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View Poll Results: What is your expected or actual monthly retirement income from all sources?
4k or less 57 16.38%
5k 38 10.92%
6k 36 10.34%
7k 39 11.21%
8k 39 11.21%
9k 24 6.90%
10k or more 115 33.05%
Voters: 348. You may not vote on this poll

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Old 03-30-2017, 01:14 PM   #61
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The poll isn't what you SPEND, it's what you could draw from your investments. I'm in the >10K/mo part of the poll but that doesn't mean I will SPEND that much per month. When I travel I spend lots more, but when I'm home I don't. Don't make this too hard. . . .
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Old 03-30-2017, 03:20 PM   #62
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I answered it as income. What I spend is another poll.
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Old 03-30-2017, 08:13 PM   #63
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Firecalc says I could pull around $10K a month out of my portfolio with a 95% success rate. But I don't spend anywhere near that much so I only pull enough to cover expenses.
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Old 03-30-2017, 08:16 PM   #64
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Income is income, yeah you get taxed on that.

Spending is spending, dough that you blow.

This is not a hard concept?
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Old 03-31-2017, 06:38 AM   #65
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Not a hard concept at all. Of course, on page 2, the OP says:


Quote:
I was thinking of total dollars spent per month, either planned (pre-FIRE) or long-term averaged (post-FIRE), NOT including net worth increases.
emphasis mine. So who knows what he was thinking. He never gave a reason, just that it would be "interesting". "Income" for retirees is practically a useless measure, as you, RobbieB, are proof of. Me too. One can harvest CG losses and generate all kinds of cash to live on without it being income.


Anyway, I almost never answer these polls about personal financial situations, especially when the purpose isn't clear, and the options can and are interpreted differently by people.
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Old 03-31-2017, 09:19 AM   #66
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I would like to see figures to back that up. anything is possible...hence why i'd like to see those figures you created.
As noted 2017ish googled the easily found numbers from the ssa.gov web site. That is, I did not create the figures at all ... I just looked them up.

Also note that one doesn't have to be a "max lifetime earner" either. That's because only 35 years of SS-applicable wages are counted in the benefit formula. Back in the 1970's when I was working in high school, one didn't need particularly high income to hit the max.

Yes, it is true that only a small percentage of people will get the max. I am not one of them.
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Old 03-31-2017, 09:46 AM   #67
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...
Also note that one doesn't have to be a "max lifetime earner" either. That's because only 35 years of SS-applicable wages are counted in the benefit formula. Back in the 1970's when I was working in high school, one didn't need particularly high income to hit the max.

....
True--by "max lifetime earner," I [silently!] meant the 35 years.

We neither one will hit it, but DW will be very close and under current law, my welfare stipend would not be far behind her. A zero year or two (or close to it) doesn't really make that much of a difference--and definitely not worth working more for! Still, it amazes me that the system currently pays that much out to people who log the time at max and delay to 70.
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Old 03-31-2017, 09:48 AM   #68
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I'm the poll starter. I am surprised at the somewhat uniform distribution, also I wish I'd put more choices above 10k to sort out the high rollers ...
There's not an insignificant number of people in the very first category either. How about splitting it up into <4K and <2K? Us poor people get no respect

OTOH, I quite enjoy being something of an outlier. If I began a poll for particularly low income retirees, then I might discover there are a fair few of us, and you know that Groucho quote about not wanting to join any club that would have him.....
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Old 03-31-2017, 10:02 AM   #69
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If I began a poll for particularly low income retirees...
What means this word "income"?
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Old 03-31-2017, 03:16 PM   #70
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What means this word "income"?
I think it's a grown-up form of an allowance, though I still think of it as me granting myself an allowance each month
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Old 03-31-2017, 03:35 PM   #71
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A better question would be how much after all bill's and financial obligations are met. Example. $10K per month $4k after bills.
Or $7k per month, $5k after bills. LOL LOL Which would you rather have?
(You get the idea)
Also, some are set to go up over the years, while others go down......
Not an easy poll to answer.
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Old 03-31-2017, 10:08 PM   #72
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I kept it simple. Income and draw for spending is $5300 /mo for two. Conversions for Roth and associated taxes are considered reinvestment, thus not accounted. SS will come later, when we reach 70.

That puts us at the 25% mark, here.
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Old 03-31-2017, 10:32 PM   #73
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So, if one's income is greater than one's spending throughout your retirement, you heirs are going to be very happy and rich? Lots of folks want to tailor their spending to what their means can reasonably provide over retirement. I think that's the MoneyMoustache idea, right?
Or you may be able to buy a named room at your favorite university, such as a class room, or perhaps more likley set up a scholarship.
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Old 04-01-2017, 06:28 AM   #74
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Originally Posted by JeffInSeattle View Post
So, if one's income is greater than one's spending throughout your retirement, you heirs are going to be very happy and rich? Lots of folks want to tailor their spending to what their means can reasonably provide over retirement. I think that's the MoneyMoustache idea, right?

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Or you may be able to buy a named room at your favorite university, such as a class room, or perhaps more likley set up a scholarship.
One of the interesting facts I picked up touring the Newport mansions of the robber barrons Rockafella's caranagies, etc was that as they discussed the family histories it was often 3 or 4 generations of pretty strong wealth before reaching super wealthy. With zero taxes you could do that, now the government wants to make sure they get there half of the inheritance.
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Old 04-01-2017, 10:13 AM   #75
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Who cares about income? Poll expenses.
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Old 04-01-2017, 10:24 AM   #76
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Who cares about income? Poll expenses.
Expenses after income taxes, preferably.
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Old 04-06-2017, 10:50 AM   #77
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Old 04-14-2017, 04:03 PM   #78
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I would like to vote in this pole but to be clear, net or gross income?
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Old 04-14-2017, 04:07 PM   #79
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I would like to vote in this pole but to be clear, net or gross income?
You must be new here. (Kidding!)

There are always a nice variety of methods to answering polls--I think everyone answered in the manner they deemed most appropriate, rather than hewing to a strict definition of "income," whether "gross," or "net," or other. If you read through all the responses/commentary, you'll get an eyeful!
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Old 04-14-2017, 05:47 PM   #80
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I would like to vote in this pole but to be clear, net or gross income?
I interpreted it as gross income (e.g., actual monthly retirement income from all sources). But I have noticed on previous polls or threads on annual expenses, many of the responses have not included taxes. Maybe because there can be large differences in taxes paid based on the income source (e.g., Roth IRA, taxable accounts, pensions, single vs. married) so expenses after tax is more informative.
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