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View Poll Results: How much is your retirement budget?
<$15,000/year 1 1.37%
$15,000 - 30,000/year 11 15.07%
$30,001 - 45,000/year 14 19.18%
$45,001 - 60,000/year 18 24.66%
$60,001 - 75,000/year 14 19.18%
$75,001 - 90,000/year 5 6.85%
greater than $90,001 10 13.70%
Voters: 73. You may not vote on this poll

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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-28-2006, 08:51 PM   #41
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Re: Retirement Budget -- Poll only for those currently retired.

I declare the end to the poll. The bulk of "FIRE'd" individuals/families on this board have a median spending in the $45 - 60K range. Hardly are they in the lower end of our society but they will not get an expose on the "Rich and Famous."

Amazingly, the target I have is right in the same range.

Thanks to all that replied.

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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-28-2006, 09:07 PM   #42
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Re: Retirement Budget -- Poll only for those currently retired.

Quote:
Originally Posted by unclemick2
Trying the 5% variable method as of 2006 for the portfolio - will force myself to spend, spend, spend as an old man of 63.
I really like your approach, unclemick2. Are you thinking of 5.5% when you're in the 70's? I know I don't want to die rich
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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-28-2006, 09:14 PM   #43
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Re: Retirement Budget -- Poll only for those currently retired.

Quote:
Originally Posted by rodmail
The real key is the single vs family. That's what really widens the poll results.
I suspect those 7 respondents for < 30K may be single.
That's because you assume everyone retires in the US, right? Many members here retired abroad.
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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-28-2006, 09:32 PM   #44
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Re: Retirement Budget -- Poll only for those currently retired.

Quote:
Originally Posted by Sam
I really like your approach, unclemick2. Are you thinking of 5.5% when you're in the 70's? I know I don't want to die rich
Hmmm - given that I'm 78% trad. IRA, 7% Roth and 15% taxible dividend stocks - I figure the IRS and RMD acting on the 78% may wag the dog - but I'll see what 5% variable does for 7 yrs first.

In short - I don't know.

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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-28-2006, 11:12 PM   #45
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Re: Retirement Budget -- Poll only for those currently retired.

Quote:
The real key is the single vs family. That's what really widens the poll results. I suspect those 7 respondents for < 30K may be single.
Quote:
That's because you assume everyone retires in the US, right? Many members here retired abroad.
Yup, I did.

Not my poll, of course. I was kinda curious as to what ER folks are really spending, but I suspect most people would be curious in that regard with the intent of comparing it to either themselves now, or themselves as they plan to be.

It's a good baseline poll. But the married/family vs single question would remain and the pensions vs nestegg question would too because of taxes.

If a family is spending 50K/yr (incl taxes) with $50K of pensions coming in, that will not be comparable to an ER based on nestegg. The taxes are different. The "spending" will mean different things.

A single person extracting 3% from nest egg and doing so off of a 1.66 million portfolio will be at $50K, but that $50K can have LT capital gains tax treatment or qualified dividend treatment and yield an after tax quantity of dollars for what we might call "lifestyle defining expenditures" substantially different from the pension dollars. An ER based on nestegg with a 50K draw does not define "spending" equivalent to $50K in salary (pension).

No matter. It's a good baseline poll. One of the more interesting ones offered.

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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-29-2006, 06:16 AM   #46
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Re: Retirement Budget -- Poll only for those currently retired.

Baseline is the best description. If it's for a family, are there children? How many? What % of the income comes from each spouse? Etc. etc. etc.

I just wanted to see what people lived on as a group. As I expected, this forum isn't full of uber-wealthy that just took their fortune from the dot com boom and slipped away although I remember a few posts from someone that did make a bundle on a stock buyout.

Another interesting point is that there weren't that many respondents to the "retired only" poll. We also have a lot of wanabee lurkers like me not yet retired or those living off part time work or a spouse. My wife could have answered the poll if I hadn't excluded those with working spouses.
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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-29-2006, 10:18 AM   #47
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Re: Retirement Budget -- Poll only for those currently retired.

Quote:
Another interesting point is that there weren't that many respondents to the "retired only" poll. We also have a lot of wanabee lurkers like me not yet retired or those living off part time work or a spouse. My wife could have answered the poll if I hadn't excluded those with working spouses.
I am kind of intrigued by the top end 10 respondents spending 90K/yr as a retirement budget.

I can see this happening from maybe former airline pilots. Even after they got their pensions slashed, the PBGC I think is paying them $70K/yr, taxable. Add 20K from nestegg withdrawl and you have 90K spendable, including taxes.

Also, I wonder how many are shelling out alimony and child support money, which would fall into the spending category too.

That's not lifestyle defining expenditures, of course, because of the taxes, but it's still an impressive chunk of retirement bux.
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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-29-2006, 11:35 AM   #48
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Re: Retirement Budget -- Poll only for those currently retired.

Quote:
Originally Posted by rodmail
I am kind of intrigued by the top end 10 respondents spending 90K/yr as a retirement budget.
I bet many of those projecting $90K are speaking as a dual career couple. Two small pensions plus two SS checks plus one million dollar portfolio = $90K.
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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-29-2006, 12:04 PM   #49
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Re: Retirement Budget -- Poll only for those currently retired.

Once again I think people are confusing income versus spending. I answered what is my actual spending. My portfolio is growing nicely.

Maybe I will use the surplus someday for extraordinary items not in the budget (e.g. maybe a big contribution to my alma mater or buying a villa in Tuscany). But I am not committing to those yet.
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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-29-2006, 12:56 PM   #50
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Re: Retirement Budget -- Poll only for those currently retired.

Quote:
Originally Posted by youbet
I bet many of those projecting $90K are speaking as a dual career couple. Two small pensions plus two SS checks plus one million dollar portfolio = $90K.
Two public school teachers with 25 years or so in at a fairly good district would easily hit this figure, even without any SWR from savings!

Where I live decidedly ordinary people are buying million dollar house with a mortgage, and having plenty spendable left over to drive nice cars, eat $20/# steaks, etc.

If you can possibly stand it, get onto the public teat!

ha
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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-29-2006, 01:02 PM   #51
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Re: Retirement Budget -- Poll only for those currently retired.

I didn't vote since I am not retired.
My 2006 retirement budget computation based on current spending is I need $40k to $65k depending on where I would live (TN to NJ, median $44k) including all taxes, capital expenses and house maintenance.
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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-29-2006, 01:53 PM   #52
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Re: Retirement Budget -- Poll only for those currently retired.

I can't seem to add myself to the poll, does that mean it's over?
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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-29-2006, 02:00 PM   #53
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Re: Retirement Budget -- Poll only for those currently retired.

Quote:
Originally Posted by My Dream
I can't seem to add myself to the poll, does that mean it's over?
Yes, I ended it so it wouldn't drag out forever.
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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-29-2006, 02:45 PM   #54
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Re: Retirement Budget -- Poll only for those currently retired.

Quote:
Originally Posted by HaHa
Two public school teachers with 25 years or so in at a fairly good district would easily hit this figure, even without any SWR from savings!

Where I live decidedly ordinary people are buying million dollar house with a mortgage, and having plenty spendable left over to drive nice cars, eat $20/# steaks, etc.

If you can possibly stand it, get onto the public teat!

ha
Aha! So that explains it I struggle to understand when I see large suburban areas where every single home is in the $500k to $1MM range...Maybe a lot of these people are house poor but you would never guess it based on appearences. There seems to be a lot of prosperity out there. I used to work with a fairly successful bunch of professional types yet very few lived at that level, so who the heck are all these big spenders?

Back on topic, we're not retired yet but I anticipate we'll fall in the upper end of the most popular range. It's hard to imagine spending much less given our projected health insurance costs.

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Re: Retirement Budget -- Poll only for those currently retired.
Old 11-03-2006, 07:55 AM   #55
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Re: Retirement Budget -- Poll only for those currently retired.

My wife and I are one of those over $90k expenses. We quit working (not retired), in 2005 at 50 and 49 yo, so we pay our own health care ($20,000 deductible policy) and will have to foot the bill until medicare (hopefully) kicks in at 65. We enjoy a nice comfortable lifestyle, maintain a home base and find that traveling during the winter months in a motorhome is quite pleasant.

For those who dream about retiring early, the secret to save enough $$$$ to do so. Either LBYM or earn a lot of money. WE DID BOTH!!!

P.S.
No monthly payments as all assets paid for!
Pensions will begin at age 62!
For those of you that have your health care, provided for in retirement, you are very fortunate.

Dave
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