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Old 12-11-2009, 04:24 PM   #61
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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).
$845 north of Kansas City. 1100 sq ft, 3 bedroom/one bath built 1970. That era surburban tract home. Paid 85k post Katrina.

heh heh heh -
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Old 12-11-2009, 04:39 PM   #62
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$845 north of Kansas City. 1100 sq ft, 3 bedroom/one bath built 1970. That era surburban tract home. Paid 85k post Katrina.

heh heh heh -
EXCELLENT!!! By that I mean both purchase price and property tax. In about a year, maybe that will be me.
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Old 12-11-2009, 04:45 PM   #63
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Yep...lived in MO myself. Low property tax...but there is state tax.
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Old 12-11-2009, 04:48 PM   #64
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We run approximately $60K for DW, myself, approximately 20 goats, 12 chickens, misc ducks and geese, two dogs and whatever other critters roam around this place.
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Old 12-11-2009, 04:54 PM   #65
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We are budgeting $70k for 2 (after income taxes). Planning lots of travel.
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Old 12-11-2009, 08:17 PM   #66
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$100k before taxes for two of us
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Old 12-11-2009, 08:43 PM   #67
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I'm budgeting about 30k after taxes.

My after-tax spending, including RE tax on the coop, was a bit under 24k for 2008, and 2009 will be about the same.

Medical insurance cost will be the great unknown, since I want to bail before I'm Medicare-eligible.

ta,
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Old 12-11-2009, 09:57 PM   #68
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Basic: about 20K/year

Bought car in '07, cash from slush fund

Will start to tap retirement accounts in '10

Have started giving away most of the surplus
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Old 12-11-2009, 10:20 PM   #69
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RE taxes on condo I'm thinking about buying near DS's university (for him to use while in school, renting out a couple of rooms to his friends) will run $595. This condo has a MIL apartment so we can stay there while visiting (avoiding $100 per night hotel room). 2200 sq ft, 4br, 2 ba, incl MIL apt, in central Utah. Heck, if we like it there, we could even live there on a lot less than in the McMansion in Cali.

R

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Old 12-11-2009, 10:25 PM   #70
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Here's a budget I threw together on the quick. I'm sure I left stuff out. If you think of anything, let me know. (I would appreciate any critique) But, this is the basics. I'm thinking that $50k before taxes will work for the two of us with a small cushion. We will complete our new home in country in two months with NO mortgage. (yea us) so maintenance will be low for many years. We're 57 & 58 SS will be $32k at my age 62 in todays dollars. Currently 1.35M in IRA/401k.

Anyone use Thrivent? I'm talking to a rep now for ideas on creating income from savings.

All numbers are annualized.

Health Insurance - 8400
Life insurance
Dw - 375
Me - 560
(2each)Car Insurance - 720
Home Insurance - 700
Utilities
Electric - 1200
Gas - 500
Water - 360
Cable - 600
Internet - 600
Cellphone - 1050

Taxes
Home - 800
Rental - 230

(2 each)Vehicle maintenance(estimate) - 2000
Tractor maintenance - 250
Fuel - 1500
Clothing - 1000
Medical deductibles & copays(estimate) 1500
Rx - 700
Household supplies - 1200 (probably to low)

Groceries - 6000
Dining - 1200

Farm supplies, fertilizer, feed, fire ant poison, etc - 1000
Gifts - 500

Total $32,945 before taxes
Assuming 15% income tax rate plus 4% state taxes, income needed is aprox $38,500
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Old 12-11-2009, 10:46 PM   #71
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Congrats Bentley on the house. Just noticed $500 for gas. I'm budgeting $2700 for propane (900 gals x $3 per gal). I don't know if that is high or low. Our currently sporadically used 4300 sq ft home is mainly heated with the woodstove (budget $400/yr for 2-3 cords of wood) but sometimes start the mornings with the propane furnace for a quick boost to the heat (when we are there at Christmas).

Our home is 4 yrs old, but already we have little issues popping up. I am budgeting just a little less than 1% of its value for home maintenance, including major replacements like the refer, freezer, furnaces, roof, etc, and minor things like cleaning supplies, paint touchups, flowers and yard stuff, etc. The leftovers in this fund will be deposited in MM or CDs until needed.

We also have a car replacement accrual...also goes to MM or CDs. Same for RV.

Just some food for thought.

R
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Old 12-11-2009, 10:59 PM   #72
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Thanks Rambler, and the gas budget is an estimate. The new home is about 2150 heated, and it has icynene foam insulation walls and roof. It's V E R R Y tight. Possibly to much so. Anyway, the home will use natural gas for cooking, hot water, drying clothes, and gas log fireplace.
We retired to Louisiana.

After we've lived in the home for at least six months, I should be able to assemble a more accurate budget.

Good thoughts on the vehicle accruals. We typically drive vehicles for ten plus years. Current vehicles are a 2006 model with 20k miles on clock, and a 2007 model with 20k miles on clock. You can guess which one is DW's.

I should have inserted a budget item for Marshalls and Dillards.

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Old 12-11-2009, 11:18 PM   #73
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Bentley, I just glanced through it and didn't see anything for hurricane repair. Since hurricane repair has been a major expense for me (and my home has never even had water in it), I thought that might be a consideration in Lake Charles, too. I lump it in with other home repair, but that category has been mainly hurricane repair due to minor wind damage such as fences destroyed, large trees knocked down that have to be removed, doors ripped off the outside of the house, shutters blown off, and that sort of thing. For various reasons, including some oddities in our state's insurance regulations, relying on insurance for this type of small exterior damage is not a viable way of dealing with this sort of repair.
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Old 12-12-2009, 08:04 AM   #74
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Bently -
I definitely agree with W2R on having a "hurricane fund" set aside. Not only for minor repairs to your home - but also for evacuation expenses. There are a lot of minor costs associated with hurricane season. We keep a separate fund for that item.
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Old 12-12-2009, 08:30 AM   #75
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Looking at some of these budgets, doesn't anybody use the old "Miscellaneous" category? I would lump in a misc line item of about 10% just to cover those extra expenses.
TJ
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Old 12-12-2009, 08:44 AM   #76
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Looking at some of these budgets, doesn't anybody use the old "Miscellaneous" category? I would lump in a misc line item of about 10% just to cover those extra expenses.
TJ
I agree, we're all unique, but we have a lot of categories that wouldn't fit in the budgets above. Our categories are:

Allowance
Auto Gas
Auto Insur
Auto Maint/Repairs
Boat
Charity
Clothes/Personal
DH Haircuts
DW Nails/Hair
Dog Exp
Entertain Dining
Entertain Internet
Entertain Other
Entertain Parking
Entertain TV
Fitness
Food Grocery
Food Wine/Liqour
Gifts
Home Insur
Home Lawncare
Home Other Exp
Home POA Fee
Medical/Dental
Misc Office Supplies
Misc Postage
Taxes Fed
Taxes Property
Taxes State
Util Elec/Gas
Util Cell
Util Trash
Util Water
Vacation
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Old 12-12-2009, 10:52 AM   #77
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First full year of retirement for DW & I, looks like about $120K for us including support for youngest son in college. Lots of travel this year and expect to continue that.

Thats our income from two pensions and sale of a stock. Beginning in 2010 we start tapping IRAs. Expect to hold spending steady @$120K all taxable income.
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Old 12-12-2009, 11:34 AM   #78
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Here's a budget I threw together on the quick. I'm sure I left stuff out. If you think of anything, let me know. (I would appreciate any critique) But, this is the basics. I'm thinking that $50k before taxes will work for the two of us with a small cushion. We will complete our new home in country in two months with NO mortgage. (yea us) so maintenance will be low for many years. We're 57 & 58 SS will be $32k at my age 62 in todays dollars. Currently 1.35M in IRA/401k.

Anyone use Thrivent? I'm talking to a rep now for ideas on creating income from savings.

All numbers are annualized.

Health Insurance - 8400
Life insurance
Dw - 375
Me - 560
(2each)Car Insurance - 720
Home Insurance - 700
Utilities
Electric - 1200
Gas - 500
Water - 360
Cable - 600
Internet - 600
Cellphone - 1050

Taxes
Home - 800
Rental - 230

(2 each)Vehicle maintenance(estimate) - 2000
Tractor maintenance - 250
Fuel - 1500
Clothing - 1000
Medical deductibles & copays(estimate) 1500
Rx - 700
Household supplies - 1200 (probably to low)

Groceries - 6000
Dining - 1200

Farm supplies, fertilizer, feed, fire ant poison, etc - 1000
Gifts - 500

Total $32,945 before taxes
Assuming 15% income tax rate plus 4% state taxes, income needed is aprox $38,500
With that amount of money saved, why do you need life insurance?
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Old 12-12-2009, 05:24 PM   #79
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Sky, that's a reasonable question. The reason I've been keeping up with the life insurance is different for the two of us. My DW's insurance is highly personal, but as for mine, the reason is that I bought 250k of 20 year term insurance when I was 45. Had two young teens at home then with college in front of us. I was being responsible with their future.
Anyway, It's almost to cheap to not maintain, at least until the 20 years are up. After that, the premium increases to much to be justifiable.

Honestly, I have thought about giving it up, but replacing it would cost twice the money. In retrospect, I should have bought ten or fifteen year term insurance and then drop it at the end, because you are right. I don't really need it now.
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Old 12-12-2009, 06:51 PM   #80
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Well, I am retiring in about 3 weeks (Jan. 1st - hooray!), and have been giving some thought lately to a retirement budget. We are generally planning for about $45K next year. However, that budget includes a partial bathroom remodel and purchase of a small pontoon boat (used). It will be interesting to see how it all works out. If things get tight, we can always cut back on a few discretionary things. We've lived on less than that amount these last several years, while socking away $$ in the 401k. So I am thinking that the planned budget is probably fine, but I won't know for sure until I have a couple years of retirement experience under my belt.
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