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Re: Retire on 3k per month thoughts...
Old 12-10-2006, 11:30 AM   #121
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Re: Retire on 3k per month thoughts...

A lot depends on what age you are when you bail out. for someone who is in their fifties you have a pretty good idea of what social security will be providing and your kids are most likely gone or with one foot out the door. House paid for or perhaps the end is in sight, or you only need to rent a small place as opposed to someone with kids.

for someone who is in their early fourties especially if you have kids, that is a really long time to plan for.

When I recently helped a newly widowed family member go through paperwork we found folders detailing how much taxes, utilities and health benefits were paid every year. The deceased was a meticulous record keeper. It was fascinating to see how little things were 35 years ago. Some costs you just don't have control over as you age. Even someone in the best of health may develop high blood pressure, a form of cancer etc. or taxes could rise unexpectedly. I agree with not trying to accumulate four million but a little cushion is nice.
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It's alive!!!Its alive...
Old 06-04-2007, 10:33 AM   #122
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It's alive!!!Its alive...

As in Young Frankenstein, this thread is ALIVE
I still plan to bail out with 3K per month, read the obits. daily
and see a awful lot of ages of 55 to 65 biting the dust...
I plan to smell some roses ASAP...rj out
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Old 06-04-2007, 12:21 PM   #123
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I have been facing the possibility of ERing in the very near future, about 6 years earlier than planned...and I've been crunching numbers to see how the $3K per month level might work out in real life. It definitely works for me, but it sure seems that without going back to work it would be freezing me in at a level requiring more aggressive management of expenses than I would like if I am to do anything other than just kind of hanging out and existing.
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Old 06-05-2007, 08:14 AM   #124
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As in Young Frankenstein, this thread is ALIVE
I still plan to bail out with 3K per month, read the obits. daily
and see a awful lot of ages of 55 to 65 biting the dust...
I plan to smell some roses ASAP...rj out
That's true. One never knows when life ends. My neighbor left two years ago to move to a lake front property because the company that he had founded had been performing well. We found his name in the obituary section in the newspaper that he died from cancer 15 days ago at the age of 54.
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Talk with older folks...
Old 06-05-2007, 08:56 AM   #125
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Talk with older folks...

As I question older folks about retirement most say get out and spend
while you are healthy enough to get around, and enjoy the simple things.
They don't cost that much...My feeling is that by the time most folks are
around 70-75 the urge to do a lot of travel/sports/fun stuff/etc. will go
down a lot...
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Old 06-05-2007, 10:03 AM   #126
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part of my impetus to retire early was watching mom deteriorate of alzheimer's in her 70s. by then i was approaching 50 and i wanted at least 20 good years for myself.

$3k/month? easy. my normal budget with car paid is $40k/yr or $35k/yr with house paid (still haven't decided to pay off yet). with a little belt tightening in hard years i could bring that down another $5k/yr.

i pay just under $60 bucks for 30 swims at the hall of fame pool. so in a typical day of waking up late, a protein shake breakfast, biking to the beach and swimming laps i've enjoyed 1/2 a day and spent all of $3. a good life is not all that expensive.
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Social Security has built in inflation factor
Old 09-18-2007, 11:58 AM   #127
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Social Security has built in inflation factor

This will help, as every year your SS payment should increase
and there is no need to increase $$$ the from other sources unless
you so desire...and hopefully the SS increases will help you with keeping
up with inflation..But if your making a go of it with 3K per month already
this surely helps...
You will just be trying to stay above water, and enjoying a life style
that already exists @ 3k per month...
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Old 09-18-2007, 12:22 PM   #128
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I have kids, but if I was 100% debt free, I could easily live on $3000 a month.........
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This Thread is USELESS without pics.........:)
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Old 09-18-2007, 02:00 PM   #129
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Just went through my bank statements for the last 12 months and found both the income and expenses were within a couple hundred $ of $36K. We are debt free, but are maintaining 2 houses. Cutting out the taxes, maintenance, and utilities by selling 1 house will reduce expenses greatly.
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Old 09-18-2007, 09:18 PM   #130
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I''m retired and tracking my expenses since Jan 1st and can't do it on 3K a month. I'm spending about 5K a month and that doesn't include taxes. I guess I'll find out soon about taxes. I'm also debt free.
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Old 09-18-2007, 09:58 PM   #131
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I''m retired and tracking my expenses since Jan 1st and can't do it on 3K a month.
C'mon, fess up. YOU could do it on less than 3K, but with DW's help....
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Old 09-18-2007, 10:49 PM   #132
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You are correct, wise one.
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Old 09-18-2007, 11:17 PM   #133
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This is why I am doing my part time thing. pension is about 3K a month with health bennies. I always knew I would need about 1K more. With my easy fun two 1/2 day a week teaching phys ed positions we are closer to 4,300 a month with little debt and it really works now!
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Cut some corners if need be...
Old 09-19-2007, 08:14 AM   #134
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Cut some corners if need be...

How much of the 3K per month is on entertainment..
We golf a lot, $800.00 a year membership, and attend a few Packer/Brewers games. Nov. trip to AZ. for 2-weeks and Feb trip to Ala. for 2-weeks. We are
frugal while on vacation and look for good deals but also make sure the fridge
is full of Ice cold beer @ all times, and can party with the best of them...
Pretty happy with life in general, but if need be could easily give up a trip of
cut back on some of the above...Remember, as I age I won't be able to walk
up those steps at Lambeau Field so easy and might have to cheer from in front
of the TV...
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Old 09-19-2007, 09:55 AM   #135
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My ER goal is a little under $3K/month (gross), and as a single person with a paid off house, I would be thrilled to have that much income. For the past five years my non-mortgage expenses have averaged much less than that, and I plan to move to a lower cost area as well.

My satisfaction level is directly related to the value of time, for me. I would much rather have lots of time and a modest budget, than to have lots of money and hardly any time (as is so often the case when working).

I can think of several lifetimes worth of fabulous things to do on a budget like that. Most of them are not budget-killers. Travel is a huge expense for some, but not for me since I do not especially desire to travel.

$3K/month without working sounds like a dream come true, for me. Actually, it WILL come true in 2-3 years according to my plans.
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Old 09-19-2007, 10:53 AM   #136
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The devil is in the details......

If we're saying that the $3K means $6K for a couple and that the $6K is spendable (post fed and state income tax) dollars, we could do it in our current circumstances without undue sacrifice. Some "extras" we enjoy such as funding the grandkid's Coverdale Education Saving Accouts or seeing live music most weekends would probably have to be trimmed.
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Old 09-19-2007, 11:42 AM   #137
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The devil is in the details......

If we're saying that the $3K means $6K for a couple and that the $6K is spendable (post fed and state income tax) dollars, we could do it in our current circumstances without undue sacrifice. Some "extras" we enjoy such as funding the grandkid's Coverdale Education Saving Accouts or seeing live music most weekends would probably have to be trimmed.

6K is a real good number post tax.

At my 4300 a month it really works. No worries at all.
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Old 09-19-2007, 12:13 PM   #138
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As a single person, I am living on about $2K net right now and it is just enough. I have not cut to the bone so it is $2K in and $2K out (no mortgage). I could reduce expenditures if I wanted to, but I don't. The $2K net is provided by my pension, and it includes everything from medical/homeowner insurance to taxes and car repair. In summer 2009 I can start to collect s/s at age 62 which will probably be about $1500K per month since Medicare and Part D will not be deducted yet. That extra $1500K per month will make a big difference in my feeling of comfort. I am 60 now and don't plan to get into any of my tax-deferred savings/investments until age 70 if I can wait that long. Who knows what will happen between now and then. If emergencies arise, I have taxable savings covering 2 years close by.

If I had $3K net right now I'd feel very comfortable and could probably even save money for a few years.
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Old 09-19-2007, 01:55 PM   #139
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I bring home $2018 net.....3K net would be awesome!
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Old 09-19-2007, 02:47 PM   #140
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I'd have lots of fun $$$ if I had 3K net! (living on $1500/mo net now - after def. comp deductions) I'd be rich!
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