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Old 03-22-2016, 08:09 AM
Location: Central Massachusetts
4,800 posts, read 4,847,776 times
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Originally Posted by mathjak107 View Post
how long should a rope be ?

It depends on how deep the lake is and how long the boat is.

Originally Posted by NoMoreSnowForMe View Post
Well, the pole would come in handy with the rope.

Mathjack, regarding how long the rope needs to be, I was going to ask how high the ceiling is?

I know, dark humor.

That is a good one too.

Originally Posted by matisse12 View Post

I've never thought of retirement as being "all that time to fill."

It never occurred to me to think of retirement in that way.

I think that's more a thought from couples in retirement who by the nature of relationships feel more necessity to entertain each other, keep each other entertained, do things of 'interest' together as a couple, and to be interesting people to each other. just my opinion.

As for finding time to fill and keeping your spouse entertained without killing each other it is quite a tall order.

So now that this has been broached again. You will get as many numbers as there are stars in the sky. But you have laid out a few prelims. One the mortgage paid off. That is a big chunk but I saw that someone mentioned that and said 2500 a month is enough. I wonder if they are including paying the property taxes too. Those are annual bills and sometimes go up and rarely go down.

If all you are doing is sitting around the house getting on your spouse's nerves, $2500 might just get you separated. In some states that might be enough to keep you from starving and occasionally going out to dinner. But I can tell you $2500 will not allow you to take a European trip for two every year.

To tell you the truth though I think given even our area in MA $5K might make it for a couple with a few excursions included. Above that is gravy.
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Old 03-22-2016, 08:12 AM
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the lake is one of the biggest lakes in the tristate area with 52 miles of shoreline . trust me , it gets boring
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Old 03-22-2016, 08:19 AM
Location: Idaho
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Originally Posted by mathjak107 View Post
there is a big difference between how much money a month do you need vs how much a month do you want to draw . they are not the same thing . need usually refers to non discretionary items plus the items needed to carry on life .

.. so our income level for need is about 60% of what we draw with the other 40% going for discretionary spending
I agree 100%. My budget analysis showed the same 40/60 distribution of non-discretionary (need) and discretionary (want) spending.

Since we own our home and don't spend a lot of money on food, eating out or clothing, our monthly 'need' is around $2K/month (with ~2/3 for property tax/insurance/utilities). Our monthly 'want' (cost associated with our hobbies rowing, flying, traveling and some gifting) brings the monthly budget to ~3.4K/month.
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Old 03-22-2016, 08:41 AM
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[quote=mathjak107;43441835]with photography being a passion for my wife and i , we can say it is far from cheap . like pocketbooks are to women , lens's are never one size does it all and good lenses are expensive .

but far worse is the fact that once you get bored of the stuff local to you the trips to find better and better subjects can get more and more expensive .

the worst part is whatever gear we buy we have to buy two of .

when i won the 5k from city data i decided to upgrade my camera body to the 3k nikon d800 . on top of that i needed some full frame lenses and now my wife wanted a new camera body . we ended up spending almost 10k on gear .

And it is because of folks like you upgrading, people like me can get their used equipment for cheap or free.And what is even better, those giving their equipment away are usually more than happy to give free tips on how to best utilize the equipment as well.

I think it is awesome that you win cash prizes from your work, which would often call for 'state of the art" technology, but for most of us, being able to take pictures that we and our loved ones can hang on our walls and treasure is enough and there is no need to 'break the bank' for that.
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Old 03-22-2016, 08:45 AM
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it all depends what you want from life . i like adventure and new places . that runs us a lot for travel .

but that is our reward for a lifetime of saving , investing and doing without a lot of things i wanted .

thankfully today we are in very good shape at retirement both financially and health wise .

my plan has always been to live better in retirement then our working years while raising a family .

sorry -our stuff never gets traded in . it is in use until it dies and is no longer worth fixing .

the higher end nikon lenses i buy tend to either sell for more eventually used then we paid or about the same . that is why i only buy higher end quality nikon glass.

it is amazing how well it holds it's value compared to the after market stuff . took a beating on my tamron and sigma lenses in the early days .
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Old 03-22-2016, 12:21 PM
Location: TX
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Estimate what you think you'd need, then double it! It's the big things that really impact retirees the most. A disastrous storm or flood, a car breaks down, appliances break down, big plumbing repairs needed, major health problems, especially those making long-term care necessary, a big lawsuit, you get cheated out of your savings (elderly people are more vulnerable when they decline even a bit mentally), things like that. Very good health insurance is an absolute must, long-term care insurance, insurance on your house and cars, etc. Plan for funeral and burial. And then there's adult children that want help when there's financial problems..it can happen. You can't live on social security. Savings and investments, pensions, 401K, etc. Everything must be planned for early in life as possible.
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Old 03-22-2016, 01:38 PM
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Single (or I guess "widowed" after the old boy died, though we weren't married) person without kids, 56, semi-retired, lives in two small fully paid-off condos (located in two expensive cities on both coasts), does not need/does not own a car, likes to travel (up & down each coast, Europe, Asia, via discount plane tickets or train, accommodations via AirBnb, no ship cruises), likes to read (local public libraries), no debt, healthy/never uses any medical services: $4,000 per month all inclusive (incl. federal/state/real estate taxes, condo fees, and health insurance which I pay for myself). Source of retirement income: mainly annuities purchased with savings from self-employment, plan to start taking soc.security at 70, sell one of the condos at 80. Assume costs of living would double every 20 years, but also assume rare or no overseas travel after age 77, so cost of living at 77 would probably return to $4,000 per month (after rising up to $8,000 per month in the years preceding age 77). In case of severe illness, plan to take one more trip around the world, then die (ie, no plans for major medical expenses). No dependents or heirs; if anything of value remains after cremation, that'll go to charity. That's all; pretty simple, but I can't think of anything else I would want.
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Old 03-22-2016, 04:42 PM
Location: Forests of Maine
30,682 posts, read 49,449,101 times
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Originally Posted by JJGittes65 View Post
Assume that your house is paid off, you live in a low/no income tax state, and your health insurance is paid for (thru VA, or pension, or whatever), how much per month do you need to live on . . . not just survive . . . but be comfortable by your own standards..?
My house is paid off.
I do live in a low tax state, I do not pay income taxes.
My health insurance is paid by the Navy.

My pension is enough [roughly Minimum-Wage], though we have many neighbors who earn a lot less.

2016 is my fifteenth year of retirement.

We keep doing big projects around the house. Six months ago we finished setting up solar-power. This next year we will be setting up solar-thermal to heat our house for nearly free. When all these projects are done, I guess we would be fine on half of my pension.
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Old 03-22-2016, 06:17 PM
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It all depends on what you want to do in retirement. Some retire and find they spend money every day and have trouble making ends meet. When you are working, a lot of times, it's off to work and home and none or very little money spent on a daily basis.

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Old 03-22-2016, 06:24 PM
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Originally Posted by JJGittes65 View Post
Nope, I'm just honestly interested in if there is a consensus out there, particularly among early retirees who are actually doing it. I suspect most early retirees will come in with a number around $2500-4000 a month, under the above assumptions. Of course money doesn't guarantee happiness, but for those considering early retirement, and living frugally sooner rather than later, concrete numbers can give guidance.

I'd say that I could do it fairly comfortably on $4500 a month pre-tax (considering my hobbies and tastes), but my wife would probably want a reliable income above $6000 a month to sleep well at night and do what she wants.
I AM comfortable by my own standards, but I COULD use a little more money, obviously. We are considered "lower middle class" in my area, but have 4 incomes to do so. Our choice to be "lower middle class" nad not "poor", so we work for it.

We DON'T get $4500 now let alone $6000 to be "standards" so why would we NEED that in retirement?

I'd LIKE to have that much in retirement, and WE MAY get it by then, maybe NOT.

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