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Re: what % of salary do you live on
Old 02-17-2006, 01:53 PM   #21
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Re: what % of salary do you live on

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You bought a ballpark with 55% of your money?

Can we get the hot dogs and beer wholesale if we take in a game?
Sorry, for now I'm remodeling. Ripping out those pesky bleachers, and installing luxury suites! We'll be serving only filet mignon with chardonnay...
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Re: what % of salary do you live on
Old 02-17-2006, 02:33 PM   #22
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Re: what % of salary do you live on

Well all the little galts and galtlettes will be beating a path to your door!
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Re: what % of salary do you live on
Old 02-17-2006, 03:02 PM   #23
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Re: what % of salary do you live on

63% of our former salary.
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Re: what % of salary do you live on
Old 02-17-2006, 03:18 PM   #24
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Re: what % of salary do you live on

When they say 70% of your working salary, do they mean 70% of gross or
70% of net salary ? ? ?
.
Before I er'd, I was taking home about 40% of my gross, because out of the 100%,
I had to pay taxes, and much of it went into my 401k and my other savings and investment accounts.
So, I guess you could say that I could live on 40% of my gross salary and
still paying the mortgage, so the 40% will go down when the mortgage is paid off.
.
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Re: what % of salary do you live on
Old 02-17-2006, 05:48 PM   #25
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Re: what % of salary do you live on

We probably live on about 30% of our gross. I only bring home 1/2 of my gross with the rest going to taxes and maxing out my 401K and employee stock plan (4% of salary which is matched 50% by my employer). Of what I bring home, 2/3 of that goes into other savings and 15% goes to church and other charities. We mostly live on my husband's salary. He's not ready to retire. 8)

I always thought that the estimates were crazy ("you need 70-80% of your pre-retirement income"). Income has nothing to do with how much you "need" (though for many, the "needs" rapidly expand to match the income...)

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Re: what % of salary do you live on
Old 02-17-2006, 08:33 PM   #26
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Re: what % of salary do you live on

With paid for house, I will need about 25% of current gross compensation.
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Re: what % of salary do you live on
Old 02-17-2006, 08:45 PM   #27
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Re: what % of salary do you live on

Not sure what I am at currently. Would need to run some silly reports on quicken to find out. I know it is less than 50% of my gross pay but I don't have a home mortgage. Really depends on what income level you are at.

I think a better question would be how much per year can you survive on and be content.

I am new to the forum, but I think a good reference book would be "Your Money or Your Life" by Joe Dominguez and Vicki Robin. I don't agree totally with all of their ideas but think it is worth reading. You can probably pick up a copy at your local library.

-mwj

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Re: what % of salary do you live on
Old 02-17-2006, 08:54 PM   #28
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Re: what % of salary do you live on

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No, but journalists & financial analysts might starve... not sure that'd matter either!
Nah, the journalists would just start writing about frugality, or politics, or blogging or whatever 'trend' has been declared ... as for financial analysts, well, you might be right

..... as for what we live on, it's roughly 1/2 of our net salaries ....
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Re: what % of salary do you live on
Old 02-17-2006, 09:21 PM   #29
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Re: what % of salary do you live on

I think a % is meaningless. You need to decide what you are going to need. I just wish I had the courage to chuck it in now, but in 4 years I'll have a pension of around $45k/year (at age 55) plus good health benefits up to age 70 (until it changes, of course). Like nun I and DW are dual US/UK and we can still still receive our UK gov. pensions without going back.
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Re: what % of salary do you live on
Old 02-17-2006, 11:43 PM   #30
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Re: what % of salary do you live on

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what % of salary do you live on
Well . . . I'm 3/4 time retired so I live on 150% of my salary.

However, I recently told the CEO of the company I work 1/4 time at that I was ready to quit and get back to my retirement. They offered to keep my pay the same for 3 hours per week effort, but they will increase my stock options. So that number may come down a little -- to about 140%.
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Re: what % of salary do you live on
Old 02-18-2006, 12:01 AM   #31
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Re: what % of salary do you live on

I can live on about 12K a year unless I want to buy something or repair something. The 12K would cover food, clothing, utilities, property taxes, insurance, gas, but not medical or buying a car or new roof so I am guessing about 24K to cover everything. I have saved up about 200K so about 8K will come from that and SS will cover about 14K in 4 more years, 6K comes from rental income so if I hold a job until 62 I will be OK and if I work until medicare kicks in at 65 I will be well off, SS will be about 18K then
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Re: what % of salary do you live on
Old 02-18-2006, 08:42 AM   #32
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Re: what % of salary do you live on

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Originally Posted by Alan
I think a % is* meaningless.* You need to decide what you are going to need.* I just wish I had the courage to chuck it in now, but in 4 years I'll have a pension of around $45k/year (at age 55) plus good health benefits up to age 70 (until it changes, of course).* Like nun I and DW* are dual US/UK and we can still still receive our UK gov. pensions without going back.
Hey Alan, I grew up in NI and left in 82. I did work there from 79 through 82 making very little compared to today.
Do you know if I will be entitled to a pension from HMG.
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Re: what % of salary do you live on
Old 02-18-2006, 09:31 AM   #33
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Re: what % of salary do you live on

Life is expensive here in Manhattan. We plan to earn about $161,000 this year and hope to save $63,000 for a total cost of $98,000 or 61% of gross.
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Re: what % of salary do you live on
Old 02-18-2006, 09:51 AM   #34
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Re: what % of salary do you live on

PJ03, You should be entitled if you have enough credits.* You can find out at the following website

http://www.thepensionservice.gov.uk/home.asp

I applied for the forms a few years back, sent in my National Insurance number etc, and they had my records and confirmed that I would be entitled to a pension.
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Re: what % of salary do you live on
Old 02-18-2006, 10:05 AM   #35
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Re: what % of salary do you live on

Thanks, I will check it out
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Re: what % of salary do you live on
Old 02-18-2006, 10:09 AM   #36
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Re: what % of salary do you live on

For the two of us, $60,000 a year (to spend, not including taxes) gives us everything we need with a nice cushion for travel, house repairs, and a new car every seven to eight years. So with state and federal taxes thrown in, about $80,000. That's my guess. Might be a little high, but I guestimate on the safer, higher side.
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Re: what % of salary do you live on
Old 02-18-2006, 10:38 AM   #37
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Re: what % of salary do you live on

I live on about 40% of my salary. I could retire now but am worried about health insurance.
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Re: what % of salary do you live on
Old 02-18-2006, 10:43 AM   #38
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Re: what % of salary do you live on

What? When did you go back to work?

Turncoat.
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Re: what % of salary do you live on
Old 02-18-2006, 12:14 PM   #39
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Re: what % of salary do you live on

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Originally Posted by old woman
I can live on about 12K a year unless I want to buy something or repair something. The 12K would cover food, clothing, utilities, property taxes, insurance, gas, but not medical or buying a car or new roof so I am guessing about 24K to cover everything. I have saved up about 200K so about 8K will come from that and SS will cover about 14K in 4 more years, 6K comes from rental income so if I hold a job until 62 I will be OK and if I work until medicare kicks in at 65 I will be well off, SS will be about 18K then
Old woman huh, and you are 58. Even though you are old enough to be my mother, I don't consider 58 old. You are only as old as you think you are.
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Re: what % of salary do you live on
Old 02-18-2006, 02:30 PM   #40
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Re: what % of salary do you live on

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Old woman huh, and you are 58.* Even though you are old enough to be my mother, I don't consider 58 old.* You are only as old as you think you are.
Well I feel old and can see what's next. My Mom is 79 and I am becoming more like her everyday, her Mom is 98 and she is becoming more like her everyday, so I can see myself being more like grandma everyday, not that that is a bad thing, grandma has a pretty good life except she is forgetful.
I am using them as role models on how to retire without running out of money. Grandma has a little house in town where she could walk everywhere, but now has moved to the country to assisted living because she broke her leg and is forgetful, she may have dementia. Mom has a house in the city and a car and can drive upto about 40 miles before her eyes hurt too much. She used to enjoy travel but now her feet hurt if she overdoes things so she stays home most of the time except for local games of bowling and lunch with friends, it is a cheap life. She can afford more but doesn't want more so her savings grow every year.
So for me I want a low maint home where I can walk or take public transportation when I can't or don't want to drive. I want my home nice enough I would enjoy being at home, a yard to putter in, some flowers. I also want to be near my mom she is 240 miles from her mom and it makes it hard on her to go see her. Grandma has been retired 41 years so far and mom 18 years so I can see the money needs to last a good long time.
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