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Old 09-05-2013, 12:27 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,608 posts, read 39,974,527 times
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Quote:
Originally Posted by uscgto View Post
so where is everybody with their predictions as regads inflation et all, 4 years later...
Certainly not much richer on paper than 4 yrs ago. Property Taxes and healthcare are up 80 - 120%.
I see alot more people using 4% returns for planning than 7-8%. 10% (previous norm) is 'way-out-there'

Have taken a PT International working gig to get healthcare for an ill spouse. (tho a FUN gig that pays us to BOTH travel and explore nice places).

Inflation... right around the corner or... Who Knows? only short term Helicopter Ben.

Lots could happen, but USA has a money machine, tho I wish they would better utilize their resources (people / industry), rather than artificial manipulation which really doesn't result a solution... only a bandaid.

The WORLD is a lot smarter now. It is eye opening to work overseas and read the NEWS about how the world views / uses the USA to fund their own growth (as they have for 70 yrs).
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Old 09-05-2013, 03:03 AM
 
71,648 posts, read 71,777,271 times
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Quote:
Originally Posted by uscgto View Post
not much has changed, I still plan on saving as much as I planned before. Interest rates crested this past year and now are on the way up...
nah , we got a blip but the economy and unemployment are still so weak rates won't go up much for quite a few years if i had to guess.

when it finally does it will be because inflation is rising too so in real return you may not be much better.
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Old 09-06-2013, 10:38 AM
 
Location: Grove City, Ohio
10,135 posts, read 12,390,523 times
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Retirement is 30 months away.

I figure our total expenses as a couple will be $3,174.42/mo while and $2,202.92 for a survivor.

In planning a budget I think I was generous with Food @ $649.50 for couple and $433.00 for single
Clothing at $100.00 for couple and $50.00 for single
Entertainment/Spending Money at $500.00 for couple and $250.00 for single
Emergencies at $250.00 for couple and $200.00 for single.

On things like utilities I picked the highest month (August) and used it all year even some some months are less than half of what we pay in August.

Total income for couple will be $4,693.54 which means after meeting all expenses we should still be able to save $1,519.12 as a couple and that isn't digging into any retirement savings. As a survivor out total amount coming in will decrease but so will expenses meaning we should be able to save $1,407.12 as a single person without have to resort to any retirement savings.

So we didn't save like we should and maybe our income isn't what some people might enjoy but I think we will be comfortable enough.
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Old 09-06-2013, 02:24 PM
 
Location: Northern panhandle WV
3,007 posts, read 2,173,172 times
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Quote:
Originally Posted by nicet4 View Post
Retirement is 30 months away.

I figure our total expenses as a couple will be $3,174.42/mo while and $2,202.92 for a survivor.

In planning a budget I think I was generous with Food @ $649.50 for couple and $433.00 for single
Clothing at $100.00 for couple and $50.00 for single
Entertainment/Spending Money at $500.00 for couple and $250.00 for single
Emergencies at $250.00 for couple and $200.00 for single.

On things like utilities I picked the highest month (August) and used it all year even some some months are less than half of what we pay in August.

Total income for couple will be $4,693.54 which means after meeting all expenses we should still be able to save $1,519.12 as a couple and that isn't digging into any retirement savings. As a survivor out total amount coming in will decrease but so will expenses meaning we should be able to save $1,407.12 as a single person without have to resort to any retirement savings.

So we didn't save like we should and maybe our income isn't what some people might enjoy but I think we will be comfortable enough.
What did you figure for medical/insurance costs? and transportation expenses?
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Old 09-06-2013, 02:39 PM
 
Location: Near a river
16,042 posts, read 18,982,141 times
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Quote:
Originally Posted by nicet4 View Post
So we didn't save like we should and maybe our income isn't what some people might enjoy but I think we will be comfortable enough.
Hey, aren't you two driving golf cart around the streets of Georgia? (That's what I seem to remember.) That should save you a bundle.

$500/month for entertainment? Like eating out, or including day trips?
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Old 09-06-2013, 03:47 PM
 
1,227 posts, read 1,260,773 times
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nicet4

Actually, often widows and widowers face higher expenses because they start having to pay for things that were taken care of by their spouse's extra set of hands. As an example, one spouse may take care of the other spouse when he/she is sick. But if you are alone there is no one to take care of you. You might have to hire in-home health care. One spouse may be able to make minor repairs on cars while the other spouse would need to pay a mechanic. I've also known lots of widowers who didn't know how to cook and wound up eating all of their meals out while they figured out the kitchen. Many men start to date pretty quickly after being widowed. It is part of the grieving process. Dating costs money. You will need to take into account that being widowed is a huge life-altering event. It might be wise to re-evaluate your budget.
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Old 09-06-2013, 04:24 PM
 
71,648 posts, read 71,777,271 times
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until death do part isn't a wedding vow, its a goal ha ha ha
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Old 09-06-2013, 08:39 PM
 
Location: Grove City, Ohio
10,135 posts, read 12,390,523 times
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Quote:
Originally Posted by arwenmark View Post
What did you figure for medical/insurance costs? and transportation expenses?
For me the riskiest part of the whole thing is the cost of medical.

Medicare Subpart & Supplements I figured $640.00/month for couple and $320.00 for single. That's the cost of Part B and the supplement.

For supplement I am looking at Aetna Benefit Plan F for which I was quoted $142/mo through AMAC.

Plan F: Coverage includes
Medicare Part A coinsurance, plus coverage for 365 additional days after Medicare benefits end.
Medicare Part B coinsurance.

First three pints of blood each year.
Medicare Part A and Part B deductibles.
Part B excess charges (the difference between Part B Medicare-approved amounts and the limiting charge: no more than 15% of Medicare-approved amount).
Skilled nursing coinsurance.
Foreign travel emergency care.

Plan F is the most expensive but it is a plan that covers just about everything even foreign travel emergency care what can get really expensive. We know two couples who have the plan with one member of the club dealing with some rather severe medical challenges and he says they never spend one dime extra beyond paying the premium.

For drugs I am going with the Humana/Walmart plan which is around

Per Individual: Part A $105 + Supplement $142 + Drug Coverage $40= $287/person which leaves $33/mo per individual.

Is $640/mo or $7,680/year adequate? I would think so with the health we have now but who knows down the road? So much for medicare being free but it's still nearly half of what we pay before we had medicare.

For transportation I figured $176.67/mo for gasoline, insurance and maintenance on one car. Our second car is a golf cart. The car is new so we really should not have any maintenance issues for a while other than change oil. All of our travel is under 1,000 miles per month.

Yes, $500 for eating out and some simple entertainment if we go to a movie.

We are not eating anything like we used to and the vast majority of the time we share a meal and still take home a doggie bag. I will get an appetizer, she'll order the entree and we'll share it.

If were going to fly somewhere to see the family that doesn't come out of the entertainment money but what we have left over every month.
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Old 09-06-2013, 10:34 PM
 
Location: Burles
49 posts, read 60,974 times
Reputation: 16
Howdy All,

Such interesting reading, and while
I think the Wife and I, have done
very well with our investing/401K (150K), it's
nothing like some of you Folks !!!
Congratulations and I certainly
admire all the hardwork and smart investing.
That would certainly be wonderful.

We are in somewhat of a different thought process,
we still have a lot of years on a late bought Home, of
which we love, but are not in Love with. We still have some
CC Debt but will be resolved very soon.

I am very curious about reducing the Day to Day, Month
to Month costs. We both love having Cell Phones, Dish TV,
and of course High Speed Internet, but those 3 things are very
expensive and I don't see them coming down, but would hate
to think of not having them, especially when we will have more
down time. We Do love to travel, and much of our initial saving will
go to that.

I have approx 18-24 months more until I retire at 62, so will have to acquire
interim Insurance until Medicare kicks in, and the Wife already is drawing SS and
and has medical coverage through Medicare.

Would love to hear thoughts or ideas on ways to reduce the day to day
expenses.

Thanks to All, Take Care,

CK
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Old 09-07-2013, 02:52 AM
 
71,648 posts, read 71,777,271 times
Reputation: 49240
usually those looking for ways to cut expenses are doing so to stretch their retirement income.

the problem is that over time expenses rise regardless and eventually there is nothing to cut.

you need to look at the income side too and find ways to increase income.

that may be changing allocations, cutting investment fees or increasing risk level for more income.

doing one without the other is only a temporary bandaid .

it is no different than a corporation , a corporation is looked at not only on profits which can come from cost cutting but they look at revenue too from sales. both are important.

Last edited by mathjak107; 09-07-2013 at 04:12 AM..
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