Poll: Total Income from SS & Pensions (Not Nest Egg or Retirement Withdrawals)

[ShokWaveRider]

I don't even think it is possible to be so low. Here's our annual numbers compared with the above categories:

HOA (does not include anything on the house): $6,024
Landscape: $1,440
Electricity and Gas: $6,500
Water and Sewer: $2,200
Internet and Streaming Subscription (No Netflix): $2,200
Umbrella and Home Insurance: $1,700
Cell phones and mobile devices: $3,000
Pest Control: $460
Property Tax: $4,350
Pool: $2,000 (not in yours)
Cleaners: $5,000 (not in yours)
Total: $32,674

Our HOA just covers the 24x7 guards and community landscaping and upkeep.

1st. It is OK to derail this thread to include this info if you so desire. The original has run its course.

Here is ours for 2022 with a little more granularity for you I maintain my own pool, DW is cleaner, we do not have any streaming services, we do not need them for content. I would say we are in a MCOL area, although it is getting more expensive every year.

HOA and Landscaping (HOA = $180pm Landscaping = $145pm) Includes 2 Guarded Gates.

Electricity, Water & Sewer & Gas (E=$130pm W=$53 G=$22pm) Includes: Electric Range and 2 AC Units, Water Heater is Tankless Gas)
Internet & Cable TV (We had cable in 2022 but not now) 1gb $104 per month
Umbrella, Flood & Home Insurance (Year - U=$241 F=$550 H=1294)
Telephone (2 Lines Unlimited Everything $60pm)
Pest Control (Year - $241pm for Termite Bond the rest is done by HOA)
Property Tax (Year $5,207)

See attached section of my 2022 spreadsheet:

 

[MRG]

I didn't vote but we'll get 5k monthly from our SS. We have no pensions. DW gets 1500 now, I have not filed but next birthday, 67, it will hit 3600 monthly. I'm trying to wait until 70 and do a few conversions to my Roth.

 

[Surewhitey]

Future SS + pension (we're still in our 50's) are enough to live on past 67. Fun money & bridge is our tax deferred funds.

 

[Gumby]

I don't even think it is possible to be so low. Here's our annual numbers compared with the above categories:

HOA (does not include anything on the house): $6,024
Landscape: $1,440
Electricity and Gas: $6,500
Water and Sewer: $2,200
Internet and Streaming Subscription (No Netflix): $2,200
Umbrella and Home Insurance: $1,700
Cell phones and mobile devices: $3,000
Pest Control: $460
Property Tax: $4,350
Pool: $2,000 (not in yours)
Cleaners: $5,000 (not in yours)
Total: $32,674

Our HOA just covers the 24x7 guards and community landscaping and upkeep.

For comparison, here are our numbers (annual):

Property tax $14,500
Homeowners insurance $4320
Umbrella insurance $650
Electric $2500
Natural gas $2500
Water $1500
Home telephone and internet $1800
Streaming $180
Housecleaning $3510
Upkeep and repairs $4000

Total $35,460 or ~$3000 per month

I do all my lawn and gardening or it would be several hundred bucks more every month.

 

[TheWizard]

I think it's fine to keep all your basic household expenses under control and to a comfortable fraction of your income.
And that includes groceries and clothing as well

But what about travel and other big ticket expenses?
I'm just back from a 2-1/2 week road trip with paid lodgings and meals almost every day. And I'm off to the UK for a similar span on the 15th.

And I am TRYING to get my a** in gear and buy a new car to replace my 2008 one this year.
So my basic expenses are just the starting point...

 

[RetiredHappy]

I think it's fine to keep all your basic household expenses under control and to a comfortable fraction of your income.
And that includes groceries and clothing as well

But what about travel and other big ticket expenses?
I'm just back from a 2-1/2 week road trip with paid lodgings and meals almost every day. And I'm off to the UK for a similar span on the 15th.

And I am TRYING to get my a** in gear and buy a new car to replace my 2008 one this year.
So my basic expenses are just the starting point...

I think it is called discretionary expenses. Our travel expenses are about $35K a year (we just came back from a Collette tour to UK and Ireland), and it includes our large portfolio of timeshare. Country Club membership plus lots of golf while travelling, adds another $25K or so to that. Most of these will go away if/when my spouse goes before me. I golf alot but it is hard to justify if I am on my own. I would rather save my money and let it go to my very high functioning autistic offspring so that he can have a comfortable retirement when he is done with his mininum wage job. If I do not spend that $60K a year for 20 years before I die, that adds $60K to his retirement for 20 years.

 

[MarieIG]

For comparison, here are our numbers (annual):

Property tax $14,500
Homeowners insurance $4320
Umbrella insurance $650
Electric $2500
Natural gas $2500
Water $1500
Home telephone and internet $1800
Streaming $180
Housecleaning $3510
Upkeep and repairs $4000

Total $35,460 or ~$3000 per month

I do all my lawn and gardening or it would be several hundred bucks more every month.

Interesting. I did a back of the envelope a few years back - and our home maintenance and utilities were roughly 36k. We are currently doing our own cleaning and yard work, and are ok with that - for now.

(My homeowner's insurance is somewhat less, water is less, umbrella more, and property taxes in the same range.)

 

[ShokWaveRider]

Interesting. I did a back of the envelope a few years back - and our home maintenance and utilities were roughly 36k. We are currently doing our own cleaning and yard work, and are ok with that - for now.

(My homeowner's insurance is somewhat less, water is less, umbrella more, and property taxes in the same range.)

Wow! That is Long Island for you. I would not be happily retired if our expenses were so high. Glad you can afford it and congrats. I would be worried about those kind of housing costs. We could probably afford that now after 17 years of retirement but could not have done when I first retired at 52.

 

[MarieIG]

Wow! That is Long Island for you. I would not be happily retired if our expenses were so high. Glad you can afford it and congrats. I would be worried about those kind of housing costs. We could probably afford that now after 17 years of retirement but could not have done when I first retired at 52.

Like all places, Long Island has its good points and its bad. Had you been in the vicinity last summer, you would have heard the thud of one Long Islander after another falling to the floor after opening utility bills.

 

[Surewhitey]

For comparison, here are our numbers (annual):

Property tax $14,500
Homeowners insurance $4320
Umbrella insurance $650
Electric $2500
Natural gas $2500
Water $1500
Home telephone and internet $1800
Streaming $180
Housecleaning $3510
Upkeep and repairs $4000

Total $35,460 or ~$3000 per month

I do all my lawn and gardening or it would be several hundred bucks more every month.

We're in for ~$60k annually including travel. Without, appx $40k all in.

 

[Gumby]

I don't see income tax in your spreadsheet.

 

[Rianne]

I see very few answers with numbers that show SS + pension income.
Originally, in December 2022 we would have gotten $31,000 (2583/month) in taxable, noncola pension. Instead, we took the buyout - $630,000.
SS total will be $5000/month in about a year when DH takes his, I've already taken mine.

Simple interest at 4% for 10 years on that buyout is $25K/year and we keep the principal.

Monthly income interest on the buyout interest and SS:
$2083 + $5000 = $7083. Way more than we spend! The buyout is only 1/2 portion of our bond ladder, some in tIRA, some in taxable.

 

[RobLJ]

No pension, no SS (yet), all 401k, 403b and rollover IRAs, so my response I guess would be big fat 0.

Which is pretty meaningless since in 2 years when I am SS FWA magically the answer becomes 30-40k. In 6 years when DW is SS FWA, it will be +70k for us (yearly, the poll is monthly). But, we could croak or an asteroid could hit the earth. So I guess the poll could be meaningful for those now pulling SS or pensions, but it doesn't mean anything, to me. Yearly required expenses are about 40-45k, so when SS hits, we are skiing down to the lodge on a groomed run.

Accounts are generating about 35k in dividends and longterm capital gains per year, but I think "retirement income" refers to required distributions for those older than me.

 

[ShokWaveRider]

So I guess the poll could be meaningful for those now pulling SS or pensions.

Which is exactly who it was intended for. NOT Income that is related to draw downs or voluntary withdrawals from a Nest Egg, which is where 401ks and IRAs fall. Perhaps you could start one that is for those drawing down on their 401k's, IRAs and you could put Annuities in there too, if that would be more meaningful to you and those in the same boat.

A lot of folks here (Us included) would be well over $5k per month if they included those other sources of income. Many of us would be well over $15k a month and perhaps more. However, those other sources could be classified as "Self Directed", meaning withdrawals from them is controlled by the owner, not fixed like SS and Pensions. Just Sayin'.

 

[Winemaker]

We are over $5k with 2 pensions and one SS check, I plan to take mine at 70.

 

[dknighd]

An interesting poll might be. Do you expect your retirement income to meet your needs?

 

[disneysteve]

An interesting poll might be. Do you expect your retirement income to meet your needs?

If I didn't expect my income to meet my needs, that would mean I was not yet ready to retire.

 

[dknighd]

If I didn't expect my income to meet my needs, that would mean I was not yet ready to retire.

Yep.

 

[djsander]

For comparison, here are our numbers (annual):

Property tax $14,500
Homeowners insurance $4320
Umbrella insurance $650
Electric $2500
Natural gas $2500
Water $1500
Home telephone and internet $1800
Streaming $180
Housecleaning $3510
Upkeep and repairs $4000

Total $35,460 or ~$3000 per month

I do all my lawn and gardening or it would be several hundred bucks more every month.

Free food!

 

[ShokWaveRider]

Free food!

I do not know about yours but our home does not consume food. We do, but not the house. These numbers are for running the home not total expenses.

 

[aaronc879]

For comparison, here are our numbers (annual):

Property tax $14,500
Homeowners insurance $4320
Umbrella insurance $650
Electric $2500
Natural gas $2500
Water $1500
Home telephone and internet $1800
Streaming $180
Housecleaning $3510
Upkeep and repairs $4000

Total $35,460 or ~$3000 per month

I do all my lawn and gardening or it would be several hundred bucks more every month.

Wow, you must live in a palace to pay that much in property taxes. That is more than my total spending on everything most years. This year I have spent a grand total on everything of $4497 for the first half of the year. My goal is under $12K but that is difficult with my property taxes being $3400 so anything under $15K/yr in total spending is acceptable. Of course there is the once or twice a decade expensive of a new roof or new car type thing that puts my spending over $15K. I can't imagine having the wealth that most on here half. The thought that $5K/mo is not a lot of money is mind-boggling.

 

[disneysteve]

Wow, you must live in a palace to pay that much in property taxes.

Come to New Jersey, proud home of the highest property taxes in the country.

 

[aaronc879]

Come to New Jersey, proud home of the highest property taxes in the country.

I new New Jersey was bad. I thought it was bad here paying $3400 on a $160K house but it is worse some places. Glad I don't live in those places.

 

[Gumby]

Wow, you must live in a palace to pay that much in property taxes....

2505 sqft. 3-4 bedrooms. 2.5 baths. Attached 2 car garage. 1/3 acre. Built in 1857.

Not a palace, but we like it.

 

[W2R]

Wow, you must live in a palace to pay that much in property taxes. [...] I can't imagine having the wealth that most on here half.

I thought it was bad here paying $3400 on a $160K house but it is worse some places. Glad I don't live in those places.

Wow, aaron, do you live in a palace or something? $3400? That's WAY more than I pay in property taxes for my Dream Home. (grin - - just kiddin' around about your palace, but it's true that my property tax this year was $2,121, nowhere near the amount you are paying although it still felt like a kick in the rear).