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View Poll Results: What was, or is, your planning number for monthly after tax expenditures?
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2000 - 2999
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15 |
6.15% |
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3000 - 3999
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21 |
8.61% |
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4000 - 4999
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41 |
16.80% |
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5000 - 5999
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40 |
16.39% |
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6000 - 6999
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25 |
10.25% |
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7000 - 7999
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27 |
11.07% |
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8000 - 8999
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21 |
8.61% |
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9000 - 9999
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9 |
3.69% |
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10,000 - 11,999
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16 |
6.56% |
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12,000 - 13,999
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13 |
5.33% |
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more than 14,000
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16 |
6.56% |
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Poll:What was (is) your planned monthly spend rate?
05-05-2017, 12:58 PM
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#1
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Recycles dryer sheets
Join Date: Feb 2017
Posts: 75
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Poll:What was (is) your planned monthly spend rate?
When you were planning for early retirement (retirees), or are actively planning now (still slaving away), what was (is) your all-in average expected monthly spending? That's obviously a key number in planning. Note, this is not what you are actually spending, but rather the number you used in plannning.
To be clear, it's the amount you think that's adequate to provide security and happiness throughout retirement. Don't include dollars going into a savings account, I am interested in the number that will support your basic living costs, fun money, travel, medical insurance, food, etc etc etc.
I'm very interested to see the spread; some folks need only 3K a month while others need 15K or more. Should be interesting demographics!
Edit to add - I was looking for the after tax number ... i.e. do NOT include taxes
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05-05-2017, 01:09 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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About what we spent while working. The money we no longer spend on work-related stuff is now spent on hobbies and travel.
__________________
Numbers is hard
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05-05-2017, 01:13 PM
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#3
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,340
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Basic expenses are very close to our w*rking years.
Total expenses now OTOH are about 3X that amount. Retirement agrees with us. 
__________________
I thought growing old would take longer.
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05-05-2017, 01:21 PM
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#4
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Recycles dryer sheets
Join Date: Oct 2011
Posts: 81
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Funny, I was thinking about doing this very poll/post. Our budget will need to increase as health care costs rise until we are both 65.
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05-05-2017, 01:27 PM
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#5
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,696
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We spend on average more now than when I was working. DW and I spend a lot more on ourselves now than we ever did before, that's for sure.
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05-05-2017, 01:28 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Aug 2013
Posts: 1,660
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About the same overall but now will be at least 50% discretionary.
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05-05-2017, 01:33 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Apr 2012
Location: Nashville
Posts: 2,506
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Does your poll want us to include taxes in the "all in" number?
We will be spending considerably more post-tax than we have as empty-nesters. Will be less than when we were cash flowing college tuitions though.
Also will be >50% discretionary.
__________________
OMY * 3 2ish Done 7.28.17
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05-05-2017, 01:37 PM
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#8
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gone traveling
Join Date: Apr 2011
Posts: 3,375
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Don't have a plan. just do it.
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05-05-2017, 01:37 PM
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#9
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Moderator
Join Date: Apr 2012
Location: San Diego
Posts: 14,211
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I included taxes - that's part of the cash flow we must account for... Uncle Sam and Auntie State want their $$$.
My number is for a family of 4. I have money outside my retirement plan (529s) for the kids college... so I'm hoping for a little more fun money once the boys stop eating me out of house and home.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 6%, rental income 20%
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05-05-2017, 01:47 PM
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#10
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Recycles dryer sheets
Join Date: Feb 2017
Posts: 75
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I was looking for the after tax number ... i.e. do NOT include taxes.
Maybe an admin could add that to my post?
 Quote:
Originally Posted by 2017ish
Does your poll want us to include taxes in the "all in" number?
We will be spending considerably more post-tax than we have as empty-nesters. Will be less than when we were cash flowing college tuitions though.
Also will be >50% discretionary.
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05-05-2017, 01:52 PM
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#11
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,339
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About the same as before I retired. Actually when I retired my net pay went up a little bit mostly because I was maxed out on the 457 (sort of like a 401k) and after the house was paid off about 18 months before retirement we were saving ~49% of our income.
__________________
When I was a kid I wanted to be older. This is not what I expected.
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05-05-2017, 02:09 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Oct 2015
Posts: 2,324
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I determined my last 3 pre-retirement annual expenses and assumed spending would be roughly the same (plus 3% inflation) in retirement. Some costs going down, some up.
So far that plan seems to be holding up (one year runway only....)
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05-05-2017, 02:19 PM
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#13
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Thinks s/he gets paid by the post
Join Date: Jun 2010
Posts: 2,139
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10% responding spend more than $14,000 a MONTH? I am much more poorer than I realized!
__________________
And whatever your labors and aspirations in the noisy confusion of life, keep peace in your soul. With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be cheerful. Strive to be happy.- Desiderata by Max Ehrmann
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05-05-2017, 02:24 PM
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#14
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Thinks s/he gets paid by the post
Join Date: Feb 2012
Posts: 1,495
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Are up to about 130% of what spent when w__king. Most of that extra is travel and just trying to spend on things we enjoy. Having recently gone on medicare and started SS on DW, we're probably not able to comfortably spend what a safe rate is. But that's ok.
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05-05-2017, 02:45 PM
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#15
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Thinks s/he gets paid by the post
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,393
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About 30-40% more than when working. I would spend/gift as much as the portfolio generates.
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05-05-2017, 02:47 PM
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#16
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Thinks s/he gets paid by the post
Join Date: Aug 2004
Location: St. Louis
Posts: 2,179
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Projected FIRE date is at about 51ish. At that age, one will be just starting college. Hopefully we'll have another addition to the family, which would mean the new addition would be about 10-11 years old, and still have some years before college. Either way, spending post-FIRE will likely be considerably more than what we currently spend, although we may increase travel and a little splurging now. Excluding educational expenditures, in 10 years maybe $7k/month?
__________________
Dryer sheets Schmyer sheets
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05-05-2017, 02:50 PM
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#17
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Recycles dryer sheets
Join Date: May 2011
Location: Austin
Posts: 375
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In today's dollar, my monthly budget will be 12500, not including tax or one time items, such as house 650k, two private tuition/fee 552k.
37% for travel, 18% for medical, and 17% for housing related.
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05-05-2017, 03:18 PM
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#18
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2009
Posts: 6,695
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You need to include a choice for less than $2,000 a month. Otherwise, I can't answer your poll.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.
"I want my money working for me instead of me working for my money!"
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05-05-2017, 03:36 PM
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#19
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Moderator Emeritus
Join Date: Aug 2007
Location: Northern Illinois
Posts: 16,591
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Quote:
Originally Posted by REWahoo
About what we spent while working. The money we no longer spend on work-related stuff is now spent on hobbies and travel.
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+1
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05-05-2017, 04:45 PM
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#20
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Recycles dryer sheets
Join Date: May 2015
Location: El Dorado
Posts: 187
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I early retired one year ago and my projected spend, based on my spend while working, has proved pretty accurate. Fortunately my side gigs more than cover it leaving my investments free to grow.
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