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View Poll Results: What percent of current income are you trying to match?
More than 100% 18 14.06%
100% 18 14.06%
90-99% 5 3.91%
80-89% 16 12.50%
70-79% 25 19.53%
60-69% 17 13.28%
50-59% 11 8.59%
Less than 50% 18 14.06%
Voters: 128. You may not vote on this poll

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Old 02-07-2016, 04:07 PM
 
Location: R.I.
978 posts, read 606,070 times
Reputation: 4242

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Quote:
Originally Posted by Mark bridge View Post
I'm still a believer that one should think of net (after tax dollars) rather than gross (pre tax dollars). Doing so makes a huge difference, at least it does in my case.

In gross dollars my retirement income us 74% of my work income, however, my net retirement is 98% of my work income. That's because I had so much taken out of my salary (TSP, retirement, SS, higher federal and state taxes, medicare, etc) that I no longer have to pay. Particularly helpful is the fact that Ohio doesn't tax military retirement and SS, almost 2/3s of my retirement income!
I agree as I am in a similar place as you with deductions being a Federal employee. My numbers work out to 62.8 % gross and 99% net.
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Old 02-08-2016, 04:57 PM
 
Location: Yavapai County
746 posts, read 483,005 times
Reputation: 928
Quote:
Originally Posted by crusinsusan View Post
I'm currently at 110%, but one could argue that my rental property means I'm not retired.

Interesting thread.

One thing to note is about the comments in regards to the stated income of some posters: while I don't know the income of all of them (just haven't seen them all), from the few that I do recall, they still fall into the middle class for the states that they live in:

The Salary Required to Be middle class in every state
Interesting list!
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Old 02-08-2016, 05:01 PM
 
71,593 posts, read 71,751,865 times
Reputation: 49199
Except states as a whole and the city's in them can be worlds apart. 69k in nyc qualifys you for a low income nyc housing project. A true middle class lifestyle here needs about 150k.folks making up to the low 200k range all consider themselves nothing more than middle class

Last edited by mathjak107; 02-08-2016 at 05:37 PM..
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Old 02-08-2016, 05:15 PM
 
Location: Forests of Maine
30,682 posts, read 49,455,573 times
Reputation: 19134
Quote:
Originally Posted by crusinsusan View Post
... One thing to note is about the comments in regards to the stated income of some posters: while I don't know the income of all of them (just haven't seen them all), from the few that I do recall, they still fall into the middle class for the states that they live in:

The Salary Required to Be middle class in every state
Quote:
Originally Posted by bigbuglf View Post
Interesting list!
I admit it. I saw the link and I did not click it.

I assumed that as a retiree, I had slid down into the lower class.

After a few more posts, I went ahead and I looked.

Bingo!

I am still among the Middle-class
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Old 02-08-2016, 05:42 PM
 
Location: Greenville, SC
4,649 posts, read 3,704,540 times
Reputation: 8642
Quote:
Originally Posted by Submariner View Post
Bingo!

I am still among the Middle-class
Looking at the numbers for my state, "middle class" supposedly ranges from $37K to $112K. The spread is so wide as to be meaningless, in my opinion.
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Old 02-10-2016, 04:17 PM
 
Location: RVA
2,167 posts, read 1,266,787 times
Reputation: 4460
While I think planning on a percentage of pre-retirement income for retirement is a poor rule of thumb, the results of this poll are fantastic. 24% are living on 60% or less!! And not too many respondents were "scrapping by". Most sounded pleased with their numbers. Good poll!
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Old 02-10-2016, 04:21 PM
 
71,593 posts, read 71,751,865 times
Reputation: 49199
And 28% are living on 100% or more
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Old 02-10-2016, 11:24 PM
 
Location: Approximately 50 miles from Missoula MT/38 yrs full time after 4 yrs part time
2,295 posts, read 3,342,153 times
Reputation: 4829
[quote=vicky3vicky


Gas and car insurance, much less. BUT, when we do need car repairs we will now have to pay for them. /QUOTE]

.....Maybe I missed something:... Who paid for your car expenses before retirement????
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Old 02-11-2016, 04:18 AM
 
71,593 posts, read 71,751,865 times
Reputation: 49199
Likely a company car
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Old 02-11-2016, 04:35 AM
 
Location: Tennessee
29 posts, read 62,884 times
Reputation: 81
I selected 60-69%. More like 68.7% of Gross

I'm retiring at 56 June 30, 2016 after 34 years working for D.O.D. My pension, SS supplement and 401K withdrawal (I can withdraw before 59 1/2 no penalty) will NET ~62.5K a year. We plan to sell our house with about 150K in equity and move back to the south from which I came. After sell of house, plan to pay off all debt (~60K) to be debt free. Essentially, we will take home ~100% of NET

WC

Last edited by West Coasting; 02-11-2016 at 04:46 AM..
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