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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 02-01-2016, 03:44 PM
 
Location: Denver CO
21,177 posts, read 11,780,372 times
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There are a couple of threads about the "magic" million dollar retirement target but I thought I'd come at it from a different angle and ask what about the percent of your current income you are trying to match.

Please answer the poll question and then explain in the comments.

This is based on present day dollars, not taking inflation into account.
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Old 02-01-2016, 03:46 PM
 
71,550 posts, read 71,712,424 times
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100 to 110% for now
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Old 02-01-2016, 03:49 PM
 
Location: Denver CO
21,177 posts, read 11,780,372 times
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Personally, I am looking at about 60%. That's based on the fact that I had a child later in life, so even in my 50s, I'm still paying about 10% of my income in childcare expenses. Another 15% is going into retirement and other savings. And I plan to have a paid off house, so that's another 25%. So allowing for a 10% cushion, I should be doing ok if I can match 60% of my current income.
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Old 02-01-2016, 04:01 PM
 
Location: Idaho
1,454 posts, read 1,154,572 times
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Pre-tax or Post-tax Income?
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Old 02-01-2016, 04:10 PM
 
Location: Central Massachusetts
4,800 posts, read 4,846,832 times
Reputation: 6379
Good question. I assumed pre-tax
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Old 02-01-2016, 04:10 PM
 
Location: Denver CO
21,177 posts, read 11,780,372 times
Reputation: 32183
Pre tax
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Old 02-01-2016, 04:16 PM
 
Location: Western Colorado
11,087 posts, read 12,470,641 times
Reputation: 26111
Well my retirement was 80% of my salary, now that I'm drawing Social Security on top of retirement I'm making more than I did while I was working. I like that.
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Old 02-01-2016, 04:21 PM
 
Location: SoCal
13,226 posts, read 6,326,744 times
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I put 50%, but I think it's less, probably between 40-50%, but there was none in this category. This is for must spend income. I have buckets for traveling and other stuff.
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Old 02-01-2016, 05:31 PM
 
530 posts, read 537,963 times
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... We'll probably be in the "Less-than-50" bracket, but would like to start out in the 50-59% area, and "negotiate downward" from that, if/when necessary.
Thanks for making me think about that ... Right now, we're so busy just trying to pile-up enough to support our retirement, that we haven't really put a ton of thought on how-many $$$ we're going to have, to live on ... we have a 'ball-park' idea which makes me think we'll be 50-59%.
My personal hope is that we'll do a bit better in a different location (CoL, real estate, etc.), than where we are, right now.
...
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Old 02-01-2016, 06:05 PM
 
634 posts, read 403,673 times
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Default Our

We are doing great on less than 50% Healthcare was running nearly 3 thousand a month for husband, son and self, now a fifth that. Our tiny little house is paid off, but for over 3 years we were renting our previous house for slightly less than our monthly costs, and living in a tiny camper trailer in the mountains, so that evens out.


With all food from scratch, bought in bulk on sale, trading with neighbors [ veggies, eggs, baked goods, etc] participating in frequent pot lucks and eating a few lunches a week for $2 apiece at the senior center [ super light dinners on those days], and eating out less, we probably spend about half as much on food.


Water, utilities, cell phones, cable, internet, about the same.


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


I do not drive, but there is a bus the nextHaircar block over and even though the senior pass is $25 a month, it is nice not having to walk 2 miles when I want to go to the store or else make me poor sweet husband be my perpetual driver, so that costs more but is worth it.


So far I am saving money on my jewelry supplies [more time to find best deals] and making a little bit more on selling them.


Traveling, as in TRAVELLING. Because of more flexibility in our schedules, and more time to research, we figure that we will be doing about 3 times more traveling and it will only cost us about 60% more.


Haircare SHOULD be a lot less because I am not needing wigs anymore and expensive hair products to keep each remaining hair strand in place [ I know, I should have shaved it] but, now that I no longer need wigs, and I have gotten rid of them, I am thinking about buying a couple. I HATED being near bald [ as I said, should have shaved] but to be honest, even before cancer I never had a good hair day. Ever. And my wigs always looked good, so I should be saving money on hair care but I probably won't be.


Hobbies, vegetable garden and raspberry bushes. I could lose money, make money or break even. Bees, with colony collapse more than likely lose money but possible make money, the chickens, I will lose money on the chickens, but what eating eggs from happy chickens makes it worth it. I will no longer be paying for belly dance lessons and am working on getting up the nerve to teach for free at senior center.


It is a much less expensive lifestyle with a lot more bang for the buck.
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