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Retirement: $100k per year

Old 03-25-2019, 08:26 AM
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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?
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Old 03-25-2019, 08:28 AM
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not if you plan to move to NJ for retirement
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Old 03-25-2019, 08:34 AM
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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.
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Old 03-25-2019, 08:34 AM
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Have already done the calcs, no. Our plan is for somewhere around $250K income.
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Old 03-25-2019, 08:35 AM
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Don't see how.
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Old 03-25-2019, 08:35 AM
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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.
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Old 03-25-2019, 08:39 AM
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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?
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Old 03-25-2019, 08:57 AM
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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.
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Old 03-25-2019, 08:59 AM
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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..
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Old 03-25-2019, 09:05 AM
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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.
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Old 03-25-2019, 09:08 AM
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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.
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Old 03-25-2019, 09:08 AM
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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
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Old 03-25-2019, 09:08 AM
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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 !
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Old 03-25-2019, 09:10 AM
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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.
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Old 03-25-2019, 09:16 AM
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If I had 100k a year for the rest of my life I'd retire today. That is plenty for me.
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Old 03-25-2019, 09:21 AM
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No but the question should be what do you need. It doesn't matter what anyone else needs.
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Old 03-25-2019, 09:22 AM
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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?
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Old 03-25-2019, 09:23 AM
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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..
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Old 03-25-2019, 09:24 AM
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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.
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Old 03-25-2019, 09:27 AM
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Default Why I chose $100k...

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