How much do you need to earn to live comfortably in Chicago? (day care, home)

[fusillirob1983]

Originally Posted by Space_League

I don't like the idea of retirement funds that you can't touch without incurring a penalty until you're 60+

I like to putz around in the market with my savings but I want it to be accessible enough I can use it how I want at any age. Maxing out a 401k is not on my to-do list unless my employer is literally giving me that money and will only do so for a retirement plan.

Besides that I actually have rather low standard of living. I lived just fine on 50k in a city where my 1500 rent was low/normal. Chicago rent is lower than that. The only thing I need is my own privacy - which is why I say roommates are out of the question.

That's reasonable if that's what you're comfortable with doing, especially if you a) think you can beat the market or b) aren't worried about saving for your later years.

It seems like these are the biggest dividing factors between those that listed larger necessary incomes and smaller ones.

[personone]

Originally Posted by Space_League

I don't like the idea of retirement funds that you can't touch without incurring a penalty until you're 60+

I like to putz around in the market with my savings but I want it to be accessible enough I can use it how I want at any age. Maxing out a 401k is not on my to-do list unless my employer is literally giving me that money and will only do so for a retirement plan.

Besides that I actually have rather low standard of living. I lived just fine on 50k in a city where my 1500 rent was low/normal. Chicago rent is lower than that. The only thing I need is my own privacy - which is why I say roommates are out of the question.

It seems that you have your answer then. If you’ve lived comfortably on 50K in cities where 1500 rent is normal, and you have found that in Chicago rent is lower than that, then it seems you’d be able to live comfortably here on 50K (or lower).

[smegmatite]

Originally Posted by Space_League

I don't like the idea of retirement funds that you can't touch without incurring a penalty until you're 60+

I like to putz around in the market with my savings but I want it to be accessible enough I can use it how I want at any age. Maxing out a 401k is not on my to-do list unless my employer is literally giving me that money and will only do so for a retirement plan.

Besides that I actually have rather low standard of living. I lived just fine on 50k in a city where my 1500 rent was low/normal. Chicago rent is lower than that. The only thing I need is my own privacy - which is why I say roommates are out of the question.

well good thing you can do that, you just have to pay taxes on any realized gains and dividends throughout the year, but really, you shouldn't plan your life like you're going to die early...

because, what if you survive (which is the likely outcome)? you wanna be living in a total bug infested dump eating cat food in your older years? I know I don't, so I exercise some restraint now to have more financial freedom in my likely later years. If I die early, well who cares I don't regret a moment either way. Reckless and materialistic consumption isn't a big deal to me, as long as I have a home, food and the ability to get around I'm just fine.

[Space_League]

Originally Posted by smegmatite

well good thing you can do that, you just have to pay taxes on any realized gains and dividends throughout the year, but really, you shouldn't plan your life like you're going to die early...

because, what if you survive (which is the likely outcome)? you wanna be living in a total bug infested dump eating cat food in your older years? I know I don't, so I exercise some restraint now to have more financial freedom in my likely later years. If I die early, well who cares I don't regret a moment either way. Reckless and materialistic consumption isn't a big deal to me, as long as I have a home, food and the ability to get around I'm just fine.

Don't worry, I am a CPA and I know how to do my taxes

Retirement plans are just not for me. I need my money in liquid investments in case a business opportunity comes up and I want to go all-in

[jfre81]

Originally Posted by smegmatite

you wanna be living in a total bug infested dump eating cat food in your older years?

I want chicken

I want liver

Meow meow meow meow

Please deliver

[frimpter928]

I would say $50k - $75k. Closer to $50k if you live in a neighborhood like Albany Park, don't own a car, and don't splurge too much. Closer to $75k if you want to live in Lakeview, own a car, and I would say even then you couldn't splurge.

[snilsson]

I would agree with 50-75k. I make some where in the middle of that and live downtown in a high rise comfortably. Don’t own a car though.

[glass_of_merlot]

I don't know how a family could live comfortably at anything less than 75k. I mean, it depends what you mean by comfortable I guess.

[fusillirob1983]

Originally Posted by glass_of_merlot

I don't know how a family could live comfortably at anything less than 75k. I mean, it depends what you mean by comfortable I guess.

Families are a different story. This guy asked about living alone in a one-bedroom apartment.

[frimpter928]

Originally Posted by fusillirob1983

Families are a different story. This guy asked about living alone in a one-bedroom apartment.

Yeah, families I would say combined, at least $100k.