FILL IN THE BLANKS.....if your not yet ER'ed

[Culture]

1) 140-160k
2) 250-300k in Central Texas
3) RV (I plan to spend 80-100k used) and pocket cruiser (small yacht, I plan to spend 30-40k used)

I would live the the northwest quarter of the US, perhaps Boise, but the wife wants to live within a 2 hour drive of her sister.

 

[Culture]

Ok, perhaps large boat is a more apt description that small yacht .

 

[Moemg]

Ring Ring!!!
Friend: Wanna play golf on Saturday?
Meadbh: Uhhh, sorry, I'm on call.
Friend: Well, how about that concert on Wednesday 7th?
Meadbh: I'm out of town at a conference.
Friend: We're taking the boat out on the lake Sunday. How about it?
Meadbh: No can do. Must stay within 20 minutes of the hospital.
Friend: Well, can you come over Friday night? We're BBQing.
Meadbh: Sure! Can I bring my beeper?
Friend: Great, see you then!
Click!

I have not so fond memories of call . It was exciting when I was in my 20's and 30's paid for my children's college in my 40's and in my 50's it was just a pain .

 

[Finance Dave]

Short and simple....
What are your Lifestyle and Financial GOALS in order to reach FIRED (in today's dollar)?

1. I (We) wish to have $78k/yr after tax to live on to support my (our) lifestyle in retirement.

AND

2. I (We) want to live in a primary residence worth __$280,000, preferably in the city, town, of __Cary, NC_.

for those who want more:
3. I (We) want to live in a secondary residence worth _________, preferably in the city, town of ____________.

To start, me (us) :

1. $75K - 100K/yr
2. $1M - 1.5M, Vancouver, BC Canada
3. $500K - 750K, Southern California (in the winter)

No discouraging comments please.....just want to hear your FIRE LIFESTYLE WISHES and GOALS.

See responses above.

 

[SecondCor521]

13k? That's amazing. You must truly live off the fat of the land.

It is a pretty bare bones budget with lots of caveats:

1. I start with my current budget of ~$54K per year.
2. Assumes kids are grown and gone. This eliminates ~$25K per year.
3. Assumes mortgage and student loans are paid off. This eliminates ~$7K per year.
4. Assumes no income/SS/Medicare tax (seems reasonable on $13K of expenses ;-). This eliminates ~$6K per year.
5. Assumes no legal expenses associated with my ex. This eliminates ~$2K.

What is left are the following: Property taxes, food, utilities, insurance, recreation, auto, house, medical, clothing, misc.

2Cor521

 

[haha]

It is a pretty bare bones budget with lots of caveats:

1. I start with my current budget of ~$54K per year.
2. Assumes kids are grown and gone. This eliminates ~$25K per year.
3. Assumes mortgage and student loans are paid off. This eliminates ~$7K per year.
4. Assumes no income/SS/Medicare tax (seems reasonable on $13K of expenses ;-). This eliminates ~$6K per year.
5. Assumes no legal expenses associated with my ex. This eliminates ~$2K.

What is left are the following: Property taxes, food, utilities, insurance, recreation, auto, house, medical, clothing, misc.

2Cor521

So this might be best described as "a mark-to-model budget?"

Ha

 

[chinaco]

When I read posts like this... I wonder why I am still w*rking.

This is not a criticism... I saw two post that look a bit extreme. The RE ownership and Income desires seemed a bit out of balance. I suppose the devil is in the details or perhaps those are SWAGs.


The OP has an income desire that requires about 2.5M in portfolio assets to support (roughly 100k BT) and over 2M in real estate. Of course in certain area $1.5 M will only buy a modest home. Where we live (Midwest), $1.5M will buy a very very large home... about 4-5 times the home of the average professional middle class family.

Someone else wanted an income up $160k/year but has a home of $300k and an RV and Yacht. I suppose most of that cash is going to fuel? Or perhaps they have kid in college and other outstanding debts... perhaps making payment on the home yacht and RV.

 

[Marquette]

Ring ring!!!
[-]Meadbh[/-]Rich: "Hello"
[-]Rich[/-]REWahoo: "FIRE"
[-]Meadbh[/-]Rich: "I'll get back to you on that... next year if the market is good or maybe the year after"

Fix'd

 

[HFWR]

Short and simple....
What are your Lifestyle and Financial GOALS in order to reach FIRED (in today's dollar)?

1. I (We) wish to have $______/yr after tax to live on to support my (our) lifestyle in retirement.

AND

2. I (We) want to live in a primary residence worth __________, preferably in the city, town, of ____________.

for those who want more:
3. I (We) want to live in a secondary residence worth _________, preferably in the city, town of ____________.

To start, me (us) :

1. $75K - 100K/yr
2. $1M - 1.5M, Vancouver, BC Canada
3. $500K - 750K, Southern California (in the winter)

No discouraging comments please.....just want to hear your FIRE LIFESTYLE WISHES and GOALS.

1. Wish in one hand... Practically speaking, I'm shooting for about $40k in 2008 dollars. Expenses are around $25k now, excluding income tax.

Edited to add: I will have subsidized health insurance, though that could very well change.

2. Current home is allegedly worth $140K-ish. Undecided about future housing plans, but it's likely I'll stay put where I am in DFW for the foreseeable future.

3. Not likely...

 

[Dawg52]

You would be surprised what you can do with no debt. The two of us live off of 25k.

Debt? What is that? But I'm single and need at least 20k just for a very basic lifestyle. 25k for an enjoyable one.

 

[jimnjana]

1) 94k to start (indexed to inflation)
2) Atlanta area (Decatur) 275-300k
3) Indialantic FL (225-250k) (thankfully our home did not get any water damage from Fay)

Jim

 

[wheel9]

1. We wish to have $75k/yr (2008 dollars) after tax to live on to support our lifestyle and desire to travel in retirement.

AND

2. We will stay put for a while on the NorCal Coast to live in a primary residence worth $760,000 (down for now).

for those who want more:

3. We will travel to different countries and rent furnished apartments for 2 - 3 months at a time.

 

[Westernskies]

I mentioned not to write any discouraging comments because we've really thought about what we want in retirement and didn't want anyone trying to persuade otherwise.

Then why bother to ask the question if you already know the answer?

But, since you asked:


1. 75-100K
2. Pacific Northwest 500K
3. Desert Southwest 300K

Welcome to the forum. Some folks here specialize in discouraging comments.

 

[Tempesta]

Short and simple....
What are your Lifestyle and Financial GOALS in order to reach FIRED (in today's dollar)?

1. I (We) wish to have $______/yr after tax to live on to support my (our) lifestyle in retirement.

AND

2. I (We) want to live in a primary residence worth __________, preferably in the city, town, of ____________.

for those who want more:
3. I (We) want to live in a secondary residence worth _________, preferably in the city, town of ____________.

To start, me (us) :

1. $75K - 100K/yr
2. $1M - 1.5M, Vancouver, BC Canada
3. $500K - 750K, Southern California (in the winter)

No discouraging comments please.....just want to hear your FIRE LIFESTYLE WISHES and GOALS.

1. 100K/Year
2. 500K, Toronto, Canada
3. 1M, Somewhere in Italy, primarily: Florence, Rome, or Milan

 

[guest]

-60K (hoping for more but that much is sure and retirement budget numbers are safe within that. Medical coverage remains after retirement)
-325K paid for house but there might come a day we move to a cheaper area (we are in the pacific northwest now)
-We will travel and rent. Can't see needing to get out of here more than a couple months a year.

 

[Sarah in SC]

1. 36k
2. value doesn't matter, same house we have now, no mortgage worth maybe $450k
3. RV and sailboat

 

[Lakedog]

1. $40k
2. current house, no mortgage, $550k
3. travel/rent, see no need for second residence

 

[SecondCor521]

So this might be best described as "a mark-to-model budget?"

Ha

I don't know exactly how to describe it. I started with the notion that I would FIRE after my kids were grown and gone. My youngest is six now and I'm 39, so 39+12 meant a target retirement of 51. I figured by then I'd have my mortgage and student loans paid off (If I didn't, I have an adjustment to my FIRE stash amount that is equal to my projected outstanding debt at that point). Look at the remainder of my expenses, they're about 15K, 2K of which is expenses related to a lawsuit with my ex which should be done by then (OK, there's some handwaving there...if it's not one thing, it's another...). I'm assuming no income/SS/Medicare taxes on that level of income.

The tricky part for my particular situation is that 13K @ 4% is only 325K, which I will most likely accumulate before age 51. I'll probably do some combination of working longer than it turns out I will have needed to and FIREing based on assumptions that my expenses will drop by a reasonable degree at a certain point (i.e., when the kids are grown and gone).

Sorry OP if this is too much of a threadjack -- mods feel free to move to a new thread.

2Cor521

 

[eridanus]

1) $36,000
2) Haven't given it much though; current home is $225,000, according to the county
3) n/a

 

[kyounge1956]

Short and simple....
What are your Lifestyle and Financial GOALS in order to reach FIRED (in today's dollar)?

1. I wish to have at least $34,000/yr after tax to live on to support our (self and cats) lifestyle in retirement.

AND

2. I want to live in a primary residence that I built with my own two hands, probably from straw bales, preferably near the Washington or Oregon State ocean coast. I don't care what the house is considered to be worth by other people, because I plan to live in it for the rest of my life, but the total cost of construction has to be no more than what's left after I sell my current home and put $100K from the sale proceeds into my nest egg. The above budget includes property tax, homeowner's insurance and maintenance, but no mortgage payment.

for those who want more:
3. If I have a secondary residence, it might in Salt Lake City or nearby, because I enjoy genealogy, and could possibly make some extra income by renting it to some other person who also enjoys genealogy when I'm not using it .

 

[doxeyweb]

55k
< 200k
Somewhere in the south!

2nd home:Rent cabins @ state parks!

 

[Spanky]

1 $60K
2 $300K Northwest (Oregon, Washington)
3. Not Needed

 

[Walt34]

Didn't really have set financial goals for retirement, just make do with what we have. If it wasn't going to work, we wouldn't have retired. Reading some of the other's posts we have it pretty good.

$62k gross COLA'd pension, I went back to work a couple months ago for $53k gross, but it's contract and I can be let go for any reason any time so that's all "play money". DW plans to work after she finishes her degree - $20-$40k? We have medical coverage from my previous employer.

We have a paid-for house worth about $250k in today's market, and had planned to stay here. However, looking at FIL's health issues that may not be realistic. So we're gingerly considering one of those retirement communities where the gamut of assistance is available if needed. I don't really like the idea - loss of independence - but we have no kids to help us in our dotage like we're doing for FIL. To me, the scariest place in the world is a nursing home.

WV is nice, but I would like to be farther south. DW has close family ties nearby in MD that I could not ask her to give up.

Don't want a second home. One is enough work to keep up.

Both of us loathe big cities. We like day trips but not extended travel.

 

[Calgary_Girl]

1. $75K - $100K2. We'll either probably stay in our current home in Calgary, AB ($750K) or we'll downsize slightly.3. Won't buy a property but we'll definitely spend the winter months in a warmer location and rent a condo (aka become a snowbird ).

 

[Finance Dave]

$82k
House worth $350k, Cary NC or another locale with warmer weather than my current Indiana