Notices

Retirement: $100k per year

Old 03-25-2019, 08:26 AM
  #1  
Admirals Club Admiral's Club Member
Thread Starter
 
Join Date: Sep 2017
Location: Massachusetts
Posts: 1,230
Received 501 Likes on 289 Posts
Default Retirement: $100k per year

Hi,

Assuming zero debt and having to pay for healthcare insurance...

Would an annual gross income of $100k plus inflation be enough for you to live the life you would want to live?

Last edited by HS2300; 03-25-2019 at 09:22 AM. Reason: Spelling
Old 03-25-2019, 08:28 AM
  #2  
Senior MemberCaptains Club Member
 
Join Date: Feb 2005
Location: Peoples Republic of NJ
Posts: 1,365
Likes: 0
Received 1,084 Likes on 617 Posts
Default

not if you plan to move to NJ for retirement
Old 03-25-2019, 08:34 AM
  #3  
Admirals Club Admiral's Club Member
 
Join Date: Nov 2016
Posts: 2,914
Received 3,091 Likes on 1,387 Posts
Default

Yeah, the only issue is large unforeseen expenses. I am shooting for the same thing in retirement $0 debt and $100K(plus inflation) but I worry about what happens when we need a new car or a new roof or if we get a condo there is an assessment, healthcare bills that insurance does not cover stuff like that. I think you would still have to fund a cash emergency fund out of that $100K.

Its also going to depend largely on where you choose to retire. I would not want to stay in MA with the taxes and weather. I would be looking at a state that has no income tax on retirement income. Also, keep in mind that retiring down south in a desirable area can be expensiave. For example in NC there is a community called St James Plantation, which is a really nice place to retire but the house prices reflect that its majority people from NJ,MA,NY that live there.
Old 03-25-2019, 08:34 AM
  #4  
dev
Admirals Club Admiral's Club Member
 
dev's Avatar
 
Join Date: Mar 2017
Location: St. Pete
Posts: 808
Received 1,039 Likes on 476 Posts
Default

Have already done the calcs, no. Our plan is for somewhere around $250K income.
Old 03-25-2019, 08:35 AM
  #5  
Senior MemberCaptains Club Member
 
Join Date: Nov 2001
Location: Greensboro, NC
Posts: 3,755
Likes: 0
Received 698 Likes on 426 Posts
Default

Don't see how.
Old 03-25-2019, 08:35 AM
  #6  
Senior Member
 
Join Date: Apr 2011
Posts: 3,230
Received 958 Likes on 400 Posts
Default

Location, Lifestyle, Bills, Health, ect... makes all the difference.

100k would probably be just fine for me and at my current rate, I would retire with a fair amount more than that annually. I live a pretty simple life though.
Old 03-25-2019, 08:39 AM
  #7  
Senior Member
 
Join Date: Oct 2009
Location: One bridge south of Clearwater Beach
Posts: 1,663
Likes: 0
Received 971 Likes on 479 Posts
Default

When you say zero debt, does that mean that you have house taxes, insurance, maintenance, HOA (if applicable), auto insurance, etc already accounted for or are they going to be part of your monthly expenditures along with food, electricity, health insurance, co pays, etc? Where is that gross income coming from and what are the taxes associated with it? State with or without state income tax?
Old 03-25-2019, 08:57 AM
  #8  
Senior MemberCaptains Club Member
 
Join Date: Jul 2006
Location: RI
Posts: 6,803
Received 1,060 Likes on 590 Posts
Default

unfortunately no, but I could get by. Health insurance will be a big hit until medicare. then there are the one offs, like needing a new roof, or a new car, etc. Budgeting for vacationing, some entertainment, fuel for the boat and related expenses I'm more in the $120-$150 range pre tax (in todays $) after downsizing from my current home. Just to live in my current home runs me $30k a year with property tax, insurance, utilities and incidentals. The downsized home is more like 1/2 that.

Then I have friends that can get by on much less than $100k. Much smaller home and yard, modest annual vacation, don't own a boat, entertainment is primarily beach, surf fishing or hunting locally, etc.. Rarely go out to eat, wardrobe is a few pairs of jeans and t shirts, health care is predominately through their post retirement benefits.

then there's my mom who gets by on SS, but does have some savings for the occasional vacation, bought a car recently but that's about it. On medicare. is alone in a retirement park in Ft Meyers and lives a very modest life as a woman in her 80's. Born the tail end of the great depression and everything beyond having nothing is a blessing in her eyes.

Now $100k k with some savings for one offs, could be fairly comfortable. All depends on perspective and the location where your hat is hung.
Old 03-25-2019, 08:59 AM
  #9  
Admirals Club Admiral's Club Member
Thread Starter
 
Join Date: Sep 2017
Location: Massachusetts
Posts: 1,230
Received 501 Likes on 289 Posts
Default

Originally Posted by Diverboy View Post
When you say zero debt, does that mean that you have house taxes, insurance, maintenance, HOA (if applicable), auto insurance, etc already accounted for or are they going to be part of your monthly expenditures along with food, electricity, health insurance, co pays, etc? Where is that gross income coming from and what are the taxes associated with it? State with or without state income tax?

zero debt only means zero loans or credit card debt.

the $100k would have to pay for everything from income tax, property tax, maintenance, utilities, groceries, travel and entertainment, etc.

major expenses & purchases would have to made with cash..
Old 03-25-2019, 09:05 AM
  #10  
Joe
Senior MemberCaptains Club Member
 
Join Date: Mar 2001
Location: Mt Pleasant, SC
Posts: 16,796
Received 1,211 Likes on 674 Posts
Default

That pittance won't even pay for the maid or the butler at the summer home, much less any staff at the winter estate.

I honestly don't know how you plebeians make it on your subsistence level incomes.
Old 03-25-2019, 09:08 AM
  #11  
Admirals Club Admiral's Club Member
 
Join Date: Jul 2012
Location: Savannah, GA
Posts: 2,167
Received 1,031 Likes on 640 Posts
Default

That's about double the average income of a USA household, most of which have debt. If you can't live off that you're doing something wrong.

If it's enough luxury for you and your family to retire with instead of working a few more years, that's another conversation.
Old 03-25-2019, 09:08 AM
  #12  
Senior MemberCaptains Club Member
 
Join Date: Dec 2007
Posts: 15,737
Likes: 0
Received 652 Likes on 358 Posts
Default

Originally Posted by Joe View Post
That pittance won't even pay for the maid and butler at the summer home, much less the staff at the winter estate.

I honestly don't know you plebeians make it on your subsistence level incomes.

We wax your cars and cut your rose bushes, all of it off the books
Old 03-25-2019, 09:08 AM
  #13  
Senior MemberCaptains Club Member
 
Join Date: Dec 2003
Location: Marblehead, Ohio
Posts: 10,080
Received 2,155 Likes on 1,114 Posts
Default

100K a year would be like winning the lotto for me! I'm single, over 65, on medicare, zero debt. I get by on a little over a third of that plus my SS and some dividends. I've got a camper in Florida, Class C motorhome in Ohio, a boat, two golf carts and I live in a very nice mobile home with a view of one of Lake Erie's harbors. Life is good!! If married, I might need the 100K !
Old 03-25-2019, 09:10 AM
  #14  
Admirals Club Admiral's Club Member
 
Join Date: Aug 2017
Location: WI
Posts: 303
Received 995 Likes on 477 Posts
Default

I know SEVERAL people who live on substantially less than that and live just fine. They also lived on less while working.

So it depends on how much you are accustomed to and how much the cost of living is in your area. It is ALL up to YOU.
Old 03-25-2019, 09:16 AM
  #15  
Admirals Club Admiral's Club Member
 
Join Date: Oct 2007
Location: Achilles, VA
Posts: 5,535
Received 1,581 Likes on 682 Posts
Default

If I had 100k a year for the rest of my life I'd retire today. That is plenty for me.
Old 03-25-2019, 09:21 AM
  #16  
Admirals Club Admiral's Club Member
 
Join Date: Nov 2009
Location: Tarpon Springs, FL
Posts: 8,045
Likes: 0
Received 3,842 Likes on 2,177 Posts
Default

No but the question should be what do you need. It doesn't matter what anyone else needs.
Old 03-25-2019, 09:22 AM
  #17  
Senior Member Admiral's Club Member
 
Join Date: Feb 2017
Location: cape cod
Posts: 1,067
Received 605 Likes on 317 Posts
Default

Well let's put it this way. One hundred thousands dollars per year in retirement would currently put you in the top 10% of retired Americans. How's that make you feel?
Old 03-25-2019, 09:23 AM
  #18  
Admirals Club Admiral's Club Member
Thread Starter
 
Join Date: Sep 2017
Location: Massachusetts
Posts: 1,230
Received 501 Likes on 289 Posts
Default

Originally Posted by mikefloyd View Post
No but the question should be what do you need. It doesn't matter what anyone else needs.
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..
Old 03-25-2019, 09:24 AM
  #19  
Admirals Club Admiral's Club Member
 
Join Date: Nov 2012
Location: Palm Beach County
Posts: 11,241
Received 2,392 Likes on 1,362 Posts
Default

I plan to retire at 57 then move to developing country for 8-10 years. Til I need to come back. That 100k would be a lot done there.
Old 03-25-2019, 09:27 AM
  #20  
Admirals Club Admiral's Club Member
Thread Starter
 
Join Date: Sep 2017
Location: Massachusetts
Posts: 1,230
Received 501 Likes on 289 Posts
Default Why I chose $100k...

I figured it was a nice round number for the discussion.

Thread Tools
Search this Thread

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.