure that there were no more disabled people and weaklings in his kingdom.

So brutal, you say? Well, these victims were fortunate, because they could have faced a far worse fate than being burned to death. For the king was Vlad the Impaler, who invented dozen of ways to impale people, some allowing the victims to suffer for days before they died.

Interesting approach. I think I read someplace the Nazis had a similar plan.

 

[sanfanciscotreat]

I just thought of something. If you could not afford a yacht with front and back helipads, and but want to impress your visitor, make sure to wait at the last moment to push your chopper off while your friend was hovering waiting to land.

Then, find a way to hint to him that it shows how much you appreciate his friendship and company for dinner.

Most of the super rich w/mega yacht have a tender Yacht to hold all the play boats, submarines and helicopters so more room is available on the main yacht for bars, pools, etc.

 

[imoldernu]

Fun thread. Don't think it applies to me/us.
We've been where we wanted to go, and have seen what we wanted to see. Don't quite understand why almost every long term projection ignores Social Security, and don't expect to die with our capital intact.
Three days ago, we entered our 24th year of retirement, and are much closer to age 80, than to age 70.
FWIW... DW receives half of my SS, and together the gross is $25,000. (We took it at age 62.) We count this as income.
One of the most interesting things I find here, is the same thinking that I had some years ago... that retirement years will include a bucket list a mile long. Maybe our list was a little shorter than most, but we did pretty well, and feel no regrets. Except for a few guilt trips about not running five miles a day, health is reasonable, and despite the everlasting worries about dementia... mental attitude is pretty darned good.
We still have our place in a mfg home park in Florida, our camp on the lake, and our home in a retirement community in Illinois... all in low cost areas. With simple needs, and simple tastes, we are simply happy.
That said, money is not a big part of our lives. We have enough.

Now, an interesting thought that I don't see here on ER... Namely, the fallback position for later years of living in a managed retirement apartment, with fixed costs, and including all services... and safe. We've been to see enough of these (including the apartment house in our own community) to know that for older retirees, it's a great option. Many of these retirement complexes are quite elegant.

Full service, 2 persons, for about $32k. Two meals a day. 2BR, 2BA, small kitchen, living room, light housekeeping 1/wk, all utilities, including TV, nominal transportation to local stores, doctors, etc. Planned outings... theatre, gambling, restaurants. On-site rehab center, nursing home, assisted living, beauty shop, library, meeting rooms, weekly calendar of planned events and 24 hour emergency services. Now lest that sounds too much like a place to go to die, there are always party groups, for cruises, trips to Branson, Nashville, and trips to Europe, Alaska etc.

I bring this up, not as a goal for the 45 year olds who are getting ready for adventure, but as a thought for when one is planning for years in the future. While I can still handle a 30 mile bike ride, or a few hours of canoeing, it won't be for much longer. We'll be divesting ourselves of the extra properties in the next year or two.

The point I would make is that making a plan for the future doesn't necessarily mean that the early years of retirement expenses, should have to carry through to the later years. Consider the savings... car expenses, house maintenance, repairs, insurance, taxes, food, utilities, and the intangible savings from being beyond the "acquiring" years...household goods, tools, clothing etc.

Usually I get little nudges when I post stuff like this... like "sounds like you're getting ready to 'toe up' ". Not really... just coming from a different direction.
As was already said... Different strokes...

 

[Meadbh]

Imoldernu, your insight is wonderful, and you and DW seem so .....together. Thank you!

 

[NW-Bound]

One of the most interesting things I find here, is the same thinking that I had some years ago... that retirement years will include a bucket list a mile long. Maybe our list was a little shorter than most, but we did pretty well, and feel no regrets.

I do not have a bucket list, and if it can be called one, it has only 1 or 2 lines. I have tried to be a bit more spontaneous, and to live in the moment. No, it does not mean to go full out and to exhaust oneself, but rather to be more whimsical.

I recently made a Hawaiian trip on a spur of the moment and only 3 weeks in advance when seeing something on this forum. My next item on the "bucket" list is something as simple as visiting a liquor store and shopping for a nice bottle of tequila to try to drink tequila neat, and even make margarita for the New Year family party I will be hosting.

Then, I will soon be surfing the Web again for locations for my next RV trip. Yes, just one thing at a time.

The point I would make is that making a plan for the future doesn't necessarily mean that the early years of retirement expenses, should have to carry through to the later years. Consider the savings... car expenses, house maintenance, repairs, insurance, taxes, food, utilities, and the intangible savings from being beyond the "acquiring" years...household goods, tools, clothing etc.

I have always believed that my expenses will go down with the years, just like Bernicke has observed with his study of retirees' expenses. I have not read his actual work, but from the FIRECalc calculator saw that one's expenses go down starting right at an early age of 56, my current age. A person spending $90K at 56 will be spending only about $42K at 76, according to the model. And I am not even at the $90K level now.

Usually I get little nudges when I post stuff like this... like "sounds like you're getting ready to 'toe up' ". Not really... just coming from a different direction.
As was already said... Different strokes...

I often feel that I am already slowing down at just 56 years of age.

But wait! I was born a geezer, and have always been mellow. Compared to other people, I never got "up to speed", let alone talk of slowing down.

 

[grasshopper]

Just eat at Commander's Palace (and the like) every night, you'll be well on your way to spending $90K...

I couldn't, they don't allow shorts and aloha shirts.

 

[haha]

I do not have a bucket list, and if it can be called one, it has only 1 or 2 lines. I have tried to be a bit more spontaneous, and to live in the moment. No, it does not mean to go full out and to exhaust oneself, but rather to be more whimsical.

I recently made a Hawaiian trip on a spur of the moment and only 3 weeks in advance when seeing something on this forum. My next item on the "bucket" list is something as simple as visiting a liquor store and shopping for a nice bottle of tequila to try to drink tequila neat, and even make margarita for the New Year family party I will be hosting.

Then, I will soon be surfing the Web again for locations for my next RV trip. Yes, just one thing at a time.



I have always believed that my expenses will go down with the years, just like Bernicke has observed with his study of retirees' expenses. I have not read his actual work, but from the FIRECalc calculator saw that one's expenses go down starting right at an early age of 56, my current age. A person spending $90K at 56 will be spending only about $42K at 76, according to the model. And I am not even at the $90K level now.


I often feel that I am already slowing down at just 56 years of age.

But wait! I was born a geezer, and have always been mellow. Compared to other people, I never got "up to speed", let alone talk of slowing down.

Plus, since you never take your tongue out of your cheek, your food expenses are reasonable. Congrats though on having found a way to drink the best, while keeping that tongue firmly planted.

Ha

 

[NW-Bound]

It is true that my writing style is rarely a solemn one. But about drinking the best, well not all the times but quite often, I am able to afford it simply because I do not drink that much. It's that simple. Didn't we agree that when one cuts back on quantity, he can have quality?

What I spend on booze a year is never that much for me to track separately as a budgetary item, compared to a friend of mine who told me he spent a few thousands a year on just light beer consumed in bars. When I asked if he drank outside the home because of company, he said no. Most nights, he said he just sat alone ordering several consecutive drinks, while watching people. In contrast, I drink alone, watching snow fall or listening to the music, or contemplating the meaning of life.

PS. I am taking time off from my travail with the wood floor installation. I will have to get back to finish it. See that the kind of money I save with DIY projects allows me to drink a lot more than I have (but too much drinking is of course not good). And then, earlier we talk about having a house cleaner. At $75/cleaning session once every 2 weeks, I can afford a bottle of XO-grade a month if I do the work myself (or talk DW into it).

 

[haha]

It is true that my writing style is rarely a solemn one. But about drinking the best, well not all the times but quite often, I am able to afford it simply because I do not drink that much. It's that simple. Didn't we agree that when one cuts back on quantity, he can have quality?

What I spend on booze a year is never that much for me to track separately as a budgetary item, compared to a friend of mine who told me he spent a few thousands a year on just light beer consumed in bars. When I asked if he drank outside the home because of company, he said no. Most nights, he said he just sat alone ordering several consecutive drinks, while watching people. In contrast, I drink alone, watching snow fall or listening to the music, or contemplating the meaning of life.

PS. I am taking time off from my travail with the wood floor installation. I will have to get back to finish it. See that the kind of money I save with DIY projects allows me to drink a lot more than I have (but too much drinking is of course not good). And then, earlier we talk about having a house cleaner. At $75/cleaning session once every 2 weeks, I can afford a bottle of XO-grade a month if I do the work myself (or talk DW into it).

No way am I criticizing you. I pretty much agree with your approach, though living as I now do, DIY is pretty well over for me. Not that this makes me sad, no, not at all. One other thing I likely will not be doing is spending heavy money on tequila. For me, tequila is like rum and aguardiente. Tropical shooters for someone who doesn't much like beer and won't pay the outrageous prices for wine down there. Thinking about it, I am not sure I ever drank in a place in SA that even had doors, except those that roll down at night after they have hosed down the cement floor. My speed was always las cantinas.

Ha