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Old 03-24-2016, 08:39 AM
 
406 posts, read 370,185 times
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Quote:
Originally Posted by lily4 View Post
It is $276 per month, which is $3,312 per year. That is to cover property taxes, house insurance, auto insurance, auto club and auto registration. I think that's very reasonable for all of those expenses.
I just realized that I double counted the $100 per month for auto maintenance and listed it separately, but it should be included in the $276 we put away each month for the expenses that are not monthly. So, it is $176 per month for the property taxes, house insurance, auto insurance, auto club and auto registration and $100 for auto maintenance all of which adds up to $276 per month.
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Old 03-24-2016, 09:34 AM
 
6,617 posts, read 3,746,469 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..?
Everyone's needs are so variant, I can't imagine one's needs being anything similar to someone else's. Depends on the COL where you live, your health needs, your age, any dependents, your hobbies, how much you eat and consume in general, whether you have pets, standard of living one is used to, whether your state taxes your Social Security, what your total tax rate is for both federal and state, the amount of yur property taxes, etc.

Someone who is used to making a lot of money would need far more to get by than someone who is used to making a lot less money.

Someone would be fine with $24k after taxes, while someone else would need a min. of $50k after taxes to feel safe.
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Old 03-24-2016, 09:41 AM
 
33,046 posts, read 22,053,448 times
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Quote:
Originally Posted by jghorton View Post
"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.

There are several financial informercial radio shows locally on Saturday morning; one offers to help clients "never run out of money in retirement".

Aw shucks, that's simple. The way to never run out of money in retirement is to get a job!
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Old 03-24-2016, 09:57 AM
 
Location: Columbia SC
8,960 posts, read 7,737,941 times
Reputation: 12164
Quote:
Originally Posted by johngolf View Post
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.
I got several private comments so allow me to amplify some.

I am 74 and a widower so it is all about me...me...me.

As I own everything and have no debt, I could certainly get by on less, say $2K per month, but it would be a watch the expenses, live frugal lifestyle and one less enjoyable than I presently enjoy. I went from the $30 per bottle brand of Scotch to the $22 per bottle brand. I suppose I could got to the $16 per bottle brand of Scotch but I refuse to go to the $10 per bottle cheap a$$ Vodkas. One has to draw the line somewhere.

As I have said in other posts. It is not how much money you make. It is how much money you spend.
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Old 03-24-2016, 12:10 PM
 
1,618 posts, read 3,370,928 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..?
I need exactly $2,083.33 a month in order to survive. It takes care of all my needs. Granted, I have very few needs as i tend to be frugal and not a wastrel. My neighbors tend to need more as one uses $3,123,66 a month and the other spends $2,756.34. Now, I hope to reduce this amount when we find the area of our dreams somewhere in California. I hope this helps!!
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Old 03-24-2016, 12:51 PM
 
4,070 posts, read 1,556,481 times
Reputation: 7411
20% more than I get......
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Old 03-24-2016, 01:42 PM
 
13,898 posts, read 7,400,560 times
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Quote:
Originally Posted by Submariner View Post
Your annual payments for property tax, auto and home insurance come to $12k ? Isn't that extremely high?
Assuming the "tx" in his username is Texas, that's not particularly unusual. In a zero income tax state, something has to pay for schools. Normally, that means a high property tax rate though I'm sure that varies wildly from town to town.
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Old 03-24-2016, 02:12 PM
 
Location: Near Manito
19,520 posts, read 20,900,729 times
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Quote:
Originally Posted by rjm1cc View Post
You might get better answers with a pole.
Or maybe a czech.
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Old 03-24-2016, 02:42 PM
 
Location: Forests of Maine
30,680 posts, read 49,443,611 times
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Quote:
Originally Posted by GeoffD View Post
Assuming the "tx" in his username is Texas, that's not particularly unusual. In a zero income tax state, something has to pay for schools. Normally, that means a high property tax rate though I'm sure that varies wildly from town to town.
Those property taxes are high, much higher than my entire 'tax burden'. Our taxes, insurance, utilities, heat combined are less. It must be a lot more than simply the school expense.
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Old 03-24-2016, 03:16 PM
 
718 posts, read 603,500 times
Reputation: 1052
Quote:
Originally Posted by Escort Rider View Post
How would you use the pole to get better answers? Beat people with it or poke peoploe with it until they answer? I imagine you would have better results with a poll.
Oh, and here I thought it was the pole you swing on

Guess that was just me eh?
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