Retire on 3k per month thoughts...

[bosco]

Canadian friends that I ride with agree that routine medical care is great. However, if you need a major or expensive procedure they complain of the long wait. They joke of dying while waiting for my "free" healthcare. Those Canadians that have extra $$ come to the US for these procedures if the wait is too long.

there is some truth to this, although it depends somewhat on what procedure and where you are. Some things like hip replacement surgery take a long time, and apparently some things like MRIs can take a while (I can't speak from personal experience here).

Fortunately, I have insurance that is valid in the US as part of my retirement package from a state government, so I guess I'll try to milk the best features of both countries

 

[Rich_by_the_Bay]

My base budget is around $2.1k/month. Does not include food, booze, mad money, cause I'm too lazy to track them...

Your base budget does not include food?

At 2.1 k for the remainder, I'd suspect that adds a pretty signficant percentage.

 

[Corporateburnout]

Canadian friends that I ride with agree that routine medical care is great. However, if you need a major or expensive procedure they complain of the long wait. They joke of dying while waiting for my "free" healthcare. Those Canadians that have extra $$ come to the US for these procedures if the wait is too long.

My DW aunt lives in the Quebec province and had to wait one year for a back surgery because it was not a life threat. The poor woman was on heavy dosage of pain killers for a year with limited mobility.......

 

[Sundance Kid]

Thanks Sundance, for pointing out another one of the services I provide for my still-working wife.

Exactly how much do you figure it would cost a couple to hire a fulltime security service to keep an eye on the place? How about one that does dishes and vacuums a bit?

Cb

Not much! Have a sign in the yard that says, "Grumpy retired SOB, lives inside! Has Gun and Little Conscience." Family dog, cleans up the dishes but, she went to her
reward, 2 months ago. I plugged in the vacuum and nothing happened. Guess, it's broken. Have to tell the DW about it. Time to call Help Line!

 

[larry]

Time to call Help Line!

Roger Riedmiller, huh?

 

[Hydroman]

Whenever I think about the risks of dropping health insurance, I am reminded of unplanned injuries or illness, like an indigent motorist driving into me when I'm out walking or bicycling.

And it is those fears that the Corporations and Government leverage to keep the drones chained to their cubicles. That is why we will never see any meaningful healthcare reform in this country.

 

[Sundance Kid]

Roger Riedmiller, huh?

Ambulance Chaser.

 

[rjk514]

Don't be stealing this thread.... Don't make me come and
find you, as I don't want to shovel out the snow from my driveway
in hopes that it will melt soon...
RJK

 

[Arc]

Personally, I could not imagine living on 3K per month in retirement. I bust my %ss each day in order to prepare for the future. I am planning on doing some real splurging in retirement. Being on a tight budget in retirement just is not an attractive proposition as far as I am concerned. Just my opinion.

 

[Donzo]

I had planned on/and could live on $3000 pm - but find that I am spending closer to $4000. I think that we are still kinda in the celebration phase and have been doing alot

 

[Corporateburnout]

Personally, I could not imagine living on 3K per month in retirement. I bust my %ss each day in order to prepare for the future. I am planning on doing some real splurging in retirement. Being on a tight budget in retirement just is not an attractive proposition as far as I am concerned. Just my opinion.

Agreed. To work all these years so you can live on a tight budget. I estimated my needs at retirement to be between 4.5K and 5K per month. I would rather work for a couple of years longer. But that's me......

 

[Khan]

I live on less than $2000/mo and don't miss anything.

 

[Arc]

I live on less than $2000/mo and don't miss anything.

My guess is you don't have to. If at any time you could switch to a 4-7K per month life, that is a little different - there is security there. Retiring on a small budget without that security just isn't my idea of retiring. I'd like to be in the position to afford a 2K monthly mortgage payment in retirement, if I chose.

 

[martyb]

I'll be at $4000 per month initially ($3000 pension & $1000 401k withdrawal) between ages 55-60. At 60, another $1200 pension kicks in. Very small SS after that at 62 (or maybe wait longer). I won't get much SS because of my civil service pension (old CSRS). DW is 3 yrs younger, so when she's 62 & could get SS, I'll be 65. She has a 401 also, but we plan to use it plus proceeds from home sale to pay cash for our retirement palace on the lake!

 

[donheff]

DW and I were just up at her father's place checking out his paperwork in anticipation of... He is just turning 80 as is DW's step mother. They live in a paid off condominium townhouse (worth about $300K), drive a 4 year old Buick, dress well, and lead a pleasant, if uneventful, life. I was a little surprised to see that they are getting by on about $3K/month, including $1K from a reverse mortgage. We are planning to pick up some utilities to make things a little more pleasant for them.

It does seem that as you get older, you can get by on remarkably little.

 

[dmpi]

My DW & I live off of 2300/month, and I don't think its that tough.
Don't forget that the median household income is just around 50K/year.
Subtract out taxes, SSI, etc. its pretty close to 3K/month.

 

[dumpster56]

That is just it who wants a 200K mortgage??

I was making 100K and paying 20K mortgage 9K in taxes after commuting costs car payments and such in NJ . Lets see after tax take home was around 65K. -- 30K for the mortgage and taxes on the house I have 35K left over!!!

So now with a 300 dollar a month mortgage and 2800 a year in taxes well my 33K pension is well do able, in addition the fun I will have doing stupid jobs to bring in another 1000 a month will be well priceless.

 

[bosco]

I don't remember the exact details, but I'm pretty sure that Billy and Akaisha live on less than $3,000 per month. It seems like they live a pretty full life. I don't have any objection to money, but ultimately I have more control over money than I do over time. At least how much time I have left on the planet. I'm going to pull the plug no later than 10 months from now whether I have to live on 3, 4, or $5k per month. Although barring major economic upheaval, it will be more like 4 or 4.5K. But if a lot of things move against me, it is reassuring to know that DW and I could be comfortable and happy on $3k per month.

 

[HFWR]

Your base budget does not include food?

At 2.1 k for the remainder, I'd suspect that adds a pretty signficant percentage.

I.e. "the bills"...

Add maybe $400-500 monthly. Yes, I know I need to track it more closely. Thinking next year I'll buy all groceries with CC. Easier to track, and airlines miles...

 

[rjk514]

Hey, another thought, If one feels they can do it, and can live on 3K
per month, why would you bust your *** for a few more years or whatever so that you could get to 4K or 5K per month. Life is short, I watched two of my golf buddies go out at 57 and 59...Pick the flowers while you are looking down at them and not up. You work longer to get access to more
$$$ but age and get sick or to old to do much of anything and never get a chance to enjoy whats left...I'm thinking downsize and bail asap...
RJK- out

 

[savedapile]

A lot depends on what age you are when you bail out. for someone who is in their fifties you have a pretty good idea of what social security will be providing and your kids are most likely gone or with one foot out the door. House paid for or perhaps the end is in sight, or you only need to rent a small place as opposed to someone with kids.

for someone who is in their early fourties especially if you have kids, that is a really long time to plan for.

When I recently helped a newly widowed family member go through paperwork we found folders detailing how much taxes, utilities and health benefits were paid every year. The deceased was a meticulous record keeper. It was fascinating to see how little things were 35 years ago. Some costs you just don't have control over as you age. Even someone in the best of health may develop high blood pressure, a form of cancer etc. or taxes could rise unexpectedly. I agree with not trying to accumulate four million but a little cushion is nice.

 

[rjk514]

It's alive!!!Its alive...

As in Young Frankenstein, this thread is ALIVE
I still plan to bail out with 3K per month, read the obits. daily
and see a awful lot of ages of 55 to 65 biting the dust...
I plan to smell some roses ASAP...rj out

 

[glen12]

I have been facing the possibility of ERing in the very near future, about 6 years earlier than planned...and I've been crunching numbers to see how the $3K per month level might work out in real life. It definitely works for me, but it sure seems that without going back to work it would be freezing me in at a level requiring more aggressive management of expenses than I would like if I am to do anything other than just kind of hanging out and existing.

 

[Spanky]

As in Young Frankenstein, this thread is ALIVE
I still plan to bail out with 3K per month, read the obits. daily
and see a awful lot of ages of 55 to 65 biting the dust...
I plan to smell some roses ASAP...rj out

That's true. One never knows when life ends. My neighbor left two years ago to move to a lake front property because the company that he had founded had been performing well. We found his name in the obituary section in the newspaper that he died from cancer 15 days ago at the age of 54.

 

[rjk514]

Talk with older folks...

As I question older folks about retirement most say get out and spend
while you are healthy enough to get around, and enjoy the simple things.
They don't cost that much...My feeling is that by the time most folks are
around 70-75 the urge to do a lot of travel/sports/fun stuff/etc. will go
down a lot...