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Old 12-10-2009, 01:15 PM   #41
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Whooo! I hurt myself on that one. Hope I didn't rupture anything. heheheh
I am glad I am not the only one who thought it was funny!
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Old 12-10-2009, 02:11 PM   #42
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$39,600 fixed costs, $54,000 actual for two...includes remodeling, travel, and two small homes with HOA's.
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Old 12-10-2009, 02:41 PM   #43
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Ok...since others are chiming in... My budget this year for two adults is $40k. Methinks the amount will be a tad more by the time all is said and done...

If I find myself single at some point, I could do just fine on $30k.
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Old 12-10-2009, 02:49 PM   #44
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We are not FIREd yet. But there are two of us plus two kids that will leave home over the next 5 years. Our current pre-tax expenses (not including mortgage, which I will pay off) are $55k plus $10k health care. We could sustain our current lifestyle with $65k (including expenses for kids). I am planning on FIRE when we can support $80k/year (at 4% SWR). Should leave us at least a 25% buffer between SWR and current expenses.
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Old 12-10-2009, 03:51 PM   #45
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Nicely put. Those are the two things readers need to know in order for the number to mean anything: for one or two people and pre or post tax.
And whether your budget includes 1-time expenses, like new roof, new car, etc, etc that people tend not to put in their budgets. I take budgets and investment returns posted with a grain a salt.
TJ
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Old 12-10-2009, 04:01 PM   #46
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I can't speak for everyone else who has responded, but for me, my income taxes (federal and state combined) are very low, only about 5% of total ER income. Therefore, they have very little impact on my budget and its overall numbers would be nearly the same if I provided before-tax or after-tax data.
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Old 12-10-2009, 04:13 PM   #47
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I take budgets and investment returns posted with a grain a salt.
TJ
Me too...however, sometimes I'll add a twist of lime and Don Julio 1942.
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Old 12-10-2009, 04:57 PM   #48
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I'm fast approaching the mortgage pay off milestone and seriously thinking about ER. After the mortgage is gone and I don't have to save for retirement my budget is $30k per year after tax.

$7k on home insurance and real estate taxes
$5k on health insurance.
$18k is what I currently live off

Just wondering if anyone spends less.
I'd guess that half the Americans over age 65 spend less. The gov't does a survey of this. It shows about 56% of the households have incomes below $30k per year. Their spending averages a little more than their incomes, but I think that if you look at the various groupings, $30k of spending is pretty close to the median.

But that's for households, some of which have more than one person.
ftp://ftp.bls.gov/pub/special.reques...NC/x65orup.TXT

If you look at one-person households in the 55-64 range, the mean spending is about $34k, and that includes $2,366 of mortgage interest and $3,052 of "pensions and Social Security". ftp://ftp.bls.gov/pub/special.reques...byage/aone.TXT

We're a couple, and we spend less than $36k on non-medical, non-REtax.
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Old 12-10-2009, 04:58 PM   #49
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And whether your budget includes 1-time expenses, like new roof, new car, etc, etc that people tend not to put in their budgets. I take budgets and investment returns posted with a grain a salt.
TJ
I think there are other factors too - like your location and your working income, whether you have health-care from a former employer etc.

A frugal family earning $50k/yr may have a different view of the word from a family earning $200K/yr.

Maybe the percentage of your ER budget as a percentage of your pre-ER spend is more useful for a large, diverse group. As always, the devil is in the details.
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Old 12-10-2009, 05:48 PM   #50
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I am glad I am not the only one who thought it was funny!
I only lived with women with their own 401k's!

heh heh heh - all others were just friends. I had a college room mate in ancient times(1960's) who always checked his girlfriend's teeth in case he fell in love and got married he didn't want a lot of dental bills I guess. I believe he retired(math teacher) single.
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Old 12-10-2009, 05:58 PM   #51
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I'm budgeting $70k with the mortgage and $48k without, both before taxes for two of us. I expect we'll come in below those numbers since I wanted to make sure our income sources will meet those levels. I expect the mortgage to be paid off within three year of retirement, mainly due to educational related issues with our youngest.
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Old 12-10-2009, 06:30 PM   #52
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$60K after taxes for two people -- includes health insurance.
This is very generous and we are on target to underspend this year.
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Old 12-11-2009, 12:06 AM   #53
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Yes, i'm single. However, if I had a spouse, my expenses wouldn't double. They'd go up maybe $300/mo. not counting health ins.
LOL never been married or ?
I suspect a spouse will more than double your expenses
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Old 12-11-2009, 12:20 AM   #54
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LOL never been married or ?
I suspect a spouse will more than double your expenses
Not any spouse I would ever have. I like being single and plan to remain that way.
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Old 12-11-2009, 07:34 AM   #55
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Not any spouse I would ever have. I like being single and plan to remain that way.
Yeah, I spend about a third of what "we" did when I was married! Whoever said two can live cheaper than one hadn't met my ex-wife!
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Old 12-11-2009, 10:01 AM   #56
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Not any spouse I would ever have. I like being single and plan to remain that way.
Being single is highly under-rated! After 23 years of marriage I have been single for almost 12 years and enjoy it a lot. Although Frank and I are very close and spend a lot of time together, we have no desire or plans to marry or live together. We are blissfully single and enjoy having separate homes.

If you ever decide that you want kids, you may change your mind. I think it is easier for kids to have both a father and a mother at home when they are growing up.
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Old 12-11-2009, 12:45 PM   #57
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$1K on home insurance($135) and real estate taxes($850)
Aaron, where/how do you get RE tax of only $850/yr? Just curious.
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Old 12-11-2009, 12:52 PM   #58
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Yeah, I spend about a third of what "we" did when I was married! Whoever said two can live cheaper than one hadn't met my ex-wife!
In my planning, I'm figure to take the 75% option on the pension, meaning my wife will get 75% of my pension if I die first. I figure we'll take the 50% option on her pension. This is because I can live on less than what she can because I'm willing to cut back more.

For instance, my wife wants a big house (5+ bedrooms), so each son will have their own room if they happen to visit at the same time. If she passes before me, I'm willing to downsize (2-3 bedroom), and make them share a room since they likely won't visit at the same time. If they happen to visit at the same time, there's always a hotel room available.
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Old 12-11-2009, 01:33 PM   #59
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Aaron, where/how do you get RE tax of only $850/yr? Just curious.
I live in the upper midwest in a small town. My condo is only worth ~$42,000. I actually rounded up. My taxes for the 2 years that i've owned it where $830.74(2008) and $842.60(2009).
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Old 12-11-2009, 04:12 PM   #60
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Aaron, where/how do you get RE tax of only $850/yr? Just curious.
My real estate tax went up this year, to $872 for the 1558 sq ft house in the photo below in a nice neighborhood. No mansion by the sea, but not a shack or chicken coop either. Our tax structure is such that our sales tax is nearly 10%, though , and we do have a moderate state income tax.

On the other hand, unlike Aaron's $135 insurance, my homeowners' and flood insurance added up to $2016 last year.
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