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Post FIRE Major Expenses
Old 05-27-2014, 01:46 AM   #1
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Post FIRE Major Expenses

Trying to get an estimate of post FIRE outlays that others have had and what it cost , specifically those listed below ( or any others you can think of ):

Water Heater

AC Unit / Furnace

Roof

Washer / Dryer

Dishwasher

Electrical Panel

Plumbing

Electric Stove Top

Refrigerator / Freezer

Painting ( Indoor / Outdoor)

Concrete replacement ( e.g. driveway )
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Old 05-27-2014, 05:19 AM   #2
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Quote:
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Trying to get an estimate of post FIRE outlays that others have had and what it cost , specifically those listed below ( or any others you can think of ):

Water Heater: $3,000 50gal installed

AC Unit / Furnace: $3,200

Roof

Washer / Dryer: $1,200

Dishwasher: $750

Electrical Panel

Plumbing

Electric Stove Top: $2,500

Refrigerator / Freezer: $2,000

Painting ( Indoor / Outdoor): $3,400

Concrete replacement ( e.g. driveway )
Added prices above

We had some of these since I retired in 2013.

We also had:

New carpet: $5,000

Yard Cleanup and some landscaping for sale of house: $600

Hobbies have also started to cost some $8,800 for telescope and accessories for astro-photography.
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Old 05-27-2014, 05:26 AM   #3
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My post-FIRE major expenses look a lot like my pre-FIRE major expenses.

Anything you own can and will break down and need to be repaired or wear out and need to be replaced. Nine years into retirement our costs are averaging ~1.5% of our home value. Of course that has varied widely from a few hundred dollars some years to many thousands when something major is needed. Plus, as time goes by I'm less able (and willing) to do things myself and would rather hire someone, so that % will probably move up to the 2% range in the future.
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Old 05-27-2014, 07:44 AM   #4
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Of course you'll have to assume a frequency for each category, some may occur once during retirement, others more often. And I'm sure you'll add an inflation factor for each unless you plan in constant dollars.

We also include periodic car purchases in our long term expenses, you may be accounting for that elsewhere. And finally we've planned something for periodic remodeling, I'd be surprised if kitchens and baths could go 30-40 years without remodeling and they can be a major expense. Our total annual accrual expenses are budgeted for $10,000/yr in 2011 dollars, though they'll fluctuate dramatically each year.

Good luck with your estimates. You're smart to plan on those major expenses that will occur infrequently. If anything planning for the expected non-annual big ticket items may be just as important as planning for routine budget expenses.
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Old 05-27-2014, 07:47 AM   #5
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$3000 for a 50 gal. water heater??
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Old 05-27-2014, 07:51 AM   #6
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$3000 for a 50 gal. water heater??
Yikes! Plumbers must be expensive in your earth neighborhood.
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Old 05-27-2014, 08:10 AM   #7
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$3000 for a 50 gal. water heater??
Yeah, but he is getting a good deal on the HVAC.
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Old 05-27-2014, 08:13 AM   #8
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Few more to add to budget--

How about medical expenses - things not covered by health insurance or Medicare ?

House remodel to accommodate older age- walk in shower, accessibility ramp,

Expensive prescription medications ?

Dental work or eye glasses ?

Computer upgrade/ replacement
TV replacement

Insurance increases - health insurance, car insurance, homeowners insurance adjustment to premium /coverage

accident deductibles on car or home

Liability insurance premium increases

New septic system

New propane tank

Home health care - nurse support

Unpredicted defense - legal fees- traffic ticket / accident
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Old 05-27-2014, 08:30 AM   #9
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Major Post Retirement expenses:
50 gal water heater - $900 installed by Lowe's. 11 year warranty.
Refrigerator - LG, $2100.

Coming up soon:
Car - last one is 8 yo.
A/C-Furnace.
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Old 05-27-2014, 08:55 AM   #10
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My post-FIRE major expenses look a lot like my pre-FIRE major expenses.
+1
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Old 05-27-2014, 09:16 AM   #11
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Re the water heater: Previously, I could have replaced it myself for about 1/2 what it costs to have it done by a plumber. However, in the house we just bought 6 months ago, the water heater is in the attic, instead of the garage, and is in a real PITA location. Therefore, I will be hiring a plumber when it needs to be replaced. It's around 7 yrs old now, so probably not too much longer IMO. I'm expecting the cost to be between $800 & $1000. Besides the fact that it's in the attic, it's also a gas unit, & I'm not crazy about fooling around with natural gas. So....plumber it will be.
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Old 05-27-2014, 09:42 AM   #12
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We have been retired almost six years. In that time we have bought a new car, replaced our deck, replaced all our windows, painted the house, replaced the roof, rebuilt the front porch, and gutted the kitchen and remodeled the rest of the first floor so they are more in harmony with the feel of our 125 year old house.

Things we know we will need to deal with from the nest egg: Our water heater, furnace, air conditioner, and washer and dryer are eight to twelve years old. Our second floor needs redoing. We could use a new garage. Wood fence has maybe two more good years. A big ash tree needs to come down. Cars are now ten and five years old but well maintained. Little granddaughters need plenty of spoiling. Vacations.

Concrete driveway still looks great after 30 years.

We pushed out projects other than maintenance (and college tuition and a wedding) while we were still working and accumulating, so our post-retirement major expenses have been much much higher than pre-retirement level. Once retired, we knew what we could spend on the above from the nest egg.
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Old 05-27-2014, 10:34 AM   #13
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... replaced our deck, replaced all our windows, painted the house, replaced the roof, rebuilt the front porch, and gutted the kitchen and remodeled the rest of the first floor so they are more in harmony with the feel of our 125 year old house.

Things we know we will need to deal with from the nest egg: Our water heater, furnace, air conditioner, and washer and dryer are eight to twelve years old. Our second floor needs redoing. We could use a new garage. Wood fence has maybe two more good years...
Boy, it may be cheaper to build a new house all over.

Quote:
Concrete driveway still looks great after 30 years.
Ah, there's the saving grace. Remodeled old homes are still less expensive than new ones.
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Old 05-27-2014, 10:38 AM   #14
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Boy, it may be cheaper to build a new house all over.



Ah, there's the saving grace. Remodeled old homes are still less expensive than new ones.
Yeah, at least we only have the one house . Running the rent vs own calculation for us is painful too.
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Old 05-27-2014, 10:42 AM   #15
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-Vet bills for 2 cats (the 3rd has her bills covered through a special deal with the adoption agency).


That's it. I'm a renter who doesn't own a car and is on Medicaid with no co-pays due to dividend and savings account interest <133% of the FPL. Not your typical board member here.

Oh, hang on - just thought of something. A major repair on my bicycle can cost anything up to $100 including labor No need for anyone to be envious though. My material standard of living is well below that of most folk here. It's tough living in a small apartment with 3 kitties, an internet connection, and a bicycle

Actually, it's heaven. Sorry I can't be of help guys. Please carry on................
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Old 05-27-2014, 10:45 AM   #16
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Eh, traffic is so bad where you are that the chance is high that you would beat a motorist getting to the library or on a grocery run.
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Old 05-27-2014, 10:48 AM   #17
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That, plus the ease of parking can make driving something of a disadvantage.

If I lived in NYC, I would definitely not drive.
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Old 05-27-2014, 11:02 AM   #18
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On at least the appliance front it depends on what you buy. For example if you want a new fridge you can spend from $500 up to the sky on the fridge. Of course one thing you should do before starting is to find out how much space you have. In my case just having bought one, I was limited to a 22 cubic foot side by side due to the limited height where the fridge sits. That unit ran about $1200. (The old one was 27 years old). 2 years ago a new 50 galelectric water heater ran about $750 installed.
Replacing the 3 heat pumps and inside units ran about $14,000 (seer 15), of course you can spend far more on these if you go to top of the line units. Washer dryer from 800 up depending on if you want a front or top load washer.
So you would have to first decide what level of appliance you want and then go to lowes or home depots site and do a bit of shopping at that level.
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Old 05-27-2014, 11:33 AM   #19
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Originally Posted by REWahoo View Post
My post-FIRE major expenses look a lot like my pre-FIRE major expenses.

Anything you own can and will break down and need to be repaired or wear out and need to be replaced. Nine years into retirement our costs are averaging ~1.5% of our home value. Of course that has varied widely from a few hundred dollars some years to many thousands when something major is needed. Plus, as time goes by I'm less able (and willing) to do things myself and would rather hire someone, so that % will probably move up to the 2% range in the future.
+1

In my case, I hire people to do everything because I never knew how to do any of it and have no desire to acquire this type of knowledge and/or skill.
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Old 05-27-2014, 12:30 PM   #20
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I have a massive cottonwood tree that has roots heading into my septic field. Too big for me to take down. Cost to remove - $2500. And that's the cost after I removed the retaining wall planter around it, cleared an area for wood chip disposal, and restored the lawn.
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