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View Poll Results: What is, or was, your desired monthly income during retirement? (see text of post)
less than 3000 22 6.96%
3000 - 3999 17 5.38%
4000 - 4999 31 9.81%
5000 - 5999 33 10.44%
6000 - 6999 41 12.97%
7000 - 7999 26 8.23%
8000 - 8999 40 12.66%
9000 - 9999 14 4.43%
10000 - 10999 36 11.39%
11000 - 11999 4 1.27%
12000 - 12999 9 2.85%
13000 - 13999 4 1.27%
14000 - 15999 11 3.48%
16000 - 17999 6 1.90%
18000 - 19999 1 0.32%
more that 20000 21 6.65%
Voters: 316. You may not vote on this poll

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Old 11-15-2017, 03:01 PM   #61
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Originally Posted by Amethyst View Post
I s'pose so. It's OK when posters talk about the fancy food or toys/doodads they buy, as long as they don't do it in the context of income. I never will entirely understand social convention.
Yes a little strange. Talking about small luxuries doesn’t come across as boasting as much as disclosing a very large income or net worth would.
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Old 11-15-2017, 04:30 PM   #62
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Currently getting by on 4200 per month. That is all tax free at this time but taxes may increase in the future when we start SS at 65 or 66. That will put another 3500 per month in the kitty, but my withdrawals from investments will go to 1% or below at that time.

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Old 11-15-2017, 04:46 PM   #63
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Yes a little strange. Talking about small luxuries doesn’t come across as boasting as much as disclosing a very large income or net worth would.
To me, high income people here don't sound at all like they are boasting, as long as:

(1) the person doesn't appear to think less of others who have smaller incomes, and
(2) what they say sounds honest and true. We do have some posting on the forum who believe "you can be whatever you want to be on the internet", but usually they don't stay long.

Then I love hearing about their lifestyle, just as I enjoy hearing about other lifestyles different from mine (like eternal travelers, or those with dozens of grandchildren, and so on). If someone tells me that they just spent two weeks babysitting the grandkids, I don't resent it just because I don't personally have any.

The same is true for some of our members who are enjoying a blissful retirement on amazingly low incomes. As long as they don't think less of me for not being as thrifty, and as long as they are honest, I enjoy them and their posts a lot!
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Old 11-15-2017, 05:54 PM   #64
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Not retired yet. We're currently spending about $3k USD/month which supports what we consider a fairly comfortable lifestyle for us with a few weeks of international travel. No debt with a paid off house though.

The retirement goal and corresponding retirement income target is to travel 6 months a year and we've estimated, based on our previous trip costs, that we'll need about $6k USD/month to support the combined 6 months at home and away. However, as we age, I suspect we'll get lazier and/or be more susceptible to physical limitation impacting the way we travel so I can see the number trending to the $7k USD/month.
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Old 11-15-2017, 06:10 PM   #65
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As I read it, this is an income not spending poll. Some members might have $20k income but not spend it all. Heck, based on the S&P most people with $1 million in stocks have generated close to $20k a month in cap gains since last November.
Exactly! I would say the numbers should be more then 6% that had income over 20K a month with stocks hitting all time highs. It all depends on how you read the question to how you answered it.
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Old 11-15-2017, 11:20 PM   #66
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This "per household" thing always gets me. It's fun to take polls, but I wonder how things would look differently if it were "per person"? I got married a few years ago and I look as if I spend more money now since they used to be just one person in my household and now I have two.
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Old 11-16-2017, 12:28 AM   #67
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Even the poll title says “see text of post”, but it is only human nature to not read instructions.

My wife assures me that I am the world’s worst at not reading a manual or instructions.
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Didn’t vote___question too ambiguous
Old 11-16-2017, 12:35 AM   #68
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Didn’t vote___question too ambiguous

Because it asked both desired and current. (and upthread notes that the proper response , of course, is “over 20k/month “) the poll really doesn’t give any information. I didn’t vote and add to the ambiguity.


When originally planning for retirement, I used the existing outlays, warts and all, and presumed a 25% tax rate on top to get pre-tax of about $85k/yr.

Now, in third year of retirement, I’ve yet to exceed 3% WR even when purchasing new vehicle or replacing HVAC and reasonably large renovations.

Most calculators would say that we could have over $120k/yr and much more once we start SS, but with paid off house in our new retirement location along with new vehicle (also paid off) it’s not necessary to have as much unless we travel more.
{unfortunately, with the difficulties of spouses parents, one death and the other having to be put into nursing home while before that needing to insure that they were taken care of, there wasn’t much time to travel}.
We’ll change that, hopefully, this next year and try to bring our spending up; we joke about getting letters from the treasury/etc about having us spend more to help out the economy. It certainly beats the alternative that we see elsewhere of those trying to survive with little means, but we don’t know if that’s the result of not planning or of not having the resources in the first place.
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Old 11-16-2017, 12:36 AM   #69
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I spilled some Lagunitas in the conversation about income versus spending--I assumed the intent was spending despite the wording, but didn't really worry about it.
Youse guys and gals are a lot of fun, though. Might as well be an Engineer Convention (INTJs--all the way!).
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Old 11-16-2017, 05:38 AM   #70
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This is how I see it, too. Especially given it is just the Internet, and if things get overwhelming, we can just step away from the computer

Quote:
Originally Posted by W2R View Post
To me, high income people here don't sound at all like they are boasting, as long as:

(1) the person doesn't appear to think less of others who have smaller incomes, and
(2) what they say sounds honest and true. We do have some posting on the forum who believe "you can be whatever you want to be on the internet", but usually they don't stay long.

Then I love hearing about their lifestyle, just as I enjoy hearing about other lifestyles different from mine (like eternal travelers, or those with dozens of grandchildren, and so on). If someone tells me that they just spent two weeks babysitting the grandkids, I don't resent it just because I don't personally have any.

The same is true for some of our members who are enjoying a blissful retirement on amazingly low incomes. As long as they don't think less of me for not being as thrifty, and as long as they are honest, I enjoy them and their posts a lot!
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Old 11-16-2017, 06:30 AM   #71
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I only read the question in green and took desired to mean (since not yet retired), the planned objective for pre tax income amount from all sources. The poll is only vaguely useful when combining not yet retired objectives with achieved and established current retirement incomes. My objective is, and always has been, for a gross income that nets after deductions in retirement, approximately what my working income nets after all taxes, FICA/MED, savings etc. I simply knock off those eliminated gross costs from what I make and use that number, keeping the tax costs the same, to compensate for inflation, simce so much of our retirement income will be non COLA. AT retirement, income must start out higher than expected expenses to compensate for the drag of inflation in later years. I will have many less years of retirement than the majority of FIREs here (start at 62), yet ironically my parents ERed at age 50, THINKING they were FI. They were not, and only an early loss of DM at 69 saved DF financially, along with a significant (yet perfectly comfortable for him) drop in lifestyle. So I have no successful gauge for what my spending profile will be, besides examples here, but lasting less long (assume 35 years) I can be more aggressive in SWR than you all with 50-55 year FIREs.

In addition, it would greatly change the numbers depending on whether one chooses to carry a mortgage or pay off the home. Even a $500k mortgage, that could be paid off, w/o a tax penalty, is the difference in required income and subsequently expenses of $2800 a month.

The joke will be on me if it turns out our spending will drop as we age, but since ER never even entered my mind until I was already 55, I’ve never had a problem spending money, and I don’t live a big lifestyle. I just didn’t save as smartly and aggressively as others here because I passively planned on my pension and large SS covering most costs after 40 years of working.

Pensions
Max SS
Mortgage (by choice)
No debt (CC, etc, take advantage of 0% financing if it makes sense)
MCOL
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Old 11-16-2017, 06:31 AM   #72
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I am still a little surprised because we spend more than I thought we would. No debt or big bills at all but travel and entertainment adds up. I do enjoy reading about all the different spending levels on this board.
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Old 11-16-2017, 06:48 AM   #73
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I answered $5-$6 for a 2 person HH. This is our "desired" income because it makes our WR rate 0% - This is approximately $1500/ mo. over our routine expenses so it allows a nice cushion for travel, major household repairs, etc. while leaving our investments available in older age to cover LTC or other medically necessary costs. Sure I could have chosen > $20K but that would have been only a dream and I think the Op was looking for a bit of reality that can be achieved.

No mortgage
No auto loans
No debt
CC paid off every month
No pensions
No corporate health insurance
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Old 11-16-2017, 07:35 AM   #74
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I planned on having the same net income in retirement as I did while w@rking. I did not want to take a backward step in lifestyle just because I told the circus I wasn't going to be one of their monkeys anymore. I have been very conservative these 3 years to create a buffer that a bad sequence of returns in the early years might create. The past 3 years have been better than I thought, and it's about time to loosen the purse strings a little. I won't buy a Porsche because I can, I just don't want to attract the attention it may create. If I correctly assume it creates attention.
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Old 11-16-2017, 08:20 AM   #75
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I answered $5-$6 for a 2 person HH.
You are very frugal!
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Old 11-16-2017, 09:21 AM   #76
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When I first retired 17 years ago, I kept track of stuff like this. Stopped about five years ago and I have no such target or concern. Live mostly off of pension, SS, part time keep busy jobs from month to month.

I only track my withdrawals from investment accounts per year. As long as they are under 4% per year, I don't have any concern. Of course, my long ingrained habits of LBYM keep spending comfortably in check.
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Old 11-17-2017, 02:00 PM   #77
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$60-$72k per year is considered very frugal?
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Old 11-17-2017, 02:19 PM   #78
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$60-$72k per year is considered very frugal?
With the typo omitting the "thousand" from $5-6 per month, it would seem pretty frugal!

At least that was my impression of the point Mead was making.
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Old 11-17-2017, 03:19 PM   #79
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With the typo omitting the "thousand" from $5-6 per month, it would seem pretty frugal!

At least that was my impression of the point Mead was making.
Concur. I read it as tongue in cheek because five to six dollars a month is very frugal indeed. It wouldn't cover my current monthly coffee budget.
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Old 11-17-2017, 05:11 PM   #80
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Monthly retirement income after retirement is such a fundamental number that I thought it would be interesting to see the histogram for this select population. Based on folk's introduction posts, with items like "130k pension" and "5M nest egg", I suspect I get blown out of the water. Anyway, let's see!

Q: What is your planned, or actual, after-tax monthly income for retirement? This includes everything ... nest egg withdrawals, rentals, part time work, the whole kaboodle.

This means household income.

Both pre and post retirees can reply.
Once you get beyond the basic necessities of food, shelter, health care .... this is really kind of a big psychology thing.

I don't know about the rest of ya'll but my monthly retirement income would have been incrementally higher had I decided to retire at 57, 62, 65, 67 etc than it is since I decided to retire early at 49. I accepted that fact though when I made the decision RE, and suffice it to say ... it's sufficient.

You can ask someone making 25k a year how much would be enough they would be happy with their income and they might say 40k. Ask someone making 100k and they might say $150k. Ask someone making a million and they might say 2 million. Seems to me, regardless of their income level, anyone you might ask the question "How much is enough", the answer always seems to be "just a little bit more." The key, I think ... is to ask how much one needs to be happy/content. That will vary widely based on the person. Wherever the actual number falls on the scale is, therefore, kind of irrelevant.
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