AboutThere
Recycles dryer sheets
- Joined
- Mar 31, 2016
- Messages
- 100
I'm doing a workup of my monthly expenses for retirement (shooting for 6-7 years).
I'm trying to ER when our house is paid-off, major upkeep items (roof, etc) done, and cars paid-off.
I wouldn't say that I'm frugal but I ran my current numbers and we're spending about 2,500/month in monthly expense.
To that I'd add annual expenses (vacations or durable goods purchases of 6,000-12,000) - but those varies widely year to year. The bulk of our current income goes to the house, cars, and retirement savings - so, about 40,000/year once we're retired and those items are paid-off, and when we're not contributing to retirement.
When I see monthly ER budgets here they all seem to be 70,000/year and up, and folks make a point to say they're frugal and don't take vacations, etc.
Under my numbers (and I don't consider myself particularly frugal) I'm finding it hard to spend over $40,000/year in retirement - is there anyone else here who is making it on that amount?
Couple items: I do live in a low-cost area (200,000 house is "expensive" here) and our health care costs are fully covered (indeed, double-covered) under vested, independent university plans.
I can't figure out why I'm nervous, possibly because I'm a product of the "you have to replace 80% of your current earnings to retire" articles from the newspapers. We won't be close to replacing 80% but I can't see that we need it once the house is paid off and college expenses are gone, etc.
I'm trying to ER when our house is paid-off, major upkeep items (roof, etc) done, and cars paid-off.
I wouldn't say that I'm frugal but I ran my current numbers and we're spending about 2,500/month in monthly expense.
To that I'd add annual expenses (vacations or durable goods purchases of 6,000-12,000) - but those varies widely year to year. The bulk of our current income goes to the house, cars, and retirement savings - so, about 40,000/year once we're retired and those items are paid-off, and when we're not contributing to retirement.
When I see monthly ER budgets here they all seem to be 70,000/year and up, and folks make a point to say they're frugal and don't take vacations, etc.
Under my numbers (and I don't consider myself particularly frugal) I'm finding it hard to spend over $40,000/year in retirement - is there anyone else here who is making it on that amount?
Couple items: I do live in a low-cost area (200,000 house is "expensive" here) and our health care costs are fully covered (indeed, double-covered) under vested, independent university plans.
I can't figure out why I'm nervous, possibly because I'm a product of the "you have to replace 80% of your current earnings to retire" articles from the newspapers. We won't be close to replacing 80% but I can't see that we need it once the house is paid off and college expenses are gone, etc.