Since we were discussing good ER books on another thread, I got out my Terhorst book and reread portions. In it, he discussed living on $50 per day. Now that was written about 1985, so it's gotta be more to live on, now.
I'm thinking $100 per day should be plenty. That would be double his prescription and equal $36,500. I can easily cover that with pensions, and not touch IRA.
BTW, his maxims include getting rid of most assets, like cars and homes, and to spend on yourself, not your stuff.
So, I throw it out to the forum, how much is enough to live comfortably, simply, and still enjoy life? My situation, here in Texas, is $100 per day. My med insurance is a lot cheaper than most, so I know I'm lucky. And everything probably costs more in California and other higher cost-of-living areas. Oh, in the book, he exempted $4000 for travel, for some reason. But, without exempting anything, what do you need to cover food, taxes, medicine, travel, fun, lodging, trans, etc.
It seems to me that if you can figure this out (LBYM), and you can cover it, your retirement is doable. Can you live on $100/day?
I'm thinking $100 per day should be plenty. That would be double his prescription and equal $36,500. I can easily cover that with pensions, and not touch IRA.
BTW, his maxims include getting rid of most assets, like cars and homes, and to spend on yourself, not your stuff.
So, I throw it out to the forum, how much is enough to live comfortably, simply, and still enjoy life? My situation, here in Texas, is $100 per day. My med insurance is a lot cheaper than most, so I know I'm lucky. And everything probably costs more in California and other higher cost-of-living areas. Oh, in the book, he exempted $4000 for travel, for some reason. But, without exempting anything, what do you need to cover food, taxes, medicine, travel, fun, lodging, trans, etc.