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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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Retirement Budget -- Poll only for those currently retired.
Old 10-21-2006, 10:44 AM   #1
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Retirement Budget -- Poll only for those currently retired.

I've followed a few threads recently that have me wondering how much a typical FIREed person budgets for their annual living expenses. This is not "how much do you have" or "how much you could spend" but your actual cost of living/budget.

I only want those currently and fully retired to answer. Those that are personally retired with working spouses are also requested not to answer.

This may have been done before but I don't recall seeing one in my time with the ER Forum.
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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-21-2006, 11:33 AM   #2
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Re: Retirement Budget -- Poll only for those currently retired.

Backing out the mortgage, the IRAs, and the photovoltaic array would bring our spending down to about $42K.

Let me know if I have to change my vote.
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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-21-2006, 11:57 AM   #3
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Re: Retirement Budget -- Poll only for those currently retired.

I voted $30-45k. On the low end of that, BUT I have a paid-for house. That makes a big difference.
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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-21-2006, 12:04 PM   #4
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Re: Retirement Budget -- Poll only for those currently retired.

Quote:
Originally Posted by 2B
I've followed a few threads recently that have me wondering how much a typical FIREed person budgets for their annual living expenses. This is not "how much do you have" or "how much you could spend" but your actual cost of living/budget.

I only want those currently and fully retired to answer. Those that are personally retired with working spouses are also requested not to answer.

This may have been done before but I don't recall seeing one in my time with the ER Forum.
I like this one, but are we talkin' for one person?

JG
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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-21-2006, 12:18 PM   #5
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Re: Retirement Budget -- Poll only for those currently retired.

I answered for 2 of us but supplied actual, not budget. Our budget is $30k higher and accounts for some major travel costs, medical, and cars, etc. that have just not happened in 4 years.

Also excluded our rental penthouse to keep apple-to-apples.
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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-21-2006, 12:22 PM   #6
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Re: Retirement Budget -- Poll only for those currently retired.

I meant....
  • for a "family unit" -- 1, 2 or whatever
  • total spending/living cost -- if you have a mortgage include it
  • if you budget for it but don't do it -- don't include it
  • total spending/living cost -- if you have a penthouse or vacation home include the cost

I can see I was conservative in my upper spending range. I've redone the poll to look at the big spenders. Feel free to re-vote if you can. I don't know if it's an option after you've voted.
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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-21-2006, 01:21 PM   #7
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Re: Retirement Budget -- Poll only for those currently retired.

We eat out a lot and travel a bit and still cannot spend more than $41,000...I suppose the low mortg and no car payment helps a lot...
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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-21-2006, 02:01 PM   #8
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Re: Retirement Budget -- Poll only for those currently retired.

We are building a house which we will move into next year. So our budget for this year is pretty sizable (geo-thermal, PV panels, extra insulation, etc).
I expect it to go down as we get those expenses out of the way.
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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-21-2006, 02:07 PM   #9
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Re: Retirement Budget -- Poll only for those currently retired.

Quote:
Originally Posted by 2B
Feel free to re-vote if you can. I don't know if it's an option after you've voted.
When you first set up a poll, there's an option for allowing vote-changing. Not sure if you can change that setting after the fact, or how it works if you change it after the fact. Admins? Fellow moderators?
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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-21-2006, 02:12 PM   #10
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Re: Retirement Budget -- Poll only for those currently retired.

Quote:
Originally Posted by astromeria
When you first set up a poll, there's an option for allowing vote-changing. Not sure if you can change that setting after the fact, or how it works if you change it after the fact. Admins? Fellow moderators?
I remember seeing that box but I didn't check it. When I modified the poll, it wasn't there.

So far, our median retiree is in the $45,000 to $60,000 band.

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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-21-2006, 02:53 PM   #11
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Re: Retirement Budget -- Poll only for those currently retired.

A little early to be very precise since DW and I are retired only ~6 months... and we re-located back to Canada at the beginning of that. About $50k (no mortgage, no debt of any kind) based on trends to date.
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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-21-2006, 03:38 PM   #12
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Re: Retirement Budget -- Poll only for those currently retired.

Hmmm

One year below 15 as in 12k.
Two years above 15 as in 45 and 35k due to remodeling.
Eight yrs around 18 to 20k.

Post Katrina - three funerals, remodeling , house down payment, health insurance, travel - 78k

Expect 13th to to be around 70k - all in. Note one yr temp work in 95.

heh heh heh heh heh - all over the map. Trying the 5% variable method as of 2006 for the portfolio - will force myself to spend, spend, spend as an old man of 63.
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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-21-2006, 04:11 PM   #13
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Re: Retirement Budget -- Poll only for those currently retired.

Quote:
Originally Posted by unclemick2
Hmmm

One year below 15 as in 12k.
Two years above 15 as in 45 and 35k due to remodeling.
Eight yrs around 18 to 20k.

Post Katrina - three funerals, remodeling , house down payment, health insurance, travel - 78k

Expect 13th to to be around 70k - all in. Note one yr temp work in 95.

heh heh heh heh heh - all over the map. Trying the 5% variable method as of 2006 for the portfolio - will force myself to spend, spend, spend as an old man of 63.
You might make it to 100. Spend spend spend may not be the best policy for a young 63 year old.
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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-21-2006, 04:19 PM   #14
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Re: Retirement Budget -- Poll only for those currently retired.

Quote:
Originally Posted by AltaRed
A little early to be very precise since DW and I are retired only ~6 months... and we re-located back to Canada at the beginning of that. About $50k (no mortgage, no debt of any kind) based on trends to date.
Truly, it is hard for me to imagine how I could spend 50K, even if I had an S.O.

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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-21-2006, 05:34 PM   #15
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Re: Retirement Budget -- Poll only for those currently retired.

This is another one of those profiles that really needs to be broken down to single vs family.

In fact, further than that. The 70K budget people are either on majority pensions or majority nestegg (4.5% with Soc Sec --> $1.5 million).

So a poll like this needs to ask Single vs Family and then majority pension as source of funds or majority nestegg as source of funds.

Without that breakdown the breadth of the result implies a wider spread of spending patterns than might actually exist.
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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-21-2006, 05:48 PM   #16
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Re: Retirement Budget -- Poll only for those currently retired.

Quote:
Originally Posted by rodmail
So a poll like this needs to ask Single vs Family and then majority pension as source of funds or majority nestegg as source of funds.

Without that breakdown the breadth of the result implies a wider spread of spending patterns than might actually exist.
I understand the single vs family, but whether the funds come from savings, SS or a pension doesn't change the spending level - it is what it is. Now, if you want to know why the budgets vary,...
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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-21-2006, 05:57 PM   #17
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Re: Retirement Budget -- Poll only for those currently retired.

I have been ER'd for over 1 1/2 years but no clear expense pattern has emerged yet. During that period, I hung out at home which was paid off, relaxing, spent a month in Thailand. Then I sold my house and lived with my Dad for 4 months. Now with $300/month living expenses (insurance mostly but no income tax included), I am heading for low cost of living Southeast Asia for about 10 months. The (consistent expense pattern) dust may not settle for another 2 to 4 years.
As long as no serious health crisis arises or I am not foolish enough to marry an 18 yo Thai girl who insists that I support her family of 100 , I should be able to keep my expenses under budget.
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Old 10-21-2006, 06:01 PM   #18
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Re: Retirement Budget -- Poll only for those currently retired.

Quote:
Originally Posted by rodmail
This is another one of those profiles that really needs to be broken down to single vs family.

In fact, further than that. The 70K budget people are either on majority pensions or majority nestegg (4.5% with Soc Sec --> $1.5 million).

So a poll like this needs to ask Single vs Family and then majority pension as source of funds or majority nestegg as source of funds.

Without that breakdown the breadth of the result implies a wider spread of spending patterns than might actually exist.
You are so right. You think like me. Consider checking yourself into the closest insanasalum.

This is Step 1. My next question is "where is all the money coming from?"

I'm not as concerned about "family" or "single." It is real but we spend what we spend. I personally think I saved money when I got married. I also increased my savings rate so I now have more than if I stayed single.
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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-21-2006, 06:09 PM   #19
 
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Re: Retirement Budget -- Poll only for those currently retired.

Quote:
Originally Posted by 2B
You are so right. You think like me. Consider checking yourself into the closest insanasalum.

This is Step 1. My next question is "where is all the money coming from?"

I'm not as concerned about "family" or "single." It is real but we spend what we spend. I personally think I saved money when I got married. I also increased my savings rate so I now have more than if I stayed single.
I did not participate in the poll because my wife still works, but I'll comment on a few things.

Paying down a mortgage is not really spending, it's just leveraging money. Same with Saving IRA's etc.

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Re: Retirement Budget -- Poll only for those currently retired.
Old 10-21-2006, 06:11 PM   #20
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Re: Retirement Budget -- Poll only for those currently retired.

Quote:
Originally Posted by Cut-Throat
Paying down a mortgage is not really spending, it's just leveraging money. Same with Saving IRA's etc.
If you pay off a mortgage in large chunks, I agree. If you are paying on a mortgage, I don't. It's part of you living expenses.
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