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I'm considering the following budget for a single retiree:
Car payment $500 (52 months still to go).
Lot rent in mobile home park $350 I hope.
Utilities $150 in Florida.
Car insurance $100 until car is paid off, less later.
Cell phone almost $100
Internet and cable $100 and cable is optional.
Food $300 or more.
Gas almost $100 if I'm active, maybe less if I'm lazy.
Dental insurance $50 on current COBRA.
Church almost $150
Misc $100
OK that's $2000 per month.
Obviously some of these are guesstimates, notice the round numbers. I'm new at this.
If early Social Security pays almost $18K per year, another $6K per year could be annual 3% withdrawal from a $200K 401K in order to achieve that $24K per year, which is $2000 per month.
If necessary, increasing that to 4% or even 5% could change that to $8K or $10K if another $2-4K became necessary in certain years, in case of unexpected health issues or hurricane damage.
Based upon my excellent health history I don't expect to need health insurance before medicare takes over at 65, and I'm assuming I'll have to pay about $100 per month for that.
I have no desire to linger in a nursing home, I expect to remain healthy well into my 70's, then have a few tough years and then die in my '80s, shot by a jealous husband just before my 401k hits zero.
Last edited by ChuteTheMall; 02-20-2014 at 09:45 PM..
I'm considering the following budget for a single retiree:
Car payment $500 (52 months still to go).
Lot rent in mobile home park $350 I hope.
Utilities $150 in Florida.
Car insurance $100 until car is paid off, less later.
Cell phone almost $100
Internet and cable $100 and cable is optional.
Food $300 or more.
Gas almost $100 if I'm active, maybe less if I'm lazy.
Dental insurance $50 on current COBRA.
Church almost $150
Misc $100
OK that's $2000 per month.
Obviously some of these are guesstimates, notice the round numbers. I'm new at this.
If early Social Security pays almost $18K per year, another $6K per year could be annual 3% withdrawal from a $200K 401K in order to achieve that $24K per year, which is $2000 per month.
If necessary, increasing that to 4% or even 5% could change that to $8K or $10K if another $2-4K became necessary in certain years, in case of unexpected health issues or hurricane damage.
Based upon my excellent health history I don't expect to need health insurance before medicare takes over at 65, and I'm assuming I'll have to pay about $100 per month for that.
I have no desire to linger in a nursing home, I expect to remain healthy well into my 70's, then have a few tough years and then die in my '80s, shot by a jealous husband just before my 401k hits zero.
Living in Florida, I can tell you your utilities are too low. And you have no money dedicated towards medical and eventually prescriptions. Also continual maintenance of your mobile home and insurance. I would advise working at least part time until that car is paid off. Just 15 hours a week at $10 hr. should do it. Or try and get a full time job when you move and pay that car off.
I don't see any sort of fun budgeted there. You know, going out to eat, booze, movies, music, entertainment, travel, hobbies, etc. For us, that is a pretty big part of our retirement budget.
I don't see any sort of fun budgeted there. You know, going out to eat, booze, movies, music, entertainment, travel, hobbies, etc. For us, that is a pretty big part of our retirement budget.
I live in a neighborhood for decades and now many of us are retired. From my observations and the people I have known,, people do what they do in retirement similar what they did when they were working. I do think that many just maintain the habits and lifestyle of what they like and what they have been doing their whole lives. I have know relatives and friends, who now in retirement, have more money and also have less expensive of no children and no mortgage but they are as frugal in spending as they were when they were struggling.
If people did not drink, they are not going to start drinking.
If people did not eat out too much and enjoyed most of meals at home, it does not necessarily mean that they are going to starting eating out so much more in retirement.
If people did not pay that much attention to music and entertainment, then in retirement they are not going to spend their time and money on these activities.
If when they were working and they did not enjoy traveling, retirement does not mean, even they have more time, that travel will become a big part of their lives.
If they had hobbies, then those hobbies will continue through retirement. I do not see many, again even with more time, start a new interest.
Retirement does not mean for many that it is big change in their lives and activities, it just means that they are not getting up to go to a job. Of course, there are others who see freedom of retirement as a reason to pursue more and new activities but that is not everyone. As I said, there is very large group that just keeps their lives as they are.
So, for many people, they do not need so much in retirement to spend on the grand adventure of latter life, as they have and will be living the same life. It is the people who live the more costly lifestyle who need to maintain that level of living and if they can, I am happy for them but if they cannot, it will be a sad retirement in disappointment.
Livecontent
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