How much will you need to spend in 2024 for a comfortable retirement?

2 person household with no debt. Not including travel or house projects, we're spending $71K/year to be more than comfortable.
 
Married couple, Washington state, we spend somewhere between 40K and 50K annually. Most years we're closer to 40K, this year we're probably closer to 50K due to some major home repairs back in January.

I estimated around 50K for the first 5-10 years of retirement to allow us to do a little traveling. We're cheap travelers.
 
Isn't the general rule of thumb 20% less than the income you were living on before retirement?
This guideline assumes that retirement spending will be about 80% of pre-retirement income. But, there is no need to save for retirement once we are already retired. And some expenses may go away once retired, such as commuting costs and payroll taxes. And some retirement expenses may be higher, such as travel.
 
Around $140K
$21K for Health Insurance
$25K for Fed and State Taxes
$9.4K for Ptax
$5.5K for Home and Auto Insurance
$20K Travel

My house is paid off and I have Solar so utilities are low

We live and spend about the same way before we retired except on work clothes and lunches

Doesn't include cost of Roth Conversions or HVAC system replacement

Looking forward to Medicare when costs and taxes (lower IRA withdrawal required) come down and when Roth Conversions complete so taxes come down even more
 
Interested to hear how much money retirees need to live comfortably in 2024 (excluding travel). (I realize everyone will have a different definition of comfortable.)
"Excluding travel"? Although I know it's not true for everyone, for me the most glorious benefit of retirement is to be able to travel more. When I'm not traveling, I'm planning my next travel adventure. I hate being "home." I have always spent a lot on travel. (And if I hadn't been spending so much on travel while I was still working I could have retired earlier.) The other stuff is inconsequential--just enough to keep me alive and healthy so I can travel.
 
This is great feedback. I would have never have guessed that $40-60K is considered comfortable in 2024. The key has to be staying out of debt.
 
How long is a piece of string:confused:
 
This is great feedback. I would have never have guessed that $40-60K is considered comfortable in 2024. The key has to be staying out of debt.
People can stay out of debt with whatever budget as long as they have the money. We have no debt. Our home utilities, insurance, property tax and HOA fees already cost us $40K a year. CC membership and fees associated with the CC is another $20K :) My husband will tell you that we are comfortable and anything less than what we are spending is not comfortable for him.
 
The last year I kept track was 2020 and I spent 50K that year. That includes all expenses that come with 2 rental properties. Might be 36K without those factored in. It will be a bit higher now that 4 years have passed.
 
An interesting question that I cannot answer as I stopped looking at our spending a couple of years ago... I would estimate that we spend about $10K a month on everything including vacations... but we had a DD in college that is taking about $2k of that... this last month I think it was up to $15K but that included a cruise...

This year will be higher as we have already taken 2 expensive vacations and DW is planning on going to Turkey for a couple of weeks to see her mother there... (mother lives in another country)...
 
This is great feedback. I would have never have guessed that $40-60K is considered comfortable in 2024. The key has to be staying out of debt.
Remember there are many posters on this site who practiced heavy LBYM to get to early retirement and won't necessarily change conceptually during retirement.
 
Remember there are many posters on this site who practiced heavy LBYM to get to early retirement and won't necessarily change conceptually during retirement.
This^. Many of them are struggling to "gift with a warm hand" later in the retirement.
 
$35,538.84

One person household, zero debt. Living very comfortably on pension for now; very low-maintenance lifestyle.

When I start social security in 18 months it will all be invested.
 
Spending $50-68k from 2020-2023 including travel. We're upping it to $72k likely this year with GKs college contributions and MIL's home expenses. Without travel, close to $50k.

GKs live 1 street over so they're getting expensive for tripping with us and more DQ trips. We're debt free including the house. We could get skinny and drop to $40k total in a CHTF scenario.
 
Would have never guessed $65k would be enough to cover basics in Southern California.
We rented in LA (Woodland Hills) & lived comfortably on $60k, but that was in 2012...probably closer to $80k today for us.
 
Don't gulp... $240K to $300K a year before taxes. Lifestyle - live in a resort community, belong to country club, lots of golf while home and lots of travel (3 months a year) and golf while travelling. Eat out all lunches in sit-down restaurants while home, eat out 2 meals a day while travelling. High HOA fees (3 HOAs), and live in fairly exclusive 24x7 guard gated community. I am still a baby and not Medicare eligible yet, so health insurance premium plus co-pay etc is about $20K just for me. Husband is Medicare age although he does need an expensive drug which costs about $3K a year.

Probably will slow down and spend less in the next 6 to 8 years as we age, as we will reduce our travel.
Surprise this lifestyle isn’t costing more especially with all the travel and eating out you’re doing. I am about $300K but that includes travel (sometimes with adult children. We pick up the tab), medical insurance, upkeep of three personal homes (2 paid off), eating out as a family and picking up the tab, life insurance, charitable contribution, etc.
 
Interested to hear how much money retirees need to live comfortably in 2024 (excluding travel). (I realize everyone will have a different definition of comfortable.)
We're entering our 19th and 20th year of retirement and throughout we were and continue to live waaaayyyy beneath our means. NW in the high mid 7-figures. No debt other than current bills, we want for nothing, donate heavily to charity and are very happy. Health issue are starting to creep in so we sold our motor home. So, yeah...we are living comfortably.
 
Surprise this lifestyle isn’t costing more especially with all the travel and eating out you’re doing. I am about $300K but that includes travel (sometimes with adult children. We pick up the tab), medical insurance, upkeep of three personal homes (2 paid off), eating out as a family and picking up the tab, life insurance, charitable contribution, etc.
The beauty of timeshare, maintenance fees is a fraction of cost of staying in hotels. We own Marriott/Westin/Worldmark. Cruises are expensive but since we have become fanatical about golfing, we get "golf-sick" on cruises so it is a money saver. :)
 
The rule of thumb is meaningless for those of us who were investing a high percentage of our income while working. My retirement income is 20% higher due to a bigger travel budget and home improvements.
It seems like your bigger travel budget and home improvements would impact your spending but not necessarily your income.
 
Fed taxes, state taxes, Medicare + supplement premiums, IRMAA and property taxes push us just into six figures of spending before we even make our first trip to the grocery store or mall.
 
Probably $200K before travel. $250K including travel. I admire those that can live below $100K, and I find it stunning when people can live below $50K. Heck, Property taxes and groceries for us is $30K/year.
 
It's similar to asking how much someone spends on a home, car, travel, and so on—it really varies based on personal factors, location, and even age. As for me, now that I've been retired for 8 years, I spend around 60% of what my gross income used to be. My expenses have changed a lot since I stopped working. I’m no longer saving as much, I downsized my home, and I moved to a different state. However, my travel expenses have definitely gone up!
 
I spent a little under $12K last year and should be around the same this year. It would be more "comfortable" if I doubled it but I can't see spending much more than double without winning the lottery.
 
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