yidal8
Dryer sheet wannabe
The question of how much discretionary spending can we forgo in case the market goes really south was answered last year curtesy of the pandemic.
A couple in mid 60s, one daughter fully independent, house paid off, no other properties, living in HCL area.
Between March and December 2020, we forgo dining out, vacations, trips, visiting family and friends, our driving mileage was less than half, etc. My part-time engineering consulting gig went completely dormant (still is), which was also on my mind, and put us in 'full retirement mode'.
Recent normal yearly spend pattern is $190-220K all inclusive.
Covid-19 2020 year spend was $140K all inclusive.
So there it is.
Other immediate low-hanging fruits possible for further reduction of spend: eliminating my Jaguar lease payment ($11k/year currently expensed on my business), selling my other sports car 'toy', etc.
On the income side, Firecalc claims we can 100% spend $260k/yr. for the next 35 years, and still potentially leave something substantial for our daughter (considering SS, small pensions, etc.)
A couple in mid 60s, one daughter fully independent, house paid off, no other properties, living in HCL area.
Between March and December 2020, we forgo dining out, vacations, trips, visiting family and friends, our driving mileage was less than half, etc. My part-time engineering consulting gig went completely dormant (still is), which was also on my mind, and put us in 'full retirement mode'.
Recent normal yearly spend pattern is $190-220K all inclusive.
Covid-19 2020 year spend was $140K all inclusive.
So there it is.
Other immediate low-hanging fruits possible for further reduction of spend: eliminating my Jaguar lease payment ($11k/year currently expensed on my business), selling my other sports car 'toy', etc.
On the income side, Firecalc claims we can 100% spend $260k/yr. for the next 35 years, and still potentially leave something substantial for our daughter (considering SS, small pensions, etc.)
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