I have put together an estimated budget in retirement. I have created two budget scenarios- one is a standard budget and the other is a "barebones" analysis. The problem is that both of these scenarios still create an annual retirement budget that is higher than I would like it to be. Not factoring in Social Security or a small government pension (that I am vested into) , I only have enough net worth to support a $22,400 annual retirement spending budget (based on a 4 percent withdraw rate). I am 41 now, and unless I am laid off, I plan on working for a few more years, so hopefully that number will go up. Part of the issue, I think, is my desire to stay in Central New Jersey which has high property taxes. I don't think I want to be a renter. I don't think that I want to live an extravagant lifestyle, I just want to budget enough so that I don't feel like I will need to scrimp for the rest of my life. Depending on the current state of my investment portfolio, FIRECalc tells me that I may be able to FIRE somewhere between 6 to 9 years from now. I want to stay employed until after (hopefully) the health insurance exchange goes into effect.
I was just wondering if someone would take a look at my retirement budget scenarios and provide any feedback that you may have to try and bring the overall number down. Or if you have any other insight in regard to the budget scenarios, that insight would be appreciated too.
I would prefer to send the retirement budget scenarios to you via private message, if that is ok with you.
Thank you for your advice.
I was just wondering if someone would take a look at my retirement budget scenarios and provide any feedback that you may have to try and bring the overall number down. Or if you have any other insight in regard to the budget scenarios, that insight would be appreciated too.
I would prefer to send the retirement budget scenarios to you via private message, if that is ok with you.
Thank you for your advice.