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

[steadystate]

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

 

[REWahoo]

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

 

[braumeister]

Basic expenses are very close to our w*rking years.

Total expenses now OTOH are about 3X that amount. Retirement agrees with us.

 

[ceciledian]

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.

 

[MichaelB]

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.

 

[RetireAge50]

About the same overall but now will be at least 50% discretionary.

 

[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.

 

[gerntz]

Don't have a plan. just do it.

 

[rodi]

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.

 

[steadystate]

I was looking for the after tax number ... i.e. do NOT include taxes.

Maybe an admin could add that to my post?

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.

 

[Walt34]

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.

 

[euro]

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....)

 

[MissMolly]

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

 

[H2ODude]

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.

 

[Danmar]

About 30-40% more than when working. I would spend/gift as much as the portfolio generates.

 

[MooreBonds]

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?

 

[HillCountry]

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.

 

[scrabbler1]

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

 

[Ronstar]

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

+1

 

[steveark]

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.

 

[FIREd]

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

+1. And the money we used to spend on the mortgage now goes to healthcare.

 

[Blue Collar Guy]

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

same

 

[Blue Collar Guy]

here is my fly by the seat numbers, house expenses 22000 a year(tax 6200,utilities 7200.insurance 3000, water 2000, cable phone internet 2000) , car expenses 5000(insurance 2000, gas 1000 tolls, repairs 2000), the bride buys everything on our credit card clothes, food, cigarettes, house hold items) the last 3 years it averages 10000 year. i spend about 5000 , hair cuts . wash cars, lawn guy, sometimes i use cash at the grocery store for small purchase.so 55,000 a year/12, so 4583 a month. Wild cards are home repairs we have a new house , but life happens ,every year its a few thousand . i "budget " 20 k a year we dont spend it but its in the bank in case. And my dog, he gets sick, its no holds barred . no budget, as previously posted he is my baby, the skys the limit. so 5k a month with out the tax bill. Fire calc says we can spend 10886 a month (i deducted the approx taxes) without soc sec, for a 100 % success , 50 years. i never include soc sec, if we dont get beat out of it , then its more.

 

[NW-Bound]

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...

I thought what one actually spends would be more important than what one planned.

Since retiring 5 years ago, I have been spending as much as 40% more than what I thought I would. It is still below what I could spend according to FIRECalc, but I like to see my stash grow too. Thanks to the rising market I still have more than when I started, but boy, I kept getting hit by "non-recurrent" costs on housing items. This year, maybe it will settle down to a longer-term baseline. Fingers crossed (had a quote of $22K to redo the tile roof, but I decided to postpone it).

Anyway, I spent even more in the years just prior to retirement. Children in college, that's why. Hence, I thought I would be spending much less after they flew the coop.

 

[audreyh1]

We spend way more now than when we were working. Back then we were too busy working to spend, and we were also saving and investing like crazy. Now we have plenty of time to spend.