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Around $130,000 a year for us. Our biggest expenses are housing costs amounting to around $5000 per month for our CCRC fee and our second home expenses.
I do keep a log each month of our expenses. After I began recording our credit card charges, I noticed that we were charging less. It's too easy to whip out that credit card or do One Click ordering on Amazon and the charges can add up fast if I'm not conscious of just how much I'm charging.
Tracking our grocery charges helps me decide how many times a month to order Hello Fresh and Marley Spoon. I try to keep monthly grocery bill around $800-900.
Many of you spend more than what I've saved. Always said many on this forum are out of touch with the little guy. Not taking your hard work and amt saved away from you but I now understand why some are looked down on.
I have never been in a position to save much money--until I retired. During my working life I was raising a kid then sending her to college, paying off debt accumulated from being married, etc. Now I have a savings account and a small investment account, too. I have a state pension, though, which is my main income, and that gets me through. I would be in trouble otherwise. I never had spare money to put into IRAs and whatnot.
The only reason I have a little money in the bank is because my mother died in 2020 and we sold her house, which was then split eight ways.
over drawing each year will allow someone to have the money , but eventually they can be very short later on .
so at least knowing what you spend vs your balance is a good idea
Not everybody is "drawing" on something. That person's name is "old fed", so I'm guessing that like me, they might be living off a pension, although mine is from a state--yours, actually . I get the check deposited into my account at the end of every month. It stops when I die.
Not everybody is "drawing" on something. That person's name is "old fed", so I'm guessing that like me, they might be living off a pension, although mine is from a state--yours, actually . I get the check deposited into my account at the end of every month. It stops when I die.
yes if it is an income stream it’s going to be very different.. but he isn’t saying whether he has to subsidize that with a draw from his own money or not. so just a word of caution
When I know we are going to have an expensive trip coming up, I kick a chunk of money to savings every month, we bought a pricey bed, 18 months, no interest, I pay a chunk of that every month... I move the money around.
I NEVER take money out of the base savings - that's for an emergency. Savings go up, not down. So when that big emergency hits we can be ready.
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Myself:
About $20k property taxes and maintenance of 3 condos (soon to drop to about half this figure because one condo is getting sold).
A little over $6k health insurance, but I get a tax credit (refund) for more than half of it on account of ACA.
About $5k food & minor things like vitamins, socks, small household etc items.
About $4k various taxes other than property taxes.
About $8k various travel.
No car.
The largest unexpected/emergent expense in retirement so far wasn't very large: a $1.8k special assessment from the condo association for some problem recently discovered in our 130 year old condo building that the city demands we fix.
$72000 per year or $6k per month. Half of that or $36k is apartment and car expenses.
$7k for health care, the rest for everything in stores and online and travel.
Does the bold include federal and state income tax obligations?
Yes, that's what it is, the IRS and MA state tax. It will go up to $8k per year next year. Much of my annuity income is not taxable (ie, it's the return of my after-tax premium). These two taxes used to be around $140k per year when I worked. But my income is now mostly from annuities. I no longer work 120 hours per week to support with my massive taxes those who prefer not to work (and their numerous kids) . Now I prefer not to work myself .
What do you mean? I don't see unexpected expenses. That is what makes them unexpected.
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. I get the check deposited into my account at the end of every month. It stops when I die.
. Now I prefer not to work myself 