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$300 for hair cuts!!!!! Is that per month??? $400 per month for your pet???? Good Lord do you take it to the puppy spa every week???? I don't know where you live in the SA area but your numbers are way off from what is the norm for property taxes and property insurance, unless you live in a giant house. Our house is only 2100 sq ft and runs us a little under 5k per year in property taxes i.e. 416.00 per month.
Hi income family I would say which is fine but well above where I'm at with this post targeting 70k. This was a strong clue "Maserati and the Jaguar".... I does provide perspective.
I can now understand how you can't "see" how others can live on 2k per month. $500 per month for dining out????? Geez Louise, we've never spent that much eating out even when we splurge every now and then and go to the most expensive restaurants in town before/after seeing a show at the Majestic.
Just a little anecdote in further response to the person who was incredulous that anyone could spend $500 (O___M____G___!!!!!!) on dining out in a month....
My wife any I just returned from a little happy hour/dinner excursion to our local relatively inexpensive pizza joint a little over a mile from our house.
We went today because Thursday is 2-4-1 drink night. I ordered a Cusquena beer from Peru ($6 for two) and my wife ordered the white sangria ($10 for two). We started with a couple of appetizers consisting of Brazilian sausage ($4.95) and meatball skewers ($7.95). For a main course, my wife had the Bresaola antipasto ($11.95) and I had the Setti Nani pizza ($13.95). For dessert, my wife had the soffiato di cioccolato for $8 and I had a small banana pizza for $7.
All together, the check came to $75.39 with sales tax, plus another $15 for the tip, bringing the total charge to $90.39. Just doing something like this a little more than once a week, would bring a monthly total to about $500, and that doesn't even include going out to a more formal or expensive restaurant such as a nice steakhouse where the bill can easily approach $200 for two.
I know, I know; GEEZ LOUISE!!!!!
I'm sorry that you think such expenditures are exorbitant and that you can't even imagine anyone spending such money on an evening meal. I suppose that I could have just called Papa Johns and then picked up a sixpack from 7-11 in order to save money, but that really isn't my style.
Just a little anecdote in further response to the person who was incredulous that anyone could spend $500 (O___M____G___!!!!!!) on dining out in a month....
My wife any I just returned from a little happy hour/dinner excursion to our local relatively inexpensive pizza joint a little over a mile from our house.
We went today because Thursday is 2-4-1 drink night. I ordered a Cusquena beer from Peru ($6 for two) and my wife ordered the white sangria ($10 for two). We started with a couple of appetizers consisting of Brazilian sausage ($4.95) and meatball skewers ($7.95). For a main course, my wife had the Bresaola antipasto ($11.95) and I had the Setti Nani pizza ($13.95). For dessert, my wife had the soffiato di cioccolato for $8 and I had a small banana pizza for $7.
All together, the check came to $75.39 with sales tax, plus another $15 for the tip, bringing the total charge to $90.39. Just doing something like this a little more than once a week, would bring a monthly total to about $500, and that doesn't even include going out to a more formal or expensive restaurant such as a nice steakhouse where the bill can easily approach $200 for two.
I know, I know; GEEZ LOUISE!!!!!
I'm sorry that you think such expenditures are exorbitant and that you can't even imagine anyone spending such money on an evening meal. I suppose that I could have just called Papa Johns and then picked up a sixpack from 7-11 in order to save money, but that really isn't my style.
Well in a few yrs (2019) I'd like to retire and utilize my 401k with the age of 55 rule. With that I tried to validate my plan with a couple (3) retirement planning firms. Not sure where the 70-80% replacement of your current salary comes from but in my case it would never happen. Nor do I believe that I need it but is that really viable? Sorry probably more of a rant than a question.
Currently own two homes
Call it 1 mil in 401k
Selling primary home that will net 500k
150k on second home but other than that debt free
Need about 70,000 per yr in retirement
In the end about 1.6mil but need to deal with the retirement home in San Antonio (150k). 500k in cash.
So two of the three firms say I need more to retire at 54. Doing it anyway . Or yeah Married.
Rant over.
My advice is work a couple of more years and put more away. Retiring at 54 is a luxury that few people get in life.
If a person has the resources to spend 10K a month…more power to them. That's clearly a different price point lifestyle than at which many others might live. IMO, it's the lifestyle price point that makes the difference. Lot's of people get hair cuts. They don't get $300 hair cuts. Lots of people eat out. They don't spend $100 per person on a meal. Lots of people go to free entertainment events. Others go to Broadway shows and hundreds a ticket.
Some people can spend 10K a month to live the lifestyle they want. Others have much less than that and so live on less. That's just life.
Quote:
...would you care to list out all of your expenses as I have done, and show us all how you're going to live on $2k per month as you've claimed several times now will be easy to do?
I'm planning on living on about that (or less) when I retire to a paid off family home, and that's not for nine years yet.
In today's dollars:
-- Homeowners Ins. less than 100. a month, RE taxes less than 100 a month
-- Utilities would be less than 400 a month (I don't live there yet, but when my mom was there her utilities were less than that)
-- Food (grocers not eating out) 300 am month
(no car payment or mortgage)
I'm sure I've forgotten some basic subsistence cost in that -- but let's say those basics are 1K or less.
Health insurance will be Medicare and a medigap plan TBD, and I'll have to see about dental and vision
I'll just have to see what things cost at that time. Who knows? We all might have a single payer health care by then…..
There's one old thread -- I think on the personal finance thread -- about "living the good life on less than 12K a year." I don't know if I'd call it the good life, for me, but, clearly it can be done.
Just a little anecdote in further response to the person who was incredulous that anyone could spend $500 (O___M____G___!!!!!!) on dining out in a month....
My wife any I just returned from a little happy hour/dinner excursion to our local relatively inexpensive pizza joint a little over a mile from our house.
We went today because Thursday is 2-4-1 drink night. I ordered a Cusquena beer from Peru ($6 for two) and my wife ordered the white sangria ($10 for two). We started with a couple of appetizers consisting of Brazilian sausage ($4.95) and meatball skewers ($7.95). For a main course, my wife had the Bresaola antipasto ($11.95) and I had the Setti Nani pizza ($13.95). For dessert, my wife had the soffiato di cioccolato for $8 and I had a small banana pizza for $7.
All together, the check came to $75.39 with sales tax, plus another $15 for the tip, bringing the total charge to $90.39. Just doing something like this a little more than once a week, would bring a monthly total to about $500, and that doesn't even include going out to a more formal or expensive restaurant such as a nice steakhouse where the bill can easily approach $200 for two.
I know, I know; GEEZ LOUISE!!!!!
I'm sorry that you think such expenditures are exorbitant and that you can't even imagine anyone spending such money on an evening meal. I suppose that I could have just called Papa Johns and then picked up a sixpack from 7-11 in order to save money, but that really isn't my style.
2 months ago we went for a dinning experience at a very famous restaurant called the blue hill at stone barn in bedford ny .
it is a working farm on what once was part of the rockefeller estate . everything you eat is either raised or slaughtered that day . chef dan barber is world renowned .
dinner is a set menu ,550.00 a couple , no drinks , 850.00 with wine . each table gets something slightly different if they do not have enough of an item picked that day .
we waited 9 months for a reservation which we had to take at 5pm on a wed . a weekend was well over a year wait .
dinner was about 25 different small plates of their creations . the experience was worth every penny . not something we would ever do again but certainly worth doing once .
the amazing thing was it only has about 20-25 tables and yet the kitchen has 25 master chefs who work under chef barber.
they have a more traditional place in manhattan but they do not offer the farm experience .
we had things like a roasted beef bone with the marrow mixed with seasonings ,hot pepper and little pieces of beef heart , liver pate with a thin chocolate shell , the candles were seasoned beef tallow that you pour on your salad . every dish had an amazing sauce on it .
we also paid a bit extra and ate a few course's at the chef's table in the kitchen where we could watch what goes on .
Last edited by mathjak107; 10-14-2016 at 04:39 AM..
Just a little anecdote in further response to the person who was incredulous that anyone could spend $500 (O___M____G___!!!!!!) on dining out in a month....
.
It's not a matter of OMG. It's a matter of conflating that habit with your average retiree lifestyle for average people. In this particular case, the "retiree" is not average, he's an early retiree - who's decided on the magic number of age 54 without planning for that in advance.
If the OP is relying on Social Security and having to potentially work part time after retiring at age 54, it's statistically unlikely he'll be enjoying your $500 per month "dining" experiences.
Again, you're also listing expenses for TWO people against the financials of one person since apparently his wife doesn't figure into the income equation.
in this case his numbers look okay out to 40 years . not only is the stress testing with his social security showing a 100% success rate but other factors improve his odds even more .
we have to look at life expectancy too. the odds of him or a spouse living 40 years in retirement have to be considered as well. statistically there is only a 25% chance they will last those 40 years so that improves things . we tend to spend less as we age even including the medical increasing in the later years .
we also do not inflation adjust yearly like the stress testing calculates . a lot of what goes up is offset by the things we no longer do or buy .
plans are dynamic and change as time moves on . no one spends like a robot .
when all is considered the op's plan looks okay . nothing is ever guaranteed but at least at the starting gate it looks ok .
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. I does provide perspective.
