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Old 07-16-2010, 03:55 AM
Status: "I LOOOVE COLORS" (set 8 days ago)
 
30,176 posts, read 27,276,378 times
Reputation: 17585

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depending on where you live and your standards of living 80k may or may not be enough... im hoping for a larger income then that an truthfully im worried too as to whether the goals we have set for retirement living vs returns from investments will allow that to happen.

could we cut some of our dreams and plans so what we have would be a sure thing to carry us through, sure we could but i always say we want to live better in retirement then we did working and

raising a family. thats our reward for scrimping, saving, depriving ourselves of things and for taking risks investing to accumulate this money. if its bragging well then its bragging , im proud of what we have accomplshed and yeah ill ring my own bell for it too but regardless i saw nothing wrong with the op's fears and concerns.

its like alot of folks think anyone who makes more then them is over compensated and braggng and everyone who makes less isnt as good a worker and how the heck can they live on so little...

its all relative to what your goals are... for most of us we set our goals and wants based on certain income...then we wonder if its enough to pull it off because unless its based mostely on pensions and ss there are sooo many variables to having that money last a lifetime..

Last edited by mathjak107; 07-16-2010 at 04:07 AM..
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Old 07-16-2010, 04:08 AM
 
2,060 posts, read 2,321,639 times
Reputation: 1672
Yeah, the OP asked a valid question and should receive honest replies irregardless of whether or not we will have more or less in retirement money than he does.

Fearringtonflash, I highly doubt that US$80,000 per year is sufficient to retire on. You should consider working another 10 years.

Sincerely,

Teak
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Old 07-16-2010, 07:14 AM
 
Location: Forests of Maine
21,881 posts, read 28,716,100 times
Reputation: 8917
I am in my ninth year of being a pensioner.

My pension is significantly less than what the OP lists.

My Dw has been working p/t; and was recently promoted to f/t. Our gross income is significantly less than the OP's projected retirement income.

You will be fine.
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Old 07-16-2010, 07:45 AM
Status: "I LOOOVE COLORS" (set 8 days ago)
 
30,176 posts, read 27,276,378 times
Reputation: 17585
just curious how you equate his lifestyle to yours? two homes can be awfully costly to maintain..... geesh our 2nd home is now only going on 5 years old and we are there only part time and it costs us a bundle....

between maintaince, dead trees, gutter cleaning , septic issues , the gardner and snow plow guy since we arent there full time is alot of money.......
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Old 07-16-2010, 08:48 AM
 
Location: Great State of Texas
75,336 posts, read 36,498,984 times
Reputation: 18327
If you don't think you can afford the $80K per year, maybe consider selling off one of the houses and use the funds to pay off or pay down that mortgage.

Or, consider selling both homes and move to a lower cost area where your $80K goes farther.
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Old 07-16-2010, 08:56 AM
Status: "I LOOOVE COLORS" (set 8 days ago)
 
30,176 posts, read 27,276,378 times
Reputation: 17585
I would agrree, 2 homes and a mortgage is tight on 80k pre-tax
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Old 07-16-2010, 09:17 AM
 
Location: Phoenix, AZ
3,089 posts, read 3,039,328 times
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I expect to live comfortable on about 1500.00 a month. . . .with the possiblity of earning additional (for luxuries, like travel, etc.) $$ in ways that suit my talents and temperment. AND. . . I am looking forward to both the challenges and the ease of "owning my own time"
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Old 07-16-2010, 09:37 AM
 
4,931 posts, read 8,819,412 times
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Quote:
Originally Posted by MadManofBethesda View Post
And I think that your comment about over-compensated employees and retirees is just as obnoxious as the OP's question.

You know, for someone who claims to be and live content, you sure do have a lot of complaints about how others live.
Ah, we meet again, my friend. I thought the OP question was in the style of your many posts.
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Old 07-16-2010, 09:44 AM
Status: "I LOOOVE COLORS" (set 8 days ago)
 
30,176 posts, read 27,276,378 times
Reputation: 17585
Quote:
Originally Posted by cap1717 View Post
I expect to live comfortable on about 1500.00 a month. . . .with the possiblity of earning additional (for luxuries, like travel, etc.) $$ in ways that suit my talents and temperment. AND. . . I am looking forward to both the challenges and the ease of "owning my own time"
just our medical insurance runs almost 800.00 a month

Last edited by mathjak107; 07-16-2010 at 10:02 AM..
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Old 07-16-2010, 09:59 AM
 
Location: Central Maine
4,067 posts, read 3,282,707 times
Reputation: 3519
Taking the OP at face value, I think it's not unreasonable that the difference between two incomes and two retirement incomes - regardless of the specific amounts - initially can make a person approaching retirement a little nervous. My advice is to look closely at your current income and projected retirement income, and pay attention to the net, not the gross.

For example, as a federal employee, I had 7% of my salary go to retirement - now that I'm retired, my current income is not reduced by that 7%. I was also contributing as much as I possibly could to the Thrift Savings Plan - as a retiree, I can't. When working, our transportation costs were considerably higher than they are now; the same is true for clothing costs.

The difference in our gross incomes - working vs. retired - is significant, but the difference in our net incomes is not nearly as significant.
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