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75-100k in the early years. maybe less as we get older. maybe less if we decide to have only 1 place to live instead of snow birds. thats with a paid for house
Last edited by mathjak107; 04-25-2011 at 04:07 PM..
I've been retired for a dozen years, I require $32K to live in Arizona another $25K to live in San Francisco. I could probably live on a little less but don't need to
As the OP says, this is going to vary all over the map, depending on what we are used to, where we live or want to live, etc. "Need" is a problematic word too; it's hard to know the difference between needs and wants. In some parts of the world we would be considered spoiled to think we "need" indoor plumbing, but I think most of us posting here would consider that a rather absolute minimum. It's all relative.
Also going to depend if it is a single or a married couple. I've noticed those who say "we" generally are looking at higher numbers. As a single with a mortgage, high property taxes and home repairs, over $50K would allow for travel and and breathing room. Right now I'm still looking to cut every expense. My employer cut retirement benefit for older employees 75%, so I need to manage my investments really well to hit the $50K mark. Ideally, a 15-20 hr/wk part-time job would solve the problem. No luck finding that so far, but I've just started more or less looking.
LOL - yes, needs vs. wants. But, I am assuming that what a retired person or someone who is looking at retirement says that they need such and such amount - that is including 'wants'....because that's what they need to keep the lifestyle they desire.
And the great variable; health care costs, Rx, doc visits, premiums, medicare and otherwise. Right now, we are trending (retirement date goal = 2 years, 10 months) toward what is a manageable figure for our savings, ss, and a couple of smallish employer provided annuities. Expense categories being tracked are home, transportation, health, daily living, entertainment, dues/subscriptions, vacations/trips.
Lord willing and the creek don't rise, we'll get there in good shape. Ultimately, it is not in our hands. We can only do the our best to make good decisions.
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, high property taxes
, we'll get there in good shape. Ultimately, it is not in our hands. We can only do the our best to make good decisions.
