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Retired Folk... what are you spending a month?
Old 06-17-2014, 01:56 PM   #1
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Retired Folk... what are you spending a month?

I realize this is a personal question, so only reply if you are willing, but I'm curious what the retired monthly budgets look like.

I'm assuming many are without housing payments which is a large part of my current budget.

I'm curious on what people budget for travel, hobbies, etc.

Thanks to those who are willing to share.
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Old 06-17-2014, 02:03 PM   #2
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Poll: How much do you actually spend each year?
How much do you live on?
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Old 06-17-2014, 02:09 PM   #3
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$1349 a month for two as long as nothing big breaks. We don't travel much and our hobbies are free.
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Old 06-17-2014, 02:33 PM   #4
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Quote:
Originally Posted by REWahoo View Post
I have already answered in the above poll.

In terms of WR, in the past 12 months, I spent 3% compared to the planned 3.5% WR, because I was recovering from an illness and did not travel much. It would be lower if gifts and charity donations were excluded.

But then, my homes need work, and I will be up to 4% this year when I write these checks. And I still want to travel before the year is over. Oh well! At least the work on the homes will not be incurred next year (or something else like that!).

It is always easy to overspend, so one must plan for a low number, then it might just work out right.
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Old 06-17-2014, 02:34 PM   #5
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I don't spend much on hobbies, maybe a few hundred dollars a year (hiking gear, art supplies, etc...). And I don't travel much. Usually one trip to Europe per year to visit family (<$5K all in).

Housing payments are up there since DW and I have decided to remain renters for the foreseeable future.
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Old 06-17-2014, 02:36 PM   #6
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Oops! Forgot that my daughter's wedding is next year. There goes my planned 3.5% WR for next year too.
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Old 06-17-2014, 03:04 PM   #7
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Our pensions are $40,000 and after you subtract taxes & health insurance that leaves 25,000 which we spend it all. We also both work for ourselves p.t. and together earned about another 29,000. This is what we travel with, fix our home and save. Our house is paid for and the only thing left to do is our backyard which will cost about 3,000. WE are trying to do everything low maintenance ( replaced wood fence with metal fence, etc) so our maintenance costs will be lower in the future.
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Old 06-17-2014, 03:33 PM   #8
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I don't know. My account balances are getting bigger. Must be spending less than what comes in. AKA LBMM


By the way, need a toongue in cheeck smiley.
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Old 06-17-2014, 03:39 PM   #9
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Though I am spending more than I wanted to and planned, my account balances are getting bigger too.

I dunno either. The market god has been too generous. But of course, a single "Wh***" would cause all that to evaporate overnight over a single trading session.
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Old 06-17-2014, 03:48 PM   #10
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2013: $2663/month, plus income taxes, broken down into categories here:

What is your monthly budget?

and again here:
2013 expenses

2012: $2238/month, plus income taxes, broken down into categories here:

My annual expenditure

I could go on... but this gets a little depressing after a while!
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Old 06-17-2014, 04:27 PM   #11
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Why is it depressing? I recall that you were having fun surfing and ordering from Amazon to stimulate the economy, and most importantly you were underspending your purchasing power. We cannot take it with us either.

As for me, it is truly depressing because I am incurring unexpected expenses on home repair that I should not have, if the right building material was originally used. Now, that was a waste.
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Old 06-21-2014, 06:15 AM   #12
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I have been retired 2 years. So far I have been able to pay ALL my bills, save $100/month for some nice travel every 2-3 years and generally save 10% more for when the xyz breaks down on an annual income of 30k.
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Old 06-21-2014, 09:40 AM   #13
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We have lowered our spending after starting SS, getting Medicare, and having son graduate from college. Fun spending as opposed to basics can go up to 1.5% of portfolio now.

The following chart shows spending percentage (left scale) and inflation adjusted portfolio percentage relative to 2003 ER portfolio (right scale).



Courtesy of Pretty Charts, Inc.
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Old 06-21-2014, 10:30 AM   #14
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Essentials: $2250
Discretionary: $2250 (about $500 for travel and hobbies)

Total: $4500

House paid off.
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Old 06-21-2014, 11:02 AM   #15
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I just retired.
I budgeted our TOTAL monthly spend at $7k/month. That includes taxes, COBRA premiums, etc.

Because I don't have retiree healthcare, and need to insure my family of 4, healthcare alone is half of the amount some folks spend.

This is without mortgage payment - since I paid off the mortgage right before retirement.

Time will tell if this is an over estimate or under estimate. 84k/year was based on income prior to retirement, less mortgage, less SS and Medicare taxes, less 401k contributions, then adding in hefty health insurance premiums. I have no idea if taxes will be higher or lower in retirement - so I left them at the working/high rate.
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Old 06-21-2014, 11:05 AM   #16
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I would be interested in any advise about budgetary surprises after ER. I have a budget set, and will ER in September. I have tracked my expenses to date and realize that many will reduce, but expect that some will increase. Anyone run into the unexpected? Pls tell us about it.

We will be working off of a $3200/month budget with no debt and one vehicle.
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Old 06-21-2014, 11:09 AM   #17
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Quote:
Originally Posted by Ticker View Post
I would be interested in any advise about budgetary surprises after ER. I have a budget set, and will ER in September. I have tracked my expenses to date and realize that many will reduce, but expect that some will increase. Anyone run into the unexpected? Pls tell us about it.

We will be working off of a $3200/month budget with no debt and one vehicle.
You will want to do a search on this subject. We had an excellent, lengthly thread covering this not too long ago. It will supplement anything that's mentioned here.
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Old 06-21-2014, 11:10 AM   #18
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I don't know. My account balances are getting bigger. Must be spending less than what comes in.... .
Us too. We did start withdrawals from DW Roth IRA last month. Partly because we could, and partly to move it into the "gonna spend it on something" bucket.
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Old 06-21-2014, 11:14 AM   #19
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You will want to do a search on this subject. We had an excellent, lengthly thread covering this not too long ago. It will supplement anything that's mentioned here.
I think this is what you are referring to: How accurately did you predict retirement expenses?
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Old 06-21-2014, 11:16 AM   #20
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I think this is what you are referring to: How accurately did you predict retirement expenses?
Yes indeed! Thanks.
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