Poll: What is your basic income need (floor) in retirement?

[chinaco]

What is your minimum income need in retirement in dollars before tax. Please state the expected minimum yearly income need. This would be the floor that covers non-discretionary expenses and the basic discretionary items that would support your basic needs.

Please share the following information:

1) pre-tax income minimum floor in today's dollars (identify if this include mortgage or rent)
2) How many people will the income support (e.g. 2 people)
3) area of the country (e.g. midwest, west coast, east coast) plus if you are in a high expense are (e.g. Manhattan)
4) Status retired/working - Are you planning or have actual experience.


Our Information:

1) Floor income in retirement: $45K pre-tax (no rent or mortgage $ included. We will own a condo)
2) 2 people
3) Midwest City
4) Working

[CyclingInvestor]

1) Floor income $36K needed, $60K for all hobbies. Obviously I could
make do with less, but my minimum plan is $36K. Mortgage is paid off.
2) 1 person, 3 dogs, allowing for outside chance of a 2nd person
3) Long Beach, CA. 3bd 2bth older tract homes run about $500k.
4) Retired 7 months, 48yo

[OAG]

Current Minimum required 27.5K. No mortgage, no car payments, no other debt. RE taxes are largest cost item.
2 Persons
Midwest (currently); previously Florida 19 years, before that Virginia 11 years.
Retired since 1986 -- 20 year veteran retiree.

[yakers]

1) About $100K, pretty much all taxable from pension & tax deferred income
2) Three people, DW & I and youngest son who is starting college in the fall
3) Southern Cal, paid off house worth @$500k
4) DW retired last year and I expect to retire in next 6 to 15 months, tried earlier this year but missed buyout.

[Jake46]

OOPS! Wahoo is correct -- missing 0.

1) pre-tax income minimum floor in today's dollars: $100,000(no mortgage or car payment)

2) How many people will the income support: 3

3) area of the country: Colorado

4) Status retired/working: retired + some consulting (as of 6/1)

[Want2retire]

1) $35K (no mortgage or loans)
2) 1 person
3) small town midwest
4) Still working now, but won't be working after I retire

Right now, I don't spend anywhere near that much but I want to have that much income after I retire.

[Sam]

1) 12K (VN), 18K (Thailand, Malaysia)
2) 2 persons
3) South East Asia
4) Maid will be doing the work

[greg]

Originally Posted by Want2retire

4) . . . but won't be working after I retire

Obviously, you're not married.

[PPT]

1) $180K
2) 1
3) Rust belt.
4) Working.

[Sam]

Originally Posted by Jake46

1) pre-tax income minimum floor in today's dollars: $10,000 (no mortgage or car payment)
2) How many people will the income support: 3
3) area of the country: Colorado
4) Status retired/working: retired + some consulting (as of 6/1)

Wow! Jake46, how do you do it? Is it even possible?

[justin]

1) $30k/yr for our current LBYM lifestyle and minimal hobbies/vacation expenses
2) 2 adults plus 2 kids
3) Raleigh, North Carolina
4) still working - at least 6-7 years from FIRE

Assumes house will be paid off (based on my plans to do so). This doesn't include an extra lump sum I'd need to cover kids' college expenses far in the future. It does include replacing cars every 10 years with new, equivalent cars (accord and civic). The $30k number is fairly accurate, as I just happened to go through the stripped-down "what if" retirement budget calculations yesterday.

[PPT]

Originally Posted by Sam

Wow! Jake46, how do you do it? Is it even possible?

Most of these amount are pretty scary to me. I believe we are looking at much higher income/property taxes and insurance costs (especially dental) moving forward.

[REWahoo]

Originally Posted by Sam

Wow! Jake46, how do you do it? Is it even possible?

Jake46 isn't online to respond, but my guess is he left out a 0.

[kcowan]

1) $90k (includes rental of $35k)
2) 2
3) PNW
4) Retired Aug 2002
The budget includes significant travel which we consider essential to our lifestyle. If a sustained market correction required an adjustment, we would move to a lower cost location and maintain our travels.

[Want2retire]

Originally Posted by Greg

Obviously, you're not married.

You're right!

[TromboneAl]

1) $28,000 excluding college expenses (temporary)
2) 2
3) West coast rural
4) Retired

[SoonToRetire]

1) $70k not counting mortgage but counting hobbies and travel.
2) 2 people
3) NE
4) Working part time

[Jake46]

Wahoo was right!

$100,000 in floor income.

[dm]

1: $35,000
2: 2 people
3: Midwest
4: Part time for 21 more weeks.

No mortgage or debt. Our pre-tax budget is $65,000 and firecalc says we can spend more than that.

[USK Coastie]

1. 30K for basics
2. 2 people 4 pets
3. Eastern Washington
4. Fire date July 1, 2007