Poll: Monthly Income goals? How much is enough?

[Blue Collar Guy]

IIRC, in your neck of the woods anything west of the Hudson River is "camping out."

Sir, once again you are correct,

 

[rodi]

I assume since you used the term "income" you mean GROSS income. Income and spending are very different things.

Currently, pre SS for me, we're drawing on the portfolio to supplement other income sources to reach our *spending* needs. Other income sources are DH's SS, my micro pensions, and our rental income. Since it's less than a 3% draw from the portfolio, I'm not worried. Not sure I consider portfolio withdrawals *income* though - since in an ideal world I'd leave the portfolio to grow indefinitely... all cap gains and dividends reinvested. I consider cap gains and dividends part of the overall performance of the portfolio... a bit different than considering it *income*.

Using gross spending (taxes included in spending) I'm the top button for a family of 4. I'm not when I only look at income sources outside of the portfolio.

Edited to add - this is for a family of 4. We still have 2 teenagers under roof.

 

[KmmFIdreamer]

Enough so that we can continue our homebrew and squirrel pot pie lifestyle...

Yep, that is me too.....

Actually I put $3000 though I doubt I would spend that every month. My basic expenses are around $1200/month and I would like to do some traveling in retirement.

 

[GravitySucks]

https://youtu.be/l91ISfcuzDw

 

[brewer12345]

Yep, that is me too.....

Actually I put $3000 though I doubt I would spend that every month. My basic expenses are around $1200/month and I would like to do some traveling in retirement.

Heh, by no means am I trying to suggest that we currently live on very small amounts. Raising 2 kids in suburbia entails certain expenses that seem to be impossible to escape. However, we do consume both homebrew and squirrel pot pie.

 

[evilanne]

It is variable...
From now to 56, Pension + Rental Income
(Option for life expectancy calculation in TSP but would be locked in until 59.5 once elected; it can be changed annually thereafter--still trying to figure this one out)
56-62 Pension + Supplement + Rental Income
62-67 or 70 Combination of Above until SS elected (Supplement goes away but pension becomes inflation adjusted)

 

[Major Tom]

looks like there should be a bunch more choices on the high end.

I couldn't vote because it's missing an option at the low end.

 

[ERD50]

Not sure how these type of polls can possibly be useful. Surely the only reasonable answer is "it depends on your desired lifestyle and where you intend to retire to". How high is up?

I agree all the way to infinity (and beyond)!

I'll take it a step further, and say that anyone answering the poll is doing the OP a disservice (even though they intend to be helpful). Other answers can't answer the OP's question, and it distract from the issue - he/she should be directed as to how to figure what they will need, not what someone else needs.

-ERD50

 

[Major Tom]

I mostly agree with Danmar and ERD50, but wouldn't go as far as to say that us folk who answered are doing the OP a disservice, unless he/she is not capable of separating the experience of others from their own, which I would hope is not the case.

Of course, for those of us answering such a poll or question, it's easy. We just post our own figure. Boom. Done! We haven't contributed in any significantly meaningful way, but I do think the entire data set is interesting and, in a way, instructive to look at. Certainly, each individual (or family unit) needs to look at their own situation to determine how much they need in order to become FI, but I think it's though-provoking, and even useful, to know where you stand in regard to others.