View Poll Results: How Much in Real (Before Tax?) Funds Do you use on average per month?
|
< $1000
|
|
3 |
3.30% |
$1000 - $2000
|
|
5 |
5.49% |
$2001 - $3000
|
|
15 |
16.48% |
$3001 - $4000
|
|
7 |
7.69% |
$4001 - $5000
|
|
22 |
24.18% |
$5001 - $6000
|
|
15 |
16.48% |
$6001 - $7000
|
|
8 |
8.79% |
> $7000
|
|
16 |
17.58% |
|
Real World FIRE Income Poll, Average Monthly Draw
09-12-2006, 07:06 AM
|
#1
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,654
|
Real World FIRE Income Poll, Average Monthly Draw
All:
We have discussed in great detail what SWR we recommend and take, how much is needed to retire on etc. etc. etc. What one spends on what per month.... However, I do not recall actual average monthly expenditures. I think it would be of great value to get some actual numbers.
What I am looking for is on average for the year, what would be the amount per month that you and your family live on or draw from your nestegg and income from any pensions, all lumped into one. Everything included! Insurance, entertainment vacations, Medical premiums entertainment, Living expenses, THE LOT.
While this may vary quite drastically based on where you live, from a housing expense perspective, I think it will be of value. I certainly think it will be for me. Especially for those who are thinking abour RE and have no pensions or other means of generating income.
I hope this is not being too Personal, I certainly do not think so, as we so love to banter about this topic..... Cash!
Thanks,
SWR
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
|
|
|
|
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!
|
Re: Real World FIRE Income Poll, Average Monthly Draw
09-12-2006, 09:05 AM
|
#2
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
|
Re: Real World FIRE Income Poll, Average Monthly Draw
Not to nitpick your poll, but how about household size? There are posters with several kids at home, married posters, and single posters.
This has to introduce enough spread, even among people with the same standard of living, as to make the results of the poll not too helpful.
Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
|
|
|
Re: Real World FIRE Income Poll, Average Monthly Draw
09-12-2006, 09:45 AM
|
#3
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,654
|
Re: Real World FIRE Income Poll, Average Monthly Draw
I was really looking for generalities. Of course there will be some extremes. But so far it seem folk withdraw for the most part on the lower side of $6k per month from all sources.
My Logic:
Inflation aside, If you have basically $1m - $1.2m in cash invested at 6% and a home (of sorts) you can live quite hapily for the most part on the interest. Any more is Gravy.
If folk are being honest and it includes all income from pensions etc. Pre Tax, then $5k per month pre-tax should cut it on average leaving $1k for inflation (for $1.2m). As the poll sugests some are a lot higher.
Just my thought. Please fee free to comment on your personal situation and qualify.
The reason I thought it would be useful is that I read recently in a mag some place that a, or some financial advisers are recommending a $2m - $3m stash at least after permanent residence is paid for in full. I personally thought that was a bit steep as an average. So I thought I would ask the folks who are ACTUALLY Retired what they did.
SWR
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
|
|
|
Re: Real World FIRE Income Poll, Average Monthly Draw
09-12-2006, 10:17 AM
|
#4
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
|
Re: Real World FIRE Income Poll, Average Monthly Draw
Quote:
Originally Posted by ShokWaveRider
IThe reason I thought it would be useful is that I read recently in a mag some place that a, or some financial advisers are recommending a $2m - $3m stash at least after permanent residence is paid for in full. I personally thought that was a bit steep as an average. So I thought I would ask the folks who are ACTUALLY Retired what they did.
|
You can judge by the pictures of their houses, and the way they spend their time that many people here have that and more, in assets or in income equivalents.
There are also many with a whole lot less, though recently we are not hearing near as many stories about rock bottom expenses except from the Kaderlis, who manage a rather posh life on what appears to be a bare bones budget.
Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
|
|
|
Re: Real World FIRE Income Poll, Average Monthly Draw
09-12-2006, 02:39 PM
|
#5
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,313
|
Re: Real World FIRE Income Poll, Average Monthly Draw
I find it interesting to see how many people live what sounds like a fairly flush life on a modest income. DW and I are a bit spendthrifty (is that a word? ) so we made sure we have a lot saved in case we never change our ways.
As is regularly recomended you should carefully analyze your own expenses. That is the figure that counts. Look at what you actually spend after taxes and savings -- EVERY LITTLE THING. Then figure out what you will need once taxes come back into the picture to end up with that much left. If it will take more than the magic $1.2M you are thinking of, see if you can realistically cut back. But be realistic about what you can actually live with. I think the hardest part for some of us who haven't lived by a budget is figuring out what our real expenses are.
__________________
Idleness is fatal only to the mediocre -- Albert Camus
|
|
|
Re: Real World FIRE Income Poll, Average Monthly Draw
09-12-2006, 02:47 PM
|
#6
|
Recycles dryer sheets
Join Date: Jun 2006
Posts: 104
|
Re: Real World FIRE Income Poll, Average Monthly Draw
Between $4500-4800 per month.
One person renting a 2200 square foot house.
That is know by his first name by all the library staff.
|
|
|
Re: Real World FIRE Income Poll, Average Monthly Draw
09-12-2006, 03:00 PM
|
#7
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,654
|
Re: Real World FIRE Income Poll, Average Monthly Draw
Thanks for all the responses, it was just a real money question really. What is the annual number divided by 12 for your specific lifestyle. All in! Holidays, cars etc. I think it would give a person who is striving to be FIRED a good idea.
Personally we could and most probably will spend more than we do now as for a couple of months we do not have to pay for health care. So the $2k - $3k number we are in now could easily hit $5k. I do however find it hard to think of even spending over $6k.
SWR
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
|
|
|
Re: Real World FIRE Income Poll, Average Monthly Draw
09-12-2006, 03:03 PM
|
#8
|
Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,855
|
Re: Real World FIRE Income Poll, Average Monthly Draw
Quote:
Originally Posted by ShokWaveRider
Personally we could and most probably will spend more than we do now as for a couple of months we do not have to pay for health care. So the $2k - $3k number we are in now could easily hit $5k.
|
I think the last time this question came up we had a big hump around $2K/month (UncleMick's legendary 1993 year notwithstanding) and another one around $4K/month. So things seem to be fairly consistent with the sparse data to date.
Quote:
Originally Posted by ShokWaveRider
I do however find it hard to think of even spending over $6k.
|
One word: mortgage.
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
|
|
|
Re: Real World FIRE Income Poll, Average Monthly Draw
09-12-2006, 03:08 PM
|
#9
|
Full time employment: Posting here.
Join Date: Jun 2004
Posts: 538
|
Re: Real World FIRE Income Poll, Average Monthly Draw
How can I see the poll results without voting?
|
|
|
Re: Real World FIRE Income Poll, Average Monthly Draw
09-12-2006, 03:15 PM
|
#10
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,313
|
Re: Real World FIRE Income Poll, Average Monthly Draw
Quote:
Originally Posted by Nords
One word: mortgage.
|
Another word: travel
__________________
Idleness is fatal only to the mediocre -- Albert Camus
|
|
|
Re: Real World FIRE Income Poll, Average Monthly Draw
09-12-2006, 03:41 PM
|
#11
|
Thinks s/he gets paid by the post
Join Date: Feb 2004
Posts: 2,670
|
Re: Real World FIRE Income Poll, Average Monthly Draw
Quote:
Originally Posted by flipstress
How can I see the poll results without voting?
|
Click on "View Results" next to the poll
__________________
No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
|
|
|
Re: Real World FIRE Income Poll, Average Monthly Draw
09-12-2006, 03:59 PM
|
#12
|
|
Re: Real World FIRE Income Poll, Average Monthly Draw
Quote:
Originally Posted by ShokWaveRider
My Logic:
Inflation aside, If you have basically $1m - $1.2m in cash invested at 6% and a home (of sorts) you can live quite hapily for the most part on the interest. Any more is Gravy.
If folk are being honest and it includes all income from pensions etc. Pre Tax, then $5k per month pre-tax should cut it on average leaving $1k for inflation (for $1.2m). As the poll sugests some are a lot higher.
Just my thought. Please fee free to comment on your personal situation and qualify.
The reason I thought it would be useful is that I read recently in a mag some place that a, or some financial advisers are recommending a $2m - $3m stash at least after permanent residence is paid for in full. I personally thought that was a bit steep as an average. So I thought I would ask the folks who are ACTUALLY Retired what they did.
SWR
|
I like the 4% number myself. so if you have 1.2 Million - 4% would be $48K per year or $4K per month. I might increase this a bit if the market did well after 10 years or so. But I'm not in the withdrawel phase yet
- If you had $3 Million you could safely withdraw $120K per year at 4%
|
|
|
Re: Real World FIRE Income Poll, Average Monthly Draw
09-12-2006, 08:08 PM
|
#13
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2003
Location: Kansas City
Posts: 7,968
|
Re: Real World FIRE Income Poll, Average Monthly Draw
Hmmm
All time record low was 1k/mo back in the early 90's, lot's of 2k/mo or slightly under, a couple 3k/mo remodeling years.
Katrina and one year - ran maybe 6k/mo. - with now a mortgage and health insurance, more travel plus remodeling.
4% of port plus pension plus SS comes in at 5.5k/mo and 5%(variable) would be roughly 6.4k/mo all in - taxes included.
13th year - and not getting any younger - ??Bernicke??
heh heh heh heh heh
|
|
|
Re: Real World FIRE Income Poll, Average Monthly Draw
09-12-2006, 08:18 PM
|
#14
|
Thinks s/he gets paid by the post
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,455
|
Re: Real World FIRE Income Poll, Average Monthly Draw
Quote:
Originally Posted by Cut-Throat
But I'm not in the withdrawel phase yet
- If you had $3 Million you could safely withdraw $120K per year at 4%
|
CT,
Will $3 mil represent the onset of your withdrawal phase?
Spanky
__________________
May we live in peace and harmony and be free from all human sufferings.
|
|
|
Re: Real World FIRE Income Poll, Average Monthly Draw
09-12-2006, 10:50 PM
|
#15
|
Full time employment: Posting here.
Join Date: Jun 2004
Posts: 538
|
Re: Real World FIRE Income Poll, Average Monthly Draw
Quote:
Originally Posted by retire@40
Click on "View Results" next to the poll
|
Thanks.* I swear I didn't see that earlier--couldn't find it, which I thought was unusual.
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|