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View Poll Results: For retirees, how much did you spend last year?
less than $15000 4 7.55%
$15000 -$20000 4 7.55%
$20000-$30000 4 7.55%
$30000-$40000 9 16.98%
$40000-$50000 5 9.43%
$50000-$60000 6 11.32%
$60000-$70000 9 16.98%
$70000-$80000 5 9.43%
$80000-$90000 2 3.77%
$90000-$100000 0 0%
$100000-$125000 0 0%
$125000-$150000 2 3.77%
$150000-$200000 0 0%
more than $200,000, I have the big bucks 3 5.66%
Voters: 53. You may not vote on this poll

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Spending
Old 11-17-2005, 02:25 PM   #1
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Spending

To coincide with DanTien's poll, interested in what retirees are spending a year.

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Re: Spending
Old 11-17-2005, 05:22 PM   #2
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Re: Spending

How do you define spending?* *Some of our biggest expenses were for remodeling -- is that considered spending or capital improvements?

And for large purchases, do you amortize?

Taxes?

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Re: Spending
Old 11-17-2005, 06:59 PM   #3
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Re: Spending

Why the bi-modal distribution?* I'm shocked that no one falls in the 40-50k range..I thought this was the most commonly quoted ER spending level!

Waiting for more data...
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Re: Spending
Old 11-17-2005, 10:47 PM   #4
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Re: Spending

$5k/month seems to be the winner sofar - I expected that actually. Personally I have not had a full year in FIRE yet (but almost) but around $15-20k/year seems to be the cost pic for now (based in Thailand before somebody asks what cat food I enjoy the most ) Cheers!
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Re: Spending
Old 11-17-2005, 11:01 PM   #5
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Re: Spending

O.K., between the 8 million dollar net worths, and the 200k a year outflow, we have some people who want to adopt me around here! Martha, weren't you going to?
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Re: Spending
Old 11-17-2005, 11:30 PM   #6
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Re: Spending

Quote:
Originally Posted by Rok
Why the bi-modal distribution?* I'm shocked that no one falls in the 40-50k range..I thought this was the most commonly quoted ER spending level!

Waiting for more data...
Yeah, I was expecting more in the 40-50K range as well.
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Re: Spending
Old 11-18-2005, 01:44 AM   #7
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Re: Spending

Quote:
Originally Posted by ben
$5k/month seems to be the winner sofar - I expected that actually. Personally I have not had a full year in FIRE yet (but almost) but around $15-20k/year seems to be the cost pic for now (based in Thailand before somebody asks what cat food I enjoy the most* ) Cheers!
Jeez Ben, in Thailand you can afford cat food on $20k annually? I spend $13.2k, but I'm eating out of trash cans and begging to get by...

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Re: Spending
Old 11-18-2005, 08:32 AM   #8
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Re: Spending

Quote:
Originally Posted by Lancelot
Jeez Ben, in Thailand you can afford cat food on $20k annually? I spend $13.2k, but I'm eating out of trash cans and begging to get by...

So what kind of cat makes the best cat food?
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Re: Spending
Old 11-18-2005, 08:38 AM   #9
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Re: Spending

I asked my 71yr old dad what he spends now, he said his yearly expenses are about $20,000 a year. They don't travel or have a cell phone but do have cable. He said right now his biggest expense is food but that doesn't surprise me since his 91yr old FIL drives down every day for lunch, the "kitchen" is always open with the coffee on for neighbors who come and go all day and he cooks Sunday breakfast for anyone that shows up (mostly kids and grandkids) which is a lot of times 15 to 20 ppl.
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Re: Spending
Old 11-18-2005, 08:55 AM   #10
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Re: Spending

Quote:
Originally Posted by wab
How do you define spending? Some of our biggest expenses were for remodeling -- is that considered spending or capital improvements?

And for large purchases, do you amortize?

Taxes?

I just kept it simple. It is only a snapshot of what people spent last year, whether in regular expenses or a big capital improvement.
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Re: Spending
Old 11-18-2005, 09:36 AM   #11
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Re: Spending

Since DH is still working, I kinda sorta don't count as retired as we're living off his income.

My 79-yr-old retired mother spends everything SS and her IRA RMD dump into her money market account. At the moment, that's ~$35k--and she occasionally dips into principal for more, like last year when she bought a new house and got some new furnishings.
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Re: Spending
Old 11-18-2005, 10:05 AM   #12
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Re: Spending

I did not vote because I still work. But like some of the others, I can discuss what my mother spends since I do her finances for her.

She is selling her house so she still has some expenses like taxes, insurance and utilities but otherwise it is paid off.

She lives in an Assisted Living center. That runs her $35,000/year

She has no car (can't drive). So no auto expenses.

Her other biggest expenses are medical above Medicare and contributions to her church.

Her total runs about $40,000/year. Before Assit. Living, it was $6k.
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Re: Spending
Old 11-18-2005, 12:05 PM   #13
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Re: Spending

He,he - have you not heard that the all-you-can-drink-for 4 hours deal have increased to 150 Baht($3.50)!?
I had several one time purchases as I moved into my apartment so I will be closer to your costs in the future I think - now where are the best trash cans?
Beers soon? Cheers!


Quote:
Originally Posted by Lancelot
Jeez Ben, in Thailand you can afford cat food on $20k annually? I spend $13.2k, but I'm eating out of trash cans and begging to get by...

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Re: Spending
Old 11-18-2005, 08:46 PM   #14
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Re: Spending

Quote:
Originally Posted by ben
He,he - have you not heard that the all-you-can-drink-for 4 hours deal have increased to 150 Baht($3.50)!?
$3.50 for all I can drink for 4 hours? Outrageous! Those tourists have ruined it for us Ben...

Yes, lets meet for beer soon, before they raise the price again!!! I want to hear about your Viet Nam trip

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Re: Spending
Old 11-19-2005, 10:28 AM   #15
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Re: Spending

Interesting that ~40% can function on 40k or less. Must be family dynamics.

No way a family of 4 can survive on less than 40k on the northeast. Heck, healthcare alone is more than 10k.
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Re: Spending
Old 11-19-2005, 11:38 AM   #16
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Re: Spending

Our first (partial) year in retirement cost us much more than I thought it would.

Planned expenses were new carpeting, landscaping, and health insurance.

Unplanned expenses were son #1's unexpected wedding (he left for Iraq), son #2's apartment/moving expenses (graduated college and rec'd job offer in Chicago), a 3rd vehicle (son #2 didn't want it anymore), and a 50" TV for hubby. (the man is spoiled)

2006 will be much cheaper!!
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Re: Spending
Old 11-21-2005, 11:09 AM   #17
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Re: Spending

Ok, those 7 people (so far) that claim they are living on $15k or less; are you also getting any Gov. assistance, i.e., food stamps, etc.? I am not trying to be nasty, just wondering, since a family of 4 could get some assistance from a variety of state and/or Fed. programs at this income level.

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Re: Spending
Old 11-21-2005, 08:16 PM   #18
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Re: Spending

We are pretty frugal - small vacation expense ($5,000), hardly eating out, no new furniture or appliance, etc. However, our expenses still run into the $45 to $50K range. It's hard to image spending less than $50K.
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Re: Spending
Old 11-21-2005, 09:36 PM   #19
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Re: Spending

I am guessing (as I spend a bit more) than SOME live abroad. Also; we seem to be focused on familys here - I am not so sure that is the norm for most FIREd people. Single/w. partner/kids left the nest or whatever are options too.
I am single and live abroad so my cost picture can look very different from others. Cheers!


Quote:
Originally Posted by SteveR
Ok, those 7 people (so far) that claim they are living on $15k or less; are you also getting any Gov. assistance, i.e., food stamps, etc.?* I am not trying to be nasty, just wondering, since a family of 4 could get some assistance from a variety of state and/or Fed. programs at this income level.

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Re: Spending
Old 11-22-2005, 05:28 AM   #20
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Re: Spending

Quote:
Originally Posted by SteveR
Ok, those 7 people (so far) that claim they are living on $15k or less; are you also getting any Gov. assistance, i.e., food stamps, etc.?* I am not trying to be nasty, just wondering, since a family of 4 could get some assistance from a variety of state and/or Fed. programs at this income level.
No government assistance for ole Lance. But I do pan handle on the streets of Bangkok and eat from dumpsters quite often...



Mai pen rai na...

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