After you retire, but before you purchase a condo in a MCOL area, take a 6 month trip to the Philippines.
You will find that the only single expats, want to be single
If I were you, but obviously not you, I would not retire anytime soon. My husband and I both had saved several millions on our own when we first met and we are equals in every way including financially. If your expenses are $40K a year, you are limited to finding partners who also live on about $40K a year on their own. If you have more savings, you can expand your potential pool of partners. My husband and I spend about $240K a year when working and in retirement. If I become single/widowed/divorced again, and if I were to have a romantic partner again, in which I won't, I would only be interested in someone who is in similar financial situation and lifestyle.
I dated people with significantly different economic circumstances, and we never fit particularly well. Our approach to life just differed too much. One had maxed out credit cards, another was ready for a private jet. Neither were my scene. I suspect even if both of a couple are savers, if one has a very large multiple of the savings of the other, the odds of incompatibility go up. YMMV
I'm a long time married guy.
Since being widowed, I have concluded that if I expect physical and intellectual compatibility in the same male human being as the ability to travel at the same level I can, I will be traveling alone for the rest of my life.
I'm certainly not sharing a cruise cabin with somebody I don't cotton to, merely because he has dough to spend. (Yes, an offer was made, and rejected).
No different, I suppose, from what men have dealt with since time immemorial.
If I were you, but obviously not you, I would not retire anytime soon. My husband and I both had saved several millions on our own when we first met and we are equals in every way including financially. If your expenses are $40K a year, you are limited to finding partners who also live on about $40K a year on their own. If you have more savings, you can expand your potential pool of partners. My husband and I spend about $240K a year when working and in retirement. If I become single/widowed/divorced again, and if I were to have a romantic partner again, in which I won't, I would only be interested in someone who is in similar financial situation and lifestyle.
Mortgage, rent | 0 | |
Property taxes | 10,000 | |
Utilities | 15,000 | |
Home insurance | 5,000 | |
Home maintenance | 15,000 | |
Wellness/Other Medical | 10,000 | |
Health insurance | 15,000 | |
Vehicles/Fuel | 15,000 | |
Misc/Discretionary | 100,000 | |
Other | 0 | |
Groceries | 30,000 | |
Restaurants | 15,000 | |
Clothing | 0 | |
Vacation/Travel | 25,000 | |
Other | 0 | |
Total | 255,000 |
But, believe that financial advice, FIRE advice, and romantic advice are mutually exclusive.
Tying them into a single decision is, IMHO, danger, danger.
Hey RetiredHappy, your $240K spend caught my eye. This is about what DW and I expect spend in retirement. Not often that I find someone on this board with comparable figures, so curious to know how your budget breaks down.
Here's what ours looks like:
Mortgage, rent 0 Property taxes 10,000 Utilities 15,000 Home insurance 5,000 Home maintenance 15,000 Wellness/Other Medical 10,000 Health insurance 15,000 Vehicles/Fuel 15,000 Misc/Discretionary 100,000 Other 0 Groceries 30,000 Restaurants 15,000 Clothing 0 Vacation/Travel 25,000 Other 0 Total 255,000
As you can see there is a lot of "fluff" like misc. and travel, so this is a very flexible budget, but it reflects the lifestyle we enjoy now - except that we'll sell our primary residence and switch to our 2nd home in retirement - and plus more spending on vacation travel in the early years.
Adding: This budget excludes taxes which could range $40-$60K per year over the life of retirement. I expect our budget could swell to $300K in high spend years (big vacations, renovation, toys) and shrink to $200K, or even as little as $150K in lean years if inflation, markets do not cooperate. Have run numbers thru i-ORP, RPM, FireCalc, etc. with green light results.
Home Expenses | |
- HOA | $6,100 |
- Pool, Yard, Pest Control | $3,500 |
- Water, Sewer Garbage | $3,000 |
- Property Tax | $4,500 |
- Home insurance | $1,500 |
- Internet, Streaming, Security Monitoring | $2,500 |
- Electricity and Gas | $6,500 |
- Housecleaning Service | $5,000 |
- Home maintenance/projects | $15,000 |
Home Subtotal | $47,600 |
- Personal cell/tablet/devices | $2,800 |
- Auto Insurance | $2,300 |
- Road tax / Vehicle Registration | $800 |
- Umbrella Insurance | $250 |
- Car maintenance | $1,500 |
- Car replacement funds | $4,000 |
Auto and Electronics Subtotal | $11,650 |
- Country club membership dues (golf) | $15,500 |
- Golf when travelling (3 months a year) | $7,000 |
- Golf lessons | $2,000 |
- Golf new equipment, balls, gloves | $3,000 |
Golf Expenses Subtotal | $27,500 |
- Medical (pre-Medicare)+Copay+Drugs+LTCI | $19,000 |
- Medicare + Plan F Sup. + Drugs (Trulicity) | $9,000 |
- Concierge doctor fees | $5,000 |
Medical Subtotal | $33,000 |
- Timeshare Maint. Fees | $15,000 |
- Airfare and rental car | $5,000 |
- Dining out during travel | $8,000 |
Vacation Subtotal (3 months) | $28,000 |
- Food (lunch out everyday) + Groceries | $25,000 |
- Personal grooming, gifts, hobbies | $8,000 |
Other credit card Subtotal | $33,000 |
Gifting for son | $18,000 |
Grand Total | $198,750 |
Interesting comment. But I really don't understand the 1st sentence.
Also maybe a cruise cabin is too close at first? Never did a cruise with DW because we both like to poke around on land and take our time. Also perhaps a bit too social for us.
These threads take some weird left turns but didn't expect people to be comparing how much they spend on golf balls and vehicle registration within the first 100 posts. LOL
We have alot of lumpy expenses which are not included in the numbers. For instance, we redid our backyard last year and it cost us $50K. We are currently adding a golf cart garage and we have written a check of $15K and still counting. We also just bought a second golf cart, hence the need to add a garage - that cart cost $18K.
Anyway, here is the 2024 budget, mirroring 2023 regular spendings. $200K not including taxes. $240K including taxes.
Home Expenses - HOA $6,100 - Pool, Yard, Pest Control $3,500 - Water, Sewer Garbage $3,000 - Property Tax $4,500 - Home insurance $1,500 - Internet, Streaming, Security Monitoring $2,500 - Electricity and Gas $6,500 - Housecleaning Service $5,000 - Home maintenance/projects $15,000 Home Subtotal $47,600 - Personal cell/tablet/devices $2,800 - Auto Insurance $2,300 - Road tax / Vehicle Registration $800 - Umbrella Insurance $250 - Car maintenance $1,500 - Car replacement funds $4,000 Auto and Electronics Subtotal $11,650 - Country club membership dues (golf) $15,500 - Golf when travelling (3 months a year) $7,000 - Golf lessons $2,000 - Golf new equipment, balls, gloves $3,000 Golf Expenses Subtotal $27,500 - Medical (pre-Medicare)+Copay+Drugs+LTCI $19,000 - Medicare + Plan F Sup. + Drugs (Trulicity) $9,000 - Concierge doctor fees $5,000 Medical Subtotal $33,000 - Timeshare Maint. Fees $15,000 - Airfare and rental car $5,000 - Dining out during travel $8,000 Vacation Subtotal (3 months) $28,000 - Food (lunch out everyday) + Groceries $25,000 - Personal grooming, gifts, hobbies $8,000 Other credit card Subtotal $33,000 Gifting for son $18,000 Grand Total $198,750
These threads take some weird left turns but didn't expect people to be comparing how much they spend on golf balls and vehicle registration within the first 100 posts. LOL
At least, there's no extra charge for the additional information and, if you're not satisfied, we give you your money back on your forum registration fee!
I've been here a while. I don't expect any active thread to stay OT...just a little further into left field than I expected!
......
Here's what ours looks like:
Mortgage, rent 0 Property taxes 10,000 Utilities 15,000 Home insurance 5,000 Home maintenance 15,000 Wellness/Other Medical 10,000 Health insurance 15,000 Vehicles/Fuel 15,000 Misc/Discretionary 100,000 Other 0 Groceries 30,000 Restaurants 15,000 Clothing 0 Vacation/Travel 25,000 Other 0 Total 255,000
.....
I have to ask, since you have Restaurants in there already.
How do you spend $30K on groceries
I spend $5K for the both of us each year on avg for past 5 years..
I'll be hitting my FIRE number within the next few years and I'm scared that retiring early will make it that much harder for me to find a relationship because retiring in your 40s is obviously rather uncommon and possibly not relatable for most people in society. I'd like to hear from any single folk who have retired younger than normal and were able to find a long term relationship after they had started their retirement. It's tricky because if I had a partner now I might be willing to inflate my lifestyle a bit to achieve some common shared goal, but I don't see a reason to just keep working when I don't even know if I'm going to find someone else, but if I do meet someone after i retire, it might be harder to turn back the income. Or, I can target some lower withdrawal rate instead of 4%, but that just kicks the can down the road and there might continue to not be a partner in sight.