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Old 03-22-2016, 07:43 PM
 
Location: USA
271 posts, read 314,665 times
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Quote:
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..?

With a paid off home I would think there would still be house expenses that a renter does not have of about $400 a month. Paid health care premiums still leaves other health and dental expenses of maybe $200. So adjusting for that I would say I need $2300. Thats need to get by with basic living expenses.
To live comfortably but not traveling the world $3200 seems right.
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Old 03-22-2016, 07:53 PM
 
Location: SoCal
13,226 posts, read 6,326,744 times
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I think about $4k a month.
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Old 03-22-2016, 09:16 PM
 
406 posts, read 370,185 times
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Quote:
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 for and I do live in a no income tax state, but I do have a large monthly payment for health insurance, which is $908.

Not counting the health insurance premium, we need $1,506 to live comfortably. That gives us $300 to $400 extra each month for hobbies, or whatever we like.
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Old 03-22-2016, 09:38 PM
 
Location: Los Angeles area
14,018 posts, read 17,735,102 times
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Quote:
Originally Posted by lily4 View Post
My house is paid for and I do live in a no income tax state, but I do have a large monthly payment for health insurance, which is $908.

Not counting the health insurance premium, we need $1,506 to live comfortably. That gives us $300 to $400 extra each month for hobbies, or whatever we like.
I wish you would give some details explaining how you are able to live on so little. As a homeowner, do you put aside an amount each month to build up a reserve for big-ticket items that can hit you, such as roof repairs, replacing the heating/air-conditioning system, major plumbing repairs, and the like? Those things do not necessarily reccur on a predictable schedule.

Anyway, it sounds like you are very disciplined with your spending.
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Old 03-22-2016, 10:31 PM
 
Location: USA
271 posts, read 314,665 times
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I think these monthly expense numbers really need a large reserve fund to be accurate.
Unpredictable expenses or expenses that occur every few years need to be built into that monthly number.

Home repairs, a large dental bill or auto repair, a major vacation, a new car replacement fund.
Total probably $500 - $1000 a month.
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Old 03-22-2016, 11:28 PM
 
Location: Silicon Valley
3,612 posts, read 1,628,097 times
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Quote:
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..?
It's a moving target. If I retire at 65, I might live until 95. What were costs in 1986?

The good news is that, assuming you still have your home, a point is hit where you don't really need to buy anything new. So I think early retirement people may spend the same as when they were working, but by late retirement, you barely spend anything at all...except for medical bills.
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Old 03-23-2016, 06:27 AM
 
6,253 posts, read 4,728,813 times
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I found that although I am currently doing OK, but for a more safe and secure future, I need about one third more income and savings than I now have. That was also true several years ago. My investments did well and I got the third and more but somehow I am still short by one third.
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Old 03-23-2016, 07:35 AM
 
Location: Forests of Maine
30,682 posts, read 49,443,611 times
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Quote:
Originally Posted by artillery77 View Post
It's a moving target. If I retire at 65, I might live until 95. What were costs in 1986?

The good news is that, assuming you still have your home, a point is hit where you don't really need to buy anything new. So I think early retirement people may spend the same as when they were working, but by late retirement, you barely spend anything at all...except for medical bills.
We are beginning to experience that.

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Old 03-23-2016, 08:00 AM
 
Location: Columbia SC
8,965 posts, read 7,737,941 times
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While there is no one amount to fit all as I own everything and have no debt, I can easily/comfortably live on $4K per month.
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Old 03-23-2016, 09:11 AM
 
Location: Florida -
8,764 posts, read 10,840,630 times
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"Need" is a moot point when it comes to one's actual retirement. While saving for retirement is a lifelong effort for many, when it finally comes down to it, the issue becomes: "How long can I live, with some degree of comfort (and no major health problems), on what I have."

People then live on what they have, while "need" becomes a subjective determination, ... unless one goes back to work and is no longer retired.
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