My point was not to set a level. I could just as easily live on 75k a year. I did for many years, and wasn’t unhappy at all. I only accumulated any wealth to assure a stress free and successful retirement that DW enjoys. In line with what my Dad said when he divorced my mother at 65 “It’s only money. I can always make more”, I don’t HAVE to have a $2k/mo mortgage. I could pay it off with after tax funds and continue merrily along. I just don’t see the point. In my lifetime, 2.75% money has always been cheap money, and that loan deflates over time.
Because I have pensions, I will pay income taxes forever. On the order of $20k fed&state, if I even just take $20k from tIRA which is about what RMDs will be in 8-9years, even after converting what I can by then. So between mortgage, those taxes, property taxes, HOA, utilities, insurance, food, I’m at $70k right off the bat. And yet, from there, spending whatever I want on vacations, gifts, fun, whatever, my accounts continue to grow. And I have NOWHERE near the amounts that the “blow that dough” crowd has. Low 7. The reason is easy. We’re old(er). I didn’t retire until I was 61, 2 years ago. I only have so many years left to spend. Leaving an estate is very low priority. COVID has screwed up a lot of my planned spending. But I don’t complain, as, like most people here, I am a zillion times better off than so many and know it. In fact, my old employer would like me to consult on some short term projects (6 months) and I am considering it. For some reason, it seems stupid to pass when so many are unemployed. Easy money (more per hour than what I was making) for less than 20hrs a week that I choose 90% of and I get out of the house occasionally. It’s not for the money, but the ego stroke, mind work, & social part is very tempting, and I admit, I miss some of it. All with essentially no corporate BS or accountability. Once travel opens up, I drop it and a net $40k or so for some phone calls and reviewing drawings I can do in my sleep, is there for more luxury travel.
So since none of this applies to probably everyone here, there’s an example as to what my point as to “how much to live on” is of zero use to compare against.