Poll: monthly retirement income

[steadystate]

Having set a monthly income number for my retirement plans, I am curious where others on this forum stand ... both pre and post retirement. I realize that everyone's situation is different, but thought it would be interesting anyway.

 

[LOL!]

A married couple each with their own SS income can get together up to $7,000 a month from SS alone.

 

[W2R]

Wow, after looking at the choices, now I'm feeling poor.

FIRECalc says I can spend more than my income, though I haven't done that so far.

 

[arky]

A married couple each with their own SS income can get together up to $7,000 a month from SS alone.

I would think this is pretty rare. Even 5K per month is fairly high end for two.

 

[2017ish]

Although I did vote, it is probably more meaningful to say that we have benefited from a pair of high incomes and plan to start retirement spending right at 33% of our present income, with variable spending approach. On a net-of-tax basis, that will be more than we presently spend.

(And +1 to LOL!'s observation on what SS Law presently would provide for dual high-earners who delay to 70; if law doesn't change drastically, icing on cake.)

 

[mpeirce]

(And +1 to LOL!'s observation on what SS Law presently would provide for dual high-earners who delay to 70; if law doesn't change drastically, icing on cake.)

I was just updating our SS info yesterday and it says that we should be pulling in around $87K from SS in 2031 (when we both are taking it).

Needless to day, we haven't started picking out what we're going to spend that on yet.

It is a good fall back plan though.

 

[steadystate]

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 ...

 

[Teacher Terry]

At 5400/month I am feeling poor here too. But a third of that goes away when I decide to stop working p.t.

 

[INTJ10]

I understand if you spouse dies than you could lose 1/2 of your SS income.

 

[Walt34]

It has been variable over the last 14 years I've been retired. The pension dropped by the expected amount of SS at age 62, but since I'd found an easy job I held off on SS until FRA and that increased SS by a goodly amount, and it'll go up again when DW hits her FRA. She'll take a heavy hit assuming I go first because the pension drops by 30% and of course my SS will stop too. No cat food for her though, she'll still be comfy.

 

[Teacher Terry]

We left our pensions to each other 100% and my working for a university that does not pay into SS so my piddly SS is not increasing. But on the plus side it will be no big deal to lose SS when one of us dies.

 

[dunkelblau]

Dude it's pretty much all high rollers on this board.
https://www.aei.org/publication/u-s...ncome-third-in-happiness-ill-call-that-a-win/
The U.S., with a median retiree income of $26,250, is third in the world and on par with Switzerland, Canada, and Austria.

If I don't Rothify I'll probably see both ends, one pre and the other post SS+RMDs.

 

[Fedup]

Luxembourg is a tiny country according to the link above. USA probably has the largest population.

 

[daylatedollarshort]

I would think this is pretty rare. Even 5K per month is fairly high end for two.

It partly depends where you live during your working years. It is probably not too rare in higher cost of living parts of the country.

 

[DrRoy]

2 days to RE but 2 young for SS. 8K

 

[Mulligan]

My Ipad doesnt show a poll with app. Or Im too dumb to know how to find it. I have about $6700 a month income coming in each month in retirement for a single guy. I dont even count my investment income as it just gets reinvested and never touched. I dont even come close to spending my pension income so there is no reason to even bother figuring what the investments would give to me each month. A simple life in a low COL area.

 

[Major Tom]

Wow, after looking at the choices, now I'm feeling poor.

Me too! I fall very easily into the <4K category (less than half of it, actually), reinforcing the belief that I am one of the paupers of this board. Thank you for tolerating my presence, y'all

However, I am rich of heart. I have a bicycle, 3 lovely kitties, a full set of teeth, and very low rent for the area. What more could a guy need?

 

[Car-Guy]

Expected well over 10k, actual depends on how my investments are doing.

 

[stepford]

Define Income. My regular predictable income from Pension + Interest + Dividends is less than $5K / month as is my typical spending, but my NW typically grows a lot more than this (and occasionally shrinks a lot more too) depending on market performance. Not sure how you would like to count this. Annual average return?

 

[1-31-18]

2 days to RE but 2 young for SS. 8K

Getting awful close to quitting time, doctor. Exciting! Where will you live in retirement? Asked because I know just about every square mile of Michigan, and there are some mighty fine retirement options there.

 

[steadystate]

I was thinking of total dollars spent per month, either planned (pre-FIRE) or long-term averaged (post-FIRE), NOT including net worth increases.

Define Income. My regular predictable income from Pension + Interest + Dividends is less than $5K / month as is my typical spending, but my NW typically grows a lot more than this (and occasionally shrinks a lot more too) depending on market performance. Not sure how you would like to count this. Annual average return?

 

[2017ish]

Define Income. My regular predictable income from Pension + Interest + Dividends is less than $5K / month as is my typical spending, but my NW typically grows a lot more than this (and occasionally shrinks a lot more too) depending on market performance. Not sure how you would like to count this. Annual average return?

Good point. I answer polls of this type by reading "income" as "spending" for retirement years (i.e., $100 from a Roth withdrawal would be income). But, am I consistent with others in doing so?

 

[rodi]

I'm assuming what you are asking for is the gross spend per month (before tax - since tax is part of the spending).

I also wasn't sure whether to round up or down... so I rounded up... I feel rich now. In reality - our GROSS spend per month is between 6k and 7k... but that's for a family of 4 in a high COL area.

(The high COL area is offset by a) having a paid for home and b) being a cheap you-know-what.)

 

[Danmar]

Top end is too low when 30% are in that category. As previously said you will have to define "income" more precisely. Maybe focus on spending, income taxes in or out?

 

[W2R]

Top end is too low when 30% are in that category. As previously said you will have to define "income" more precisely. Maybe focus on spending, income taxes in or out?

Also, the poll doesn't specify whether we are single or married. We single folks often don't really need as much income as married couples.