Poll:What was (is) your planned monthly spend rate?

[aaronc879]

You need to include a choice for less than $2,000 a month. Otherwise, I can't answer your poll.

Same here. Seems very odd there's an "over $14000" but not a "under $2000". There are a whole lot more people out there living on under $2000 than over $14000. I guess they are not on this site though or at least not in high numbers.

 

[Nature Lover]

Still newer to retirement and spending about the same after tax vs. spending while working. Health insurance is higher, and utilities and entertainment expenses a little higher; food, clothing, car expenses, and other expenses a little less.

 

[W2R]

10% responding spend more than $14,000 a MONTH? I am much more poorer than I realized!

Ah, they probably HAVE to spend that much because of living somewhere like Manhattan, and paying something like $10K/month to rent a 10th floor walkup 250sf condo... OK, I have never lived there but I heard it's expensive.

 

[CardsFan]

For the purposes of planning fire, we expected $7,500/month (1,000 of that was the increase in health care). After 1 year, we actually have spent $2,000 LESS, without trying at all to cut back.

So, actual spending is pretty much the same as pre-FIRE, even with the increase in health care.

Taxes are included in the numbers.

 

[Blue Collar Guy]

Ah, they probably HAVE to spend that much because of living somewhere like Manhattan, and paying something like $10K/month to rent a 10th floor walkup 250sf condo... OK, I have never lived there but I heard it's expensive.

A one-bedroom, two-bath condo with custom-designed cabinets and vanity on the sixth floor of an elevator building with a terrace, private storage and an exercise room at 122 Greenwich Avenue (between Eighth and West 13th).12 E 80th St # 1,
New York, NY 10075
$10,000/month. I think it was 1149 sq feet hahahaha 12 E 80th St # 1,
New York, NY 10075
7 beds 9.5 baths 8,065 sqft

FOR RENT
$60,000 /mo
you saw it correctly 60 THOUSAND a month. Im not on that block hahahah 45000 New Yorkers make 1 MILLION a year or more.This is why 1 Million People Have Ditched New York Since 2010. i plan on making it 1,000,002

 

[W2R]

A one-bedroom, two-bath condo with custom-designed cabinets and vanity on the sixth floor of an elevator building with a terrace, private storage and an exercise room at 122 Greenwich Avenue (between Eighth and West 13th).12 E 80th St # 1,
New York, NY 10075
$10,000/month. I think it was 1149 sq feet hahahaha 12 E 80th St # 1,
New York, NY 10075
7 beds 9.5 baths 8,065 sqft

FOR RENT
$60,000 /mo
you saw it correctly 60 THOUSAND a month. Im not on that block hahahah 45000 New Yorkers make 1 MILLION a year or more.This is why 1 Million People Have Ditched New York Since 2010. i[;an on making it 1,000,002

Now that's EXPENSIVE!

 

[tmm99]

I imagine some are answering per individual, and some per household? These polls (or the results) always confuse me...

 

[Al in Ohio]

That can really vary just based on COL in your location.

 

[DrRoy]

About what we spent while working. The money we no longer spend on work-related stuff is now spent on hobbies and travel.

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.

Also spending somewhat more in total due to travel. I think that such reviews should include taxes, though. You have to pay that too. My total spending is closer to even since taxes are down.

 

[SomedaySoon]

This website is very interesting. First I feel that I'm wealthy because I have joined the ranks of the select few who can afford to retire in mid fifties (or earlier). The I look at this poll and feel really poor. Well, doesn't matter, I'm FIRE with what I got and very happy to be here !

 

[joeea]

When we started our retirement planning, we decided that $100,000/year was a nice round target. I'm now retired and my wife is still working. The target still seems right to me.

 

[joeea]

First I feel that I'm wealthy because I have joined the ranks of the select few who can afford to retire in mid fifties (or earlier).

You are wealthy.

If you ever start comparing yourself to the Joneses and start to feel poor, just expand your comparison to the entire world and all of time. You'll realize that we are all in a time and place that puts us among the select few.

 

[Alan]

I imagine some are answering per individual, and some per household? These polls (or the results) always confuse me...

Good point.

I answered based on what we spend on the two of us.

 

[2017ish]

I imagine some are answering per individual, and some per household? These polls (or the results) always confuse me...

Like Alan, my answer (as always) includes DW's spending and, more importantly, retirement assets.

 

[brett]

Our expenses changed because we made significant lifestyle changes when we retired. Now, four years later we are about to make another lifestyle change so our budget will change accordingly.

Miraculously we have been remained inside out estimated budgets. Probably due to us adding points for 'just in case'.

We budget based on an after tax monthly burn rate, exlusive of income tax installments. We do not break down any categories. Not at all concerned if we go over the monthly number because we sometimes do. It is the annual number that we pay attention to. It takes about five minutes a month to add up our chequing account withdrawals/payments/transfers related to living expenses.

 

[Rambler]

I've been spending way too much on one of my hobbies lately...still on a withdrawal rate of a bit under 3% of investable assets (not including the homes and the RV), but still feel like I'm spending too much in one area. Someone suggested investing in precious metals on another thread...that's what I've been doing, since my main hobby at the moment is one that I could not have when I lived overseas...yes, I'm investing in lead, because here in California I'll be required to have a license to do so from next year. That's a political topic I dont want to get into, but for now, that's where a bunch of money has gone. What I'd like to do is stop that investment, and start saving up for a small camper...spend 10 days a month in the mountains from May-Sept...spending time in nature will slow down the spending and improve my mental state. (We have a huge RV, that can't get into campgrounds I like, but which is great for cross country rv trips).

 

[hankster]

Our planned after tax spending for retirement will be about $5700/month which includes retiree medical premiums. These premiums should decrease at age 65 when Medicare becomes primary and retiree medical becomes a supplemental policy.

Also, mortgage will be paid off about the same time, a $700/month decrease in expenses. That should help offset inflation a bit.

 

[Cobra9777]

Our spending went down dramatically at retirement, mainly due to: payroll tax, income tax, paid off the mortgage, and both kids out of college and off our insurance, cell phone plan, etc. We had comparatively minor reductions for work-related stuff like commuting, clothes, and dry cleaning. And then I spent the first year reducing some ongoing expenses like: cutting the cable, MVNO for cell phones, shopping around for insurance, services we now have time to do ourselves, cash-back credit cards, etc.

We're spending more on health insurance, but we both get employer subsidies, so it didn't go up all that much. We also travel more, but we travel cheaper since we can go at non-peak times and take advantage of last-minute deals. We also spend more on hobbies and home improvements, but that's 100% discretionary and will slow down as we work through the backlog. So net all that out, and compared to pre-ER, total spending is down sharply. If you eliminate the big discrete items like income tax, paying off the mortgage, and college, the rest is about flat or up slightly.

The original spend plan was a bit higher than what we're actually spending mainly due to income taxes and the reductions in ongoing expenses that I mentioned, like cable. We also aren't traveling quite as much as planned due to caring for the in-laws.

 

[audreyh1]

I imagine some are answering per individual, and some per household? These polls (or the results) always confuse me...

I expect most people answered by household.

 

[Luck_Club]

I'm currently doing a dry run @$5,000 per month. This includes a $2700 mo mortgage payment which will be gone when retired. It doesn't include infrequent large expenses like vacations, educations, cars etc. So far we are net positive on the $5k per month spend. So I voted on $5K per month, but anticipate having over $10K available without touching principle.

 

[Walt34]

You are wealthy.

If you ever start comparing yourself to the Joneses and start to feel poor, just expand your comparison to the entire world and all of time. You'll realize that we are all in a time and place that puts us among the select few.

Here's the site to do exactly that: Global Rich List

On a global scale virtually every member of this board is easily within the 1%.

 

[mickeyd]

I do not have a planned spending rate. We just spend and pay the CC bills when they arrive. Generally <5K.

 

[Just_Steve]

Here's the site to do exactly that: Global Rich List

On a global scale virtually every member of this board is easily within the 1%.

That was enlightening.

 

[RobLJ]

We're currently spending about 5000-6000/month including taxes and a Euro vacation (biking/hiking) for us and the youngest DS.
DW still works and I work about 1/3-1/2 time online, but I've budgeted another 1-2k/month for additional travel when DW retires. There is a lot of fat there that could be trimmed if necessary--about 1/3 to 40%. We also support my AgedP, which won't continue forever. We wrote a check to pay off the mortgage, so that goes away.

 

[mystang52]

About what we spent while working. The money we no longer spend on work-related stuff is now spent on hobbies and travel.

Ditto. DW is still w*rking, but our plans all along was to maintain our lifestyle after my ER......and also when she calls it quits.