Join Early Retirement Today
View Poll Results: How does your retirement spending compare to your last 10 years working?
Frugal - I have/plan to spend at least 20% less in retirement than I did when I was working. 38 17.67%
Live it up - I have/plan to spend at least 20% more in retirement than I did when I was still working. 40 18.60%
Smoothed - I have/plan to spend about the same in retirement as I did when I was working. 137 63.72%
Voters: 215. You may not vote on this poll

Reply
 
Thread Tools Search this Thread Display Modes
Poll: Standard of living before & after retirement.
Old 03-24-2013, 02:59 PM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,976
Poll: Standard of living before & after retirement.

Stemming from another thread. Often discussed, but I don't remember a poll to attempt to quantify. Do you plan to spend more, less or about the same in retirement as the years preceding retirement.
__________________

__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack 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 03-24-2013, 03:15 PM   #2
Recycles dryer sheets
 
Join Date: Jul 2008
Location: Sacramento area
Posts: 444
Hard to say. We are still frugal, but we do things we didn't before. So, we Frugally live it up, I suppose.

(e.g. more travel, BUT always on a budget)
__________________

__________________
AWeinel is offline   Reply With Quote
Old 03-24-2013, 03:21 PM   #3
Administrator
Gumby's Avatar
 
Join Date: Apr 2006
Posts: 10,146
We plan to continue our life of unbridled hedonism.
__________________
Living an analog life in the Digital Age.
Gumby is offline   Reply With Quote
Old 03-24-2013, 03:21 PM   #4
Full time employment: Posting here.
ER Eddie's Avatar
 
Join Date: Mar 2013
Posts: 721
I had a little trouble answering, because I am frugal now and will be later, and I expect my expenses will drop a bit, but not 20% or more. On the other hand, I will be paying out of pocket for health insurance, so that's a big increase in expenses, but not really (I imagine) tied to the intent of your question. In the end I picked "smoothed," because my basic spending will probably remain about where it is, all things (except health insurance) considered.
__________________
ER Eddie is offline   Reply With Quote
Old 03-24-2013, 03:21 PM   #5
Thinks s/he gets paid by the post
 
Join Date: Jul 2005
Posts: 3,862
Same budget we've had for many years. Hopefully we've been conservative planning retirement and will have some extra to spend. But that's not in the budget.
__________________
Animorph is offline   Reply With Quote
Old 03-24-2013, 03:32 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,018
I voted less. I have scaled back or cancelled a number of personal and professional expenses, including cable, malpractice insurance, disability insurance (I am converting one policy to LTCI), professional society memberships, airport lounge membership card, dry-cleaning, and housecleaning service. However, some of these budget altering moves have no direct effect on my standard of living!
__________________
Meadbh is offline   Reply With Quote
Old 03-24-2013, 03:36 PM   #7
Recycles dryer sheets
 
Join Date: Jun 2009
Location: SoCal
Posts: 230
Quote:
Originally Posted by Meadbh View Post
I voted less. I have scaled back or cancelled a number of personal and professional expenses, including cable, malpractice insurance, disability insurance (I am converting one policy to LTCI), professional society memberships, airport lounge membership card, dry-cleaning, and housecleaning service. However, some of these budget altering moves have no direct effect on my standard of living!
I voted about the same, but I do think Meadbh's comments are true. I just expect that there will be some additional expenses (eg health insurance) that will take the place of expenses that will be gone or reduced in retirement.
__________________
caninelover is offline   Reply With Quote
Old 03-24-2013, 04:41 PM   #8
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,108
I voted more than 20% of pre-retirement expenses.

We have now 3 years of post-retirement spending and this 4th year is set to be highest yet. We are really enjoying spending money on travel but are still well within our means and well below our target WR.
__________________
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 03-24-2013, 04:44 PM   #9
Thinks s/he gets paid by the post
Katsmeow's Avatar
 
Join Date: Jul 2009
Posts: 3,399
I answered frugal but it doesn't really capture it. During the last 10 year before DH retired we had a high income so we would almost certainly reduce our spending after retirement. The other thing is that due to some specific child-related reasons we had some unusually high expenses (for example one of our children attended a very expensive therapeutic school for several years - he is in college now and his tuition expenses now are way less than we spent for schooling for him over a period of several years).


Also, some spending is less but it isn't really exactly being more frugal. For example, we also had a much larger home (we had 6 people living in it at one time) and due to size and location it was more expensive. We live in a smaller home now and we live a bit more off the beaten path so our housing expense are less than half what they were say 5 years ago. However, I would say our overall quality of home and neighborhood really hasn't changed. So while that expense is much less it really hasn't impaired our lifestyle.
__________________
Katsmeow is offline   Reply With Quote
Old 03-24-2013, 04:54 PM   #10
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,108
That's a good point Kats, it all depends where you start your comparison from.

5 years before retiring our children were off the purse strings, we had sold our big house and moved into somewhere much smaller, so my comparison was against a pre-ER budget with many expenses already reduced, and only a few weeks to go away on vacation.
__________________
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 03-24-2013, 05:04 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 5,881
Don't really have a spending plan or watch over standard of living. We just live the same as before and always seem to have plenty of cash to do anything that we want to do and not fret over financial matters at all.
__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Old 03-24-2013, 05:06 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,976
Using 'last 10 years' was probably longer than I should have suggested. Didn't want a comparison to last year or some too short period, nor too long and therefore no longer representative. Oh well, live and learn...
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 03-24-2013, 05:31 PM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
freebird5825's Avatar
 
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,017
I voted Smoothed.

The only difference between my spending patterns before and after FIRE is I have to plan a bit more in advance for large purchases or vacations. For example, I've saved up enough for an indoor hot tub, to be purchased and installed in the very near future.

At age 54.5, I am not drawing on my retirement portfolio at all. Between my survivor pension and a fixed annuity, I have plenty to live on.

Mr B contributing 50% of household expenses is even better, for both of us in both directions.

In less than a year, Mr B will draw his SS.
In 1.5 years, I will draw my own deferred pension.
Let the party begin
__________________
"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
freebird5825 is offline   Reply With Quote
Old 03-24-2013, 07:20 PM   #14
Thinks s/he gets paid by the post
Live And Learn's Avatar
 
Join Date: Feb 2012
Location: Tampa Bay Area
Posts: 1,689
Quote:
Originally Posted by Animorph View Post
Same budget we've had for many years. Hopefully we've been conservative planning retirement and will have some extra to spend. But that's not in the budget.
ditto
__________________
"For the time being no discipline brings joy, but seems grievous and painful; but afterwards it yields a peaceable fruit of righteousness to those who have been trained by it." ~
Hebrews 12:11

ER'd in June 2015 at age 52. Initial WR 3%. 50/40/10 (Equity/Bond/Short Term) AA.
Live And Learn is offline   Reply With Quote
Old 03-24-2013, 07:29 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 18,282
We spend about the same, but if I look at the title of the thread, I'd have to say my Standard of Living is much, much, much, much, much, much, much, much, much, much, much, much, much, much, much, much, much, much, much, much, much, much, much, much, much HIGHER!

-ERD50
__________________
ERD50 is online now   Reply With Quote
Old 03-24-2013, 07:30 PM   #16
Thinks s/he gets paid by the post
obgyn65's Avatar
 
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
I can't vote from my Ipad. Can't even see the survey, not sure why. Anyway, I plan to spend a bit more while FIREd than what I am spending at the moment. The main reason will be more travel.
__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
obgyn65 is offline   Reply With Quote
Old 03-24-2013, 08:17 PM   #17
Thinks s/he gets paid by the post
 
Join Date: Nov 2009
Posts: 3,869
One requirement for me to ER was to have no change to my day-to-day lifestyle. Another requirement was to have a surplus or cushion of investment income over expenses so if something unforeseen arises I can cover it without going into a panic.

Compared to my expenses from my last year of working, my ER expenses were roughly the same. The elimination of my commutation expenses and FICA taxes were roughly offset by the additional health insurance costs.
__________________
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 03-24-2013, 08:36 PM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
easysurfer's Avatar
 
Join Date: Jun 2008
Posts: 7,890
I put down frugal, but I was pretty frugal during my last ten years of w*rking anyhow.

But I can think of some examples. While w*rking, I religiously had cable and monthly mobile plans as everyone else did too. While in ER, I had to ask myself, do I really need those services and found I really did not.
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
easysurfer is online now   Reply With Quote
Old 03-24-2013, 08:54 PM   #19
Full time employment: Posting here.
ohyes's Avatar
 
Join Date: Sep 2010
Posts: 649
We are living on about 18% less. Some months go better than others. We know we can cut out some fun and not have to dip into savings. We are not there (not skeered enough yet) to do that....so we take $300-$500 out of savings most months.

Dunkin Donuts iced coffee, eating out a few times each week and happy hours can add up. Wild retired teacher living stuff.

We are enjoying retirement very much.
__________________
ohyes is offline   Reply With Quote
Old 03-24-2013, 10:24 PM   #20
Recycles dryer sheets
 
Join Date: May 2011
Posts: 69
I FEEL as if we're being much more frugal (very little eating out, one car instead of two, downsized from big house to tiny, no more "treats" like massages (sob!)), but we're actually spending quite a bit more than before we retired. This is due solely to our spending $0 on health insurance while working, and $12K yearly for it now.
__________________

__________________
ocdokie 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 12:25 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.