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12-09-2009, 09:09 PM
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#21
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Location: Boise
Posts: 7,863
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$15,801.17 annually for one person starting February 9, 2016.
Approximately.
2Cor521
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
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12-09-2009, 09:31 PM
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#22
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Posts: 2,487
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My parents live on $22k, and are happy and quite satisfied, at ages 73-74. They don't travel much and what travel they do is by high mpg car. We will pull the plug at 51, want to have an RV, travel more, visit the kids, our hobbies are a tad on the expensive side, McMansion and couple acres and a pool require more expensive maintenance, etc, so there is little chance we could get by on the kind of budget they have. Don't want to say what my target budget is...
R
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Find Joy in the Journey...
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12-09-2009, 09:50 PM
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#23
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Recycles dryer sheets
Join Date: Sep 2009
Posts: 353
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Do you include amortization costs; e.g. $2k per year per car if you buy $20k car every 10 years, or spending like roof / hvac / windows / other rare & expensive housing-related replacements?
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12-09-2009, 10:03 PM
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#24
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Full time employment: Posting here.
Join Date: May 2008
Location: Lexington
Posts: 714
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I would include amortization costs, but, as the tax tables do, I would also assign a salvage value, if there really is a realistic one. E.g. A car has a definite salvage value, and some people use a single car for much longer, or shorter, than 10 years, resulting in very personal amortization rates.
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12-09-2009, 10:54 PM
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#25
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Moderator Emeritus
Join Date: May 2007
Posts: 12,890
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Quote:
Originally Posted by smjsl
Do you include amortization costs; e.g. $2k per year per car if you buy $20k car every 10 years, or spending like roof / hvac / windows / other rare & expensive housing-related replacements?
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Yes I do. Currently, I budget about $3,800/yr for large home repairs and $3,600/yr for car replacement.
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12-10-2009, 04:39 AM
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#26
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Posts: 2,487
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My current projections include a $6000 per year amortization schedule on the cars, and a $6000 per year amort schedule on the yet to be purchaed RV. These may change over time as I determine exactly how long I want to keep the cars. My current amort schedule assumes replacement at 6-7 years.
I also have a home maintenance fund built in, at $7200 per year, about half of which will be deferred/accrued for major maintenance items (half for current small to moderate issues).
R
__________________
Find Joy in the Journey...
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12-10-2009, 08:49 AM
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#27
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2005
Location: Chicago
Posts: 13,148
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Quote:
Originally Posted by WanderALot
While I understand adding another person doesn't double the expense for things like housing and food, it does double when you include a healthy dose of travel and other fun.
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Our budget shows expenses are divided pretty evenly, so it would be accurate to say that for either of us, we'd need 50% of our combined budget. In our case, it does double expenses to have two instead of one.
Food, transportation, health care, personal expenses all clearly double with two. Housing, if you kept the same house, wouldn't double. But, in our case, neither of us would keep this place if alone. We'd sell and go to something more affordable for a single.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
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12-10-2009, 09:06 AM
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#28
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Full time employment: Posting here.
Join Date: May 2007
Posts: 604
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I budget about 20K per year, and have always come in under budget. This is for just me - although SO and I live together, we have separate finances. We do share some expenses, which helps with the costs.
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12-10-2009, 09:31 AM
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#29
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Thinks s/he gets paid by the post
Join Date: Jul 2006
Location: Denver
Posts: 3,499
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We had budgeted about 15% more than our pre-ER spend. But, due to the downturn in 2008, we lined our budget to pre-ER spending for 09. We'll come in about 10% below that.
My experience says you need to plan, but be flexible too.
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12-10-2009, 09:48 AM
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#30
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Recycles dryer sheets
Join Date: Aug 2005
Posts: 127
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52k for 2 after taxes
__________________
If you think nobody cares whether you're alive or dead, try missing a couple of mortgage payments.
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12-10-2009, 10:22 AM
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#31
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Thinks s/he gets paid by the post
Join Date: Jan 2007
Location: Silicon Valley
Posts: 1,812
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Wow, some of you guys just about live on the smell of an oily rag. I'm wondering how much you are all planning on leaving behind once you pop your clogs?
__________________
I be a girl, he's a boy. Think I maybe FIRED since July 08. Mid 40s, no kidlets. Actually am totally clueless as to what is going on with DH.
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12-10-2009, 10:42 AM
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#32
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 4,872
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This is all very interesting. I'm single and I thought that at $30k after taxes
I was being really frugal, but that seems to be about average. I'm looking at funding this through $15k a year I get in rent and returns from $500k investments. I should be ok, and when my $20k SS kicks in around 2024 things will be sweet.
I plan to leave the house and my capital when I "pop my clogs". I hope it will be over $1M
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12-10-2009, 10:59 AM
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#33
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Full time employment: Posting here.
Join Date: Jan 2008
Posts: 838
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I'm single, and expect to need about $36k after taxes
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12-10-2009, 11:28 AM
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#34
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Posts: 5,340
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Quote:
Originally Posted by DangerMouse
Wow, some of you guys just about live on the smell of an oily rag. I'm wondering how much you are all planning on leaving behind once you pop your clogs?
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I'm single, no kids, therefore no plans to leave anything behind. My parents will likely inherite low 5 figures at most and the same for me from my parents. I don't plan to inherit anything from my parents since they're poor and since my mom may outlive me based on family history. Most people don't have the luxury of leaving or getting an inheritance of 6 or 7 figures.
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12-10-2009, 11:33 AM
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#35
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Full time employment: Posting here.
Join Date: Apr 2005
Posts: 577
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My budget depends too much on how often I am willing to go to the dentist.
Everything else is well under control, since my favorite activity is hiking with my dog.
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12-10-2009, 11:49 AM
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#36
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Full time employment: Posting here.
Join Date: Mar 2006
Posts: 524
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~100k for 2 of us after taxes and health insurance. Lots of travel.
__________________
Prepare for the future. Everything changes.
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12-10-2009, 11:52 AM
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#37
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2005
Location: Chicago
Posts: 13,148
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Quote:
Originally Posted by JoeDreaming
I'm single, and expect to need about $36k after taxes
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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.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
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12-10-2009, 11:53 AM
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#38
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Full time employment: Posting here.
Join Date: May 2007
Posts: 604
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Quote:
Originally Posted by DangerMouse
I'm wondering how much you are all planning on leaving behind once you pop your clogs?
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I've never heard this phrase before, and it just cracked me up!
I don't have any kids so I don't have any need to leave something behind when I "pop my clogs" - I just have a will in place so that SO will get the house and the investments if I go first. In fact, I imagine when I get older and further into retirement, I'll probably start to feel comfortable withdrawing a little more from the portfolio.
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12-10-2009, 11:58 AM
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#39
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Location: No fixed abode
Posts: 8,764
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__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Anonymous (not Will Rogers or Sam Clemens)
DW and I - FIREd at 50 (7/06), living off assets
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12-10-2009, 12:09 PM
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#40
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2005
Location: Chicago
Posts: 13,148
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__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
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