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Retirement: $100k per year

Old 03-26-2019, 04:23 AM
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If you lifestyle was moderate you certainly could. My wife and I pull in about $60K just with my pension and our SS. No debt as far as cars, house, camper, etc. Our lifestyle has not changed on single bit except enjoying everyday like it was Saturday. Before retiring I ran the numbers on all of our utilities, insurances, etc. to ensure we could continue life as we were used to. We're good to go but we don't lead an extravagant lifestyle and never really did.

We still go out for a meal now and then but we enjoy each others company at home backyard grilling or smoking with a cocktail or two.

I have a new rule after retiring also....want and need. If I see something I'd WANT to buy I ask myself do I really NEED it. Seems to work out pretty good for us. It's amazing how much you no longer need to spend.
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Old 03-26-2019, 04:28 AM
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$100k/yr is tough in the NYC suburbs, especially if your lifestyle while working was from much more than that - what with the highest property taxes, utility costs, general costs for food and the second highest income tax rates (CA at 13% is the only one higher) that starts at $3,000/yr. For just my primary Long Island home (4-bed/4-bath about 3,200 sq ft), real estate taxes, insurance and utilities are over $40k/yr - I am willing to bet in places like NC/SC/GA and FL north of Palm Beach County, that number would be under $20k/yr.
For two people, if your housing cost is $20k/yr, medical is $10k/yr, cars and other expenses (clothing, food, etc) are $25k/yr, boat is $5k/yr travel, entertainment and hobbies are $30k/yr and $10k/yr just in case, $100k/yr net will be just fine.
We could not live our present lifestyle on $100k/yr and won't have to in retirement.
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Old 03-26-2019, 06:46 AM
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You can't just throw out a number. If you have a 54' Bertram docked at your back yard and a Ferrari in the garage for a fun car, $100K isn't going to cut it. But if you have a John boat and a 10 year old F-150 you will be probably be living good.
A better perspective would be what percentage of your yearly income when you worked would be comfortable to retire on. For me I'm actually drawing more than my take home pay when I worked. But I was putting away up to 20%. So right now I'm doing pretty good living "the lifestyle I'm used to".
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Old 03-26-2019, 08:31 AM
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We created a pretty detailed budget with monthly, quarterly and annual expenses. We did this a year ago. We then checked our monthly actual expenses. Kind of a trial run. Since I am still working, if we spent something we will not spend in retirement, we kept in another column and backed out of our tracking. Other expenses we did not account for were added to our budget. All of this done in preparation for my retirement later this year. We also budgeted additional money for our first few years. A “bridge” fund. This buys us time to make sure our investment money is allocated properly to fund our retirement.

I know all of this planning could change/collapse with downturn in economy etc. we have created a second “emergency” fund that will cover us for 5 years in the event of a 2008/2009 situation. This money is kept in cd’s, money market etc.

We have no debt. House, cars, boat all paid for. This is key from my viewpoint. The trial retirement budget has been a great exercise. And easy to do. How to invest to make money last, not so easy. We landed on needing about $80,000 per year with 3% increase annually. If I worked until I am 65, pretty easy. Our defined retirement plans from both our jobs along with social security cover most of this. But I am planning to retire at 61.
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Old 03-26-2019, 08:53 AM
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Easily. We live pretty comfortably on a decent bit less then that now. By retirement our house will be paid off. We probably make roughly 70-80k gross now. Hard to calculate. The old lady is 60% disabled from the military. Trying to aim for 70-80% but the VA is a pain in the ass.
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Old 03-26-2019, 08:56 AM
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Originally Posted by Elgreco809 View Post
Easily. We live pretty comfortably on a decent bit less then that now. By retirement our house will be paid off. We probably make roughly 70-80k gross now. Hard to calculate. The old lady is 60% disabled from the military. Trying to aim for 70-80% but the VA is a pain in the ass.

anything VA should be easy-peasy.. it annoys me that the govt makes it so hard for vets
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Old 03-26-2019, 09:45 AM
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Originally Posted by HS2300 View Post
Hi,

I wasn't asking if it's enough for me. I know what I need.

I was mostly just curious if others could live on $100k in retirement..
Sorry but above makes no sense. But hey if you can swing a 100k a year in retirement you will be doing better than the majority of this forum I suspect, so I hope it is enough.
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Old 03-26-2019, 09:50 AM
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Originally Posted by NewMoon View Post
Sorry but above makes no sense. But hey if you can swing a 100k a year in retirement you will be doing better that the majority of this forum so I hope it is enough.
Hi,

I just picked a number and asked if people could live on it during retirement. It seemed pretty straightforward to me.

In no way is the following meant as an attack..lol..

What is it about the question that doesn't make any sense?
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Old 03-26-2019, 09:51 AM
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Originally Posted by HS2300 View Post
anything VA should be easy-peasy.. it annoys me that the govt makes it so hard for vets
It's pretty crazy how much of a pain the VA is. She suffered a broken back. When it happened, they basically said she was lying about the pain and nothing was wrong. She went over a year with a broken back for fear that they would kick her out. She finally went to a civilian doctor. Ended up needing a titanium cage in her lower back.
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Old 03-26-2019, 10:06 AM
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When I fully retire and the wife is done, ours will be very close to that...I am fortunate as I get a 3% COLA on my one retirement and 1.75% COLA on my smaller other retirement which will make up most of our money keep pace with inflation. It may not be a ton of money but not bad either, that also doesnt include any SS if it is still around in 12 years..Most retirees are lucky to have 50k a year as a total household income

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Old 03-26-2019, 10:46 AM
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sorry - screwed up the formatting .... click the link

Average Retirement Income 2019 by Household Age:

https://www.newretirement.com/retire...rement-income/Age of HouseholdMedian IncomeMean IncomeHouseholds Aged 55-59$73,645$103,423Households Aged 60-64$63,919$89,882Households Aged 65-69$54,124$79,772Households Aged 70-74$46,797$68,0052Households Aged 75 and Older:$31,893$49,614
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Old 03-26-2019, 10:51 AM
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Originally Posted by triplenet View Post
sorry - screwed up the formatting .... click the link

Average Retirement Income 2019 by Household Age:

https://www.newretirement.com/retire...rement-income/Age of HouseholdMedian IncomeMean IncomeHouseholds Aged 55-59$73,645$103,423Households Aged 60-64$63,919$89,882Households Aged 65-69$54,124$79,772Households Aged 70-74$46,797$68,0052Households Aged 75 and Older:$31,893$49,614
thanks
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Old 03-26-2019, 10:58 AM
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I have often contemplating this...although I think $100k is a little on the short side of what you will probably need....assuming you move out of the states and maybe pickup a side job here and there. I would look at other countries where healthcare and food are much less expensive like Portugal or Ecuador...or someplace like that....just do some research. If you need to stay in the states due to wanting to be close to family, etc...living in a Marina in Florida can be fairly inexpensive if you do it right although food and healthcare wont change.

Good luck...I will be there probably in the next 5 years or so!
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Old 03-26-2019, 01:42 PM
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Staying in this town, if healthcare isn't a major issue....sure. I could live on that nicely...adjusted for inflation of course.
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Old 03-26-2019, 02:05 PM
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My parents are on the later side of 70 and been retired since the early 60's. They live a fabulous life, eat out and travel at will. I've asked what their annual spend rate is and it's < $100k. Everyones situation is unique but I like real data

we all have financial advisors (heck, my daughter is one) and all FA's/calculators will say you'll need more...shocker
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Old 03-26-2019, 02:19 PM
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Retire as soon as you possibly can, even if you have to give up a few things.

Life is short.
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Old 03-26-2019, 02:52 PM
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Originally Posted by Afishinado View Post
LOL... Pretty silly thread
I agree, WICKED SILLY but threads like this pop up frequently,always featuring the humble brag. I’d also wager there is enough bull$hit being strewn that hip boots wouldn’t be high enough to stay out of the bovine turds. No different then an internet bench press tournament or an internet dick measuring contest....





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Old 03-26-2019, 03:14 PM
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Originally Posted by Saltydawg15 View Post
The simple answer is no, I am looking at retiring in the next 12 months and my biggest concern is health care. It's not only the cost but if Obamacare is repealed what happens If you have a serious illness and then can't get health insurance due to pre existing condition?
Don't get too excited about Obamacare. It is lousy insurance that is very expensive because they assume you have a preexisting condition. It should also be noted that something like 80-85% of the people on Obamacare are getting the government subsidy. If you aren't bend over. They are really trying to tell you that if your employer is not keeping you on the company policy after you retire, wait for 65 unless you have pretty much perfect health. A healty person can still buy reasonably priced insurance. (no expensive drugs, no cancer, diabetes, heart problems or other expensive problem).
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Old 03-26-2019, 03:21 PM
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Originally Posted by Mpellet View Post


I agree, WICKED SILLY but threads like this pop up frequently,always featuring the humble brag. I’d also wager there is enough bull$hit being strewn that hip boots wouldn’t be high enough to stay out of the bovine turds. No different then an internet bench press tournament or an internet dick measuring contest....

I don't know about it being a brag fest. As a member of a yacht club where there are a lot of wealthy retired members, burning through $100k a year with their lifestyles would be nothing. However, most didn't retire until late in life or they continue to tinker with their businesses that they turned over to their children.
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Old 03-26-2019, 03:23 PM
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Please explain this to me! How can you not be happy as a couple on 100 grand a year in retirement???
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