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Old 07-28-2019, 08:54 AM
Status: "Life is good." (set 17 days ago)
 
Location: Colorado
59 posts, read 13,583 times
Reputation: 302

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Gosh. It did not take long for the wheels to fall off this topic.

Do a retirement budget. If you do not want to do a retirement budget, tuff, do a retirement budget.
Deduct your Social Security payments, pensions, etc.
You have just answered your own question.

Last edited by Deoge; 07-28-2019 at 08:55 AM.. Reason: spelling
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Old 07-28-2019, 08:58 AM
mlb
 
Location: North Monterey County
3,275 posts, read 2,900,310 times
Reputation: 5028
We have always been frugal. Saved 20-30% of our income for almost 20 years. Wanted to return to CA where my spouse was born - but wanted to not live in the overpriced urban areas.

If you go to the California threads you will find a multitude of threads on people who left and why they left.... and will find the defenders and those who stayed and how they did it.

So we knew if we returned we had to have our housing covered/paid for. The property taxes needed to be manageable. That was our biggest concern as expenses we could not outright control. Everything else - we can control. It’s about choices.

We figured we could make it here on about $60=70K a year here....half generated by pension and the other half by SS and our portfolio. Where we live that is the median income - of ALL people who live here - retired or not.

So my response to the OP is to know where you want to live and how - and incomes necessary are easy to find or figure out - and work/save to achieve that.
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Old 07-28-2019, 09:08 AM
 
Location: Central New Jersey
2,519 posts, read 968,834 times
Reputation: 4462
Well I'm nowhere near 62 but have been retired now for 3 years. My answer is simple. You can never have enough saved up for retirement. Save what you can, while you can. There's always something or another bound to come up later on so strap yourself now to live comfortably then.
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Old 07-28-2019, 10:07 AM
 
3,381 posts, read 3,091,280 times
Reputation: 4943
Quote:
Originally Posted by mathjak107 View Post
Ha ha ha , I would never have retired if all I had was 3600 a month here...

I would be living in the hood...
$3,600/month would not be enough for me to live in the urban core of Nashville. And I do live in the hood! But it is quickly gentrifying.
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Old 07-28-2019, 10:13 AM
 
665 posts, read 350,430 times
Reputation: 906
I personally think people kid themselves into thinking that they could live only on SS or with minimal savings, mostly because they have suddenly realized that they are almost there, almost at retirement that is. They are like horses with blinkers on. They like to Pooh Pooh those that say "$1m, $1.5m, $2m" and so on is needed for a decent retirement.

SS does not cut it anymore is you need to pay rent, pay a mortgage AND have a decent QOL in one's retirement years. Some are lucky enough to have a good pension to augment SS. So if one does not want to be working into one's 70's, it makes a lot of sense to start planning early.
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Old 07-28-2019, 10:18 AM
 
72,689 posts, read 72,534,115 times
Reputation: 50227
Quote:
Originally Posted by shokwaverider View Post
I personally think people kid themselves into thinking that they could live only on SS or with minimal savings, mostly because they have suddenly realized that they are almost there, almost at retirement that is. They are like horses with blinkers on. They like to Pooh Pooh those that say "$1m, $1.5m, $2m" and so on is needed for a decent retirement.

SS does not cut it anymore is you need to pay rent, pay a mortgage AND have a decent QOL in one's retirement years. Some are lucky enough to have a good pension to augment SS. So if one does not want to be working into one's 70's, it makes a lot of sense to start planning early.
when your income gets low enough , in many areas you are not living on that income anymore .

here we have a program for seniors where if you are rent stabilized , which more than half of all rentals are , you never see another rent increase again . you have to be under a certain income , which is not that low by the way and the rent has to consume more than x-percent of your income .

the landlord gets a tax credit instead .

there are subsidies on utilities , medical costs , etc . so the apparent income for many is much higher then the amount shown .
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Old 07-28-2019, 10:23 AM
 
Location: Connecticut
26,685 posts, read 42,595,970 times
Reputation: 7960
Quote:
Originally Posted by shokwaverider View Post
I personally think people kid themselves into thinking that they could live only on SS or with minimal savings, mostly because they have suddenly realized that they are almost there, almost at retirement that is. They are like horses with blinkers on. They like to Pooh Pooh those that say "$1m, $1.5m, $2m" and so on is needed for a decent retirement.

SS does not cut it anymore is you need to pay rent, pay a mortgage AND have a decent QOL in one's retirement years. Some are lucky enough to have a good pension to augment SS. So if one does not want to be working into one's 70's, it makes a lot of sense to start planning early.
Itís denial. They donít want to believe they will need that much but when they sit down and look at their expenses and where they can and canít cut, they are in for a very rude awakening. Itís just human nature. Jay
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Old 07-28-2019, 10:25 AM
 
665 posts, read 350,430 times
Reputation: 906
Quote:
Originally Posted by mathjak107 View Post
when your income gets low enough , in many areas you are not living on that income anymore .

here we have a program for seniors where if you are rent stabilized , which more than half of all rentals are , you never see another rent increase again . you have to be under a certain income , which is not that low by the way and the rent has to consume more than x-percent of your income .

the landlord gets a tax credit instead .

there are subsidies on utilities , medical costs , etc . so the apparent income for many is much higher then the amount shown .
Perhaps I should have added "Without Relying on Welfare"
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Old 07-28-2019, 10:26 AM
 
Location: SoCal
13,816 posts, read 6,572,311 times
Reputation: 10391
Quote:
Originally Posted by Signs9 View Post
We live in southeastern PA (Bucks County) near NJ & NY. We've been retired for a few years (husband was forced into early retirement due to illness). For us we need & have been spending between 6-7K a month. I know others need more & some less....

We like to do a little bit of travel, I enjoy going out to nice lunches & dinners with friends and an occasional day in NYC to see a show....nothing over the top but I don't like to deny myself of simple pleasures.

So yes it really depends on what you want out of life, what you have & where you live.
I love Bucks county, I was there for business, drove around and got lost.
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Old 07-28-2019, 10:31 AM
 
72,689 posts, read 72,534,115 times
Reputation: 50227
Quote:
Originally Posted by JayCT View Post
It’s denial. They don’t want to believe they will need that much but when they sit down and look at their expenses and where they can and can’t cut, they are in for a very rude awakening. It’s just human nature. Jay
people don't understand that there is no such thing as a middle class lifestyle .. it is all over the map and varies greatly area to area . it is after all a lifestyle we are buying ..

a median or average income has nothing to do with what a middle class lifestyle consists of . averages mean the numbers are higher and they are lower but what those numbers buy varies .




as the ny times said in their study :

"There is no single, formal definition of class status in this country.

Statisticians and demographers all use slightly different methods to divvy up the great American whole

into quintiles and median ranges. Complicating things, most people like to think of themselves as middle

class. It feels good, after all, and more egalitarian than proclaiming yourself to be rich or poor. A $70,000

annual income is middle class for a family of four, according to the median response in a recent Pew

Research Center survey, and yet people at a wide range of income levels, including those making less than $30,000 and more than $100,000 a year, said they, too, belonged to the middle.

By one measure, in cities like Houston or Phoenix — places considered by statisticians to be more typical of average United States incomes than New York — a solidly middle-class life can be had for wages that fall between $33,000 and $100,000 a year.

By the same formula — measuring by who sits in the middle of the income spectrum — Manhattan’s middle class exists somewhere between $45,000 and $134,000.

But if you are defining middle class by lifestyle, to accommodate the cost of living in Manhattan, that salary would have to fall between $80,000 and $235,000. This means someone making $70,000 a year in other parts of the country would need to make $166,000 in Manhattan to enjoy the same purchasing power.

Using the rule of thumb that buyers should expect to spend two and a half times their annual salary on a home purchase, the properties in Manhattan that could be said to be middle class would run between $200,000 and $588,000.

On the low end, the pickings are slim. The least expensive properties are mostly uptown, in neighborhoods like Yorkville, Washington Heights and Inwood. The most pleasing options in this range, however, are one-bedroom apartments not designed for children or families.

It is not surprising, then, that a family of four with an annual income of $68,700 or less qualifies to apply for the New York City Housing Authority’s public housing."


this is true in all cities ... what that lifestyle is made up has a different meaning to each of us .so trying to define someone else's lifestyle based on some average or median income makes little sense since there is such a wide spread correlation to what we expect as that proverbial middle class lifestyle vs some median income . there is a disconnect

Last edited by mathjak107; 07-28-2019 at 10:52 AM..
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