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Old 10-17-2020, 01:04 PM   #81
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We, and many couples on this forum, live quite well on $100k a year or less.
We can live well on $60,000 a year or less. And that would include a $5K 8 day travel to Europe.
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Old 10-17-2020, 01:59 PM   #82
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Originally Posted by pb4uski View Post
We, and many couples on this forum, live quite well on $100k a year or less.
Without a mortgage, $100K goes a looong way. I spend less than that, including long, long international trips. And we still have some money left for charity donations.


PS. I have not exceeded the above amount ever since the kids got out of college and flew the coop.
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Old 10-17-2020, 02:04 PM   #83
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FWIW, I would use more than one retirement calculator. I used FireCalc, of course. It has the amazing ability to back test against reality. That is a real plus. But, I also used a Monte Carlo calculator that ran literally hundreds of market simulations including simulations that had no basis in past history, but could possibly happen. IIRC, the day I realized I had 90%+ in FireCalc and two of the Monte Carlo simulations was one of the happiest days of my life.
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Old 10-17-2020, 03:59 PM   #84
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FWIW, I would use more than one retirement calculator. I used FireCalc, of course. It has the amazing ability to back test against reality. That is a real plus. But, I also used a Monte Carlo calculator that ran literally hundreds of market simulations including simulations that had no basis in past history, but could possibly happen. IIRC, the day I realized I had 90%+ in FireCalc and two of the Monte Carlo simulations was one of the happiest days of my life.
I only use Firecalc occasionally now. My main sim is The Flexible Retirement Planner. Way easier to input various income and expenses and what if scenarios. My spreadsheet is my main planner, though. I run all 3 sometimes just to make sure I don't have any outliers.
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Old 10-17-2020, 04:16 PM   #85
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I hear ya. We (and by we, I mean my wife) spent $10,100 on clothes in 2019 and $13,420 in 2018. YGTBSM!
I don't think DW AND I have spent that much on clothes in our lives - total.

Case in point: On her wedding day our daughter took one look at DW's outfit she planned to wear to the wedding and she didn't like it! She described what she wanted DW's outfit to look like. She wanted a very formal black dress instead of the quite formal black pants outfit DW had planned to wear.

We were in an unfamiliar city but DW and I took off to find a resale shop. DW found a dress she HOPED would fill the bill. It was $10 - but remarked to $5 at the checkout. Daughter LOVED it and could NOT imagine how DW had found such a fantastic outfit in such a short period of time. Daughter had NOT paid much attention to DW's buying habits over the years - and she still pays the price to some extent though circumstances and time and her hubby have cooled her spending habits somewhat. YMMV
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Old 10-17-2020, 04:36 PM   #86
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Yeah, I think you are OK. Maybe take a part time job as they come available if suits you. Otherwise it seems you have plenty of slack to weather slim times.
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Old 10-20-2020, 05:08 PM   #87
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Iím withJDarnell, after ret clothes will drop,gifts(I donít love anyone that much), med. (tricare as stated)misc...I see 1800 PLUS YOUR BLOWTHRU CASH to reallocate. Consider downsizing or refinance house..I downsized, after mil.and kids leaving. Didnít need the PONDEROSA, RET.mil. At 40 ,10 more yrs working to get house paid off.and at 51 I quit , never regretted it and live good, medical is biggest break and is why many canít ret. enjoy your retirement(just do it)
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Old 10-20-2020, 08:17 PM   #88
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Didn't read past the 1st page, but it depends quite a bit on what spending level that 90% represents as well. 90% of your normal budget and 90% of your maximum foreseeable desired budget can have quite a gap. For me the gap is smaller, about $8K/year, but personally I'm making sure to stick with it until I make up that difference, currently I'm at near 100% with my normal budget, but with my desired budget I'd be a bit below 90%, so the situations are basically similar, there are a couple scenarios where I drop off a cliff and end up in the -$500k range at the end of my life to immediately retire.
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Old Yesterday, 07:38 AM   #89
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No.
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Old Yesterday, 08:02 AM   #90
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Hearing rumors that a RIF might be coming. Talked to my big boss and confirmed. Also discussed packages and being part of the RIF. With a minimum severance of 12 weeks, I can retire with a 90% probability of success (Ps). Most likely severance would be 26 weeks, but who knows for sure. Ps would be 95% with the larger package. Will be 55. Annual budget is $145k all in with $33k of that being purely discretionary blow that dough type spending.

Would you retire @ 90% Ps?
I retired with 100% chance discovered this site a little late in life. Knowing what I know now Yes. A lot of "things" that I needed when working I no longer need. Vacations were everything when I worked but now everyday life if fun.
Think the fact of all the stress made being away so great but now I don't have that stress.
How is the part time job market ? can always do that.
Good Luck!!
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Old Yesterday, 01:23 PM   #91
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12 years into ER, this is an interesting question for me.

1) How did you arrive at your annual budget? We used our historical spend and then added a comfortable headroom over it. I think this is the best thing we did in our planning because it allowed us to be flexible when markets crashed (in our case, within 6 months of ER).


2) What method are you using to determine success? Constant SWR or variable. We settled on Bob Clyatt's 4/95 method which is variable & based on portfolio value. A requirement of course, is the ability to live on a smaller budget when things aren't going well. VPW on the bogleheads board is very interesting since it takes life expectancy into account too.


3) Are you taking other sources of income/wealth into account? We did not take SS into account though it will be sufficient for our basic needs when we take it at 70. We also did not include the value of our home. An inheritance may be in your future. We think of these as contingency plans.


4) Are you willing to work again? This was part of our plan and we got to put it into action in 2010 (we ER'd in May 2008). We worked for part of that year. In hindsight, we didn't need to go back to work, but it gave us great comfort to add to our savings instead of withdrawing from them. It also gave us greater confidence in being able to pull off ER successfully. Now, our labor capital is much lower, but if we needed to, we'd do that sooner than later.


5) Are you taking into account possible future reductions in spending? For us, our health insurance premiums will reduce when we go on Medicare, but we didn't account for it in our initial plans. ACA wasn't even on the horizon when we ER'd, so possible subsidies weren't considered either. The flip side is increased spending - we like to travel a little more luxuriously now than we did 10 years ago. Medical expenses & nursing care are so unpredictable that I just used SS payments as a contingency and decided that we would adjust our lifestyle to accommodate it.


I am sure there are other considerations which merit a great deal of thought. On the other hand, if you're flexible you can choose to just wing it. Life is short & unpredictable. Either way, good luck to you.
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Old Yesterday, 04:16 PM   #92
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In the last 2 months, I know one guy who died from a heart attack at age 61 during a workout. No history of heart issues.
When we were playing Pickleball, a guy who is 66 and very active on the court had a heart attack and only survived due to CPR given by his fellow players. Needed a doble bypass.
Life is sometimes truly too short......
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