How much do you plan on living on in ER?

[sheehs1]

wow ...sorry...that certainly didn't work.! Still you can see total yearly after tax dollars needed are $38,532.

 

[billin]

My wife has kept track, kinda on the obsessive side, of expenses every since we were married (~27yrs). We have no debt, have been in the new house for a few years now so we have some history on the utilities (Geothermal is great). We also have two kids still at home. The number that we have now is the number that I'm using to plan plus about 25%.

The wife is going to continue working for another ten years as she gets summers off and wants to get that pension. I'm probably going to take a buyout in about 105 days. Her gross is just about the number so we'll have to use some farm income and maybe I'll do some part-time to cover the tax man. Every scenario seems to work, but with interest paying what is does now it tends to make me nervous. It's not that I'm worried about my standard of living as much as the kids inheritance....

 

[DeborahB]

In January I told my boss that I was retiring at the end of April (just as I turn 56). It is not public news yet at my place of employment but things are so much easier now. Knowing that I can leave any time just removes all stress. He has asked me to stay on indefinitely for one day per week doing only the things that I like. It is an extremely appealing offer and one that I will likely take.

I haven't told my boss yet but plan to give them maybe 6 weeks notice and retire in July (or earlier if I get mad enough - I will be 62 in June). I want to wait to tell them until my annual "raise" (LOL) goes into effect on a paycheck in mid-May so they can't change it. I just had my annual review today and for the first time I felt free to tell my manager what I thought and what a load of crap it was. Annual review of my flaws, not my strengths. Ha. I'm an I.T. professional with an MBA, puleeze.

So I relate totally - it is very liberating to know that I could walk right now. I'm not so much working as showing up - well, I get the job done, just not worried about spending time on this forum while at work, for example. It's not stress-free for me (darn) but it will be.

It is SO FREEING! If they made me an offer like yours I might think about it - because of the health insurance dilemna after COBRA - but they won't.

The original thread was about how much to live on - I share a house and expenses with my S.O. of many years. I anticipate needing around $40K initially - maybe more because of the cost of health insurance. I am the spreadsheet queen - I really do track this and my investment portfolio.

Right now I am maxing out a 401k and a Roth IRA every year (at the over-50 catch up level). I live on what's left and seem to have money left over. I'm not sure how to calculate it because so much is affected by the pretax stuff.

 

[Coloradoblonde]

I hope you can tell them where to stick it when the time comes, at 62 Y.O. you deserve freedom and no criticism! You sound like you are really on top of your investments, so I'm sure you can do it.

 

[DeborahB]

I hope you can tell them where to stick it when the time comes, at 62 Y.O. you deserve freedom and no criticism! You sound like you are really on top of your investments, so I'm sure you can do it.

LOL... Oh, I have a place in mind where they can stick it, thanks! My manager is 34 or so - I have at least 25 more years of work experience...sigh. I don't want her job, just appropriate respect.

Yay for freedom! and thanks again

 

[cardude]

I am 45 retired and DW is still working--for another year or so probably or until she gets sick of it. Two kids, boys 10 and 12, and they have their own college funds.

Our monthly budget is pretty high at right at 11K per month, but that includes the mortgage/property taxes/insurance ($3750) on our kind of flashy house. Of that 11K, DW throws in $1200 from her job (spends the rest on shoes), our rental real estate kicks in around $2800 net and the portfolio provides the rest.

 

[dixonge]

We're downsizing and saving madly, will sell one car soon and will then be out of debt. The downsizing is in preparation for starting our ER with a truck/travel trailer. Budgeted expenses are $1500-2000/month. Call it $25,000 for the year.

The rest of our budget/plan is so unique as to be almost unrepeatable. Call it experimental.