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Old 09-11-2014, 06:30 AM
 
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I'm curious what you base your church contribution on, money left after other expenses? The reason I'm asking is that I'm trying to figure what ours should be, so it's helpful to know what others are doing and why.
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Old 09-11-2014, 06:51 AM
 
Location: In The Pacific
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Quote:
Originally Posted by nicet4 View Post
I am looking at retiring in a year or two.
Medical is the biggest single must have slice of the budget.
We live in low property tax state and all of our retirement income is tax exempt.
If you are single with $3,500 income you should do just fine if you live in the right area of the country.
Montlhy Total $3,453.90
As a U.S. retiree living abroad, that's pretty much the same list and budget amount we live on here in the Philippines and we do just fine by it and still have a little cash left over every month!
What's truely unsual and or amazing, is that I always read on forums overseas that a single person can live on a $1,000 a month in a foreign country, not just in the Philippines! It's only true if he/she can live like the locals do in substandard (frugal - no frills) living conditions and with no savings for emergencies!
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Old 09-11-2014, 08:04 AM
 
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Originally Posted by Art2ro View Post
As a U.S. retiree living abroad, that's pretty much the same list and budget amount we live on here in the Philippines and we do just fine by it and still have a little cash left over every month!
What's truely unsual and or amazing, is that I always read on forums overseas that a single person can live on a $1,000 a month in a foreign country, not just in the Philippines! It's only true if he/she can live like the locals do in substandard (frugal - no frills) living conditions and with no savings for emergencies!
I'm sure the cost for food and professional services (medical, legal, etc.) are a lot lower in the Phillipines than the US.
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Old 09-11-2014, 08:08 AM
 
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Originally Posted by MckinneyOwnr View Post
I didn't read all the responses, but one thing I didn't see mentioned was inflation. If your monthly income will be $3500, that's a good figure to have NOW. But after 20 years of retirement?

A quick calculation shows that $3500 for retirement in 1990 would need to increase to $5763 in 2010 to maintain the same standard of living.

Depending on how inflation goes over the next 20 years, you may want to calculate your total years of retirement based on spending a higher figure than the $3500 you have planned. Obviously, the costs of inflation have even more of an impact if you live for 30 or even 40 years past retirement age.

Absolutely! Inflation is a killer. I receive the same amount in pension as the day I retired in 1998 with no cost of living increase until I reach 65 years of age. So... when someone plans retirement they really need to plan with this in mind.
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Old 09-11-2014, 08:43 AM
 
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Originally Posted by LivingDeadGirl View Post
Absolutely! Inflation is a killer. I receive the same amount in pension as the day I retired in 1998 with no cost of living increase until I reach 65 years of age. So... when someone plans retirement they really need to plan with this in mind.
It's impossible to plan because we can't see the future and what the inflation rate will be. I know what you mean though, we need to know that it will go up.
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Old 09-11-2014, 08:53 AM
 
Location: Loudon, TN
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Here's an average inflation rate for the last 25 years (through 2012)...2.86% (source: US Inflation Rate Forecast) . So I think 3% is a pretty good average to be safe.
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Old 09-11-2014, 09:18 AM
 
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Originally Posted by TheShadow View Post
Here's an average inflation rate for the last 25 years (through 2012)...2.86% (source: US Inflation Rate Forecast) . So I think 3% is a pretty good average to be safe.
It's been held artificially low by the Fed for years now.
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Old 09-11-2014, 09:18 AM
 
Location: In The Pacific
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Originally Posted by Bideshi View Post
I'm sure the cost for food and professional services (medical, legal, etc.) are a lot lower in the Phillipines than the US.
Actually the opposite!
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Old 09-12-2014, 12:50 AM
 
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Originally Posted by Art2ro View Post
Actually the opposite!
Surprising, and unfortunate!
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Old 09-12-2014, 03:16 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Originally Posted by Bideshi View Post
I'm curious what you base your church contribution on, money left after other expenses? The reason I'm asking is that I'm trying to figure what ours should be, so it's helpful to know what others are doing and why.
10% of gross distributions / income ++. since age 15
Most goes to service charities. I am not keen on supporting ballooned budgets and 'general funds'.

Have several mission families we have supported for 40 yrs. They do a great work in their communities and often adopt homeless kids. They give it all away to locals.

We set up a donor advised fund while still in our 40's, so that too is over and above the 10%, but will keep our charities funded for perpetuity, and our kids are advisers too..

Don't have much left for ourselves... but not starving. It is great to help others and I am reminded of that everyday I drive my 40 yr old car w/o AC. I am doing fine (Healthcare would be nice, but I'm surviving)

YMMV
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