52-year old divorced man living in a HCOL suburb of Philadelphia.
Last year I made $61,372 after taxes.
Additionally my employer 401-k match was $2213
So
Salary $61,372
Expenses -$23,650
Match +2,213
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2017 Savings $39935
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Last year I spent $23,650 with is pretty much in line with the previous two years ($24,540 in 2016) and ($23,725 in 2015)
Breaking down the expenses: (Totals may not add to 100% due to rounding)
Rent & Utilities $11,636 49%
Last time I got a lot of grief for spending such a high percentage on housing. In my defense, I have probably the cheapest apartment in town. I can walk to most everything: grocery store, post office, dentist, library, gym, produce market, library, doctor, etc. I bike 2.5 miles to work. I don't have internet, but am able to use the Wifi from the restaurant next door. (I am not a jerk about it. I don't stream anything). If I were to move to the next town over. It would be a little less convenient. I'd probably have to buy Internet service. I'd be subject to a 1% local income tax. Even with the lower rent, I'd come out about even.
Food (home) $2665 11%
I run/bike most every day so I need about 2600 calories keep me going.
Travel $2291 10%
Hiking trips in the Ozarks and Sierra Nevadas, plus a bike trip from Philly to North Carolina
Health 5% $1289
I pay $8.87 every two weeks for insurance. $10/mo for Planet Fitness. 1 ER visit. The Shingles Vaccine set me back $250.
Food (out) $928 4%
This includes food on vacation and a bunch of dates. (I've given up on dating for now)
Gas & Tolls $770 3%
Entertainment $732 3%
Books, Library Fines, Movies, Redbox, Chess membership dues and entry fees, online dating site subscriptions, Steven Wright at Dover Downs.
Car Insurance/Registration/Inspection $671 3%
Bikes $543 2%
I need to get better doing my at bike maintenance. My plan is to buy a cheap road bike of CraigsList and learn by fixing it up. I can change a tire or a brake pad.
Gifts/Cards $530 2%
Car Repairs/Maintenance $472 2%
Clothes 2% $455
Running shoes every 6 months. Got new hiking boots in July that should last me several years.
Laundry/Dry Cleaning $262 1%
Haircut/Grooming $219 1%
Home 1% $152
Stamps/Postage $30 0%
Phone $10 0%
I am on the FreedomPop $0.00/month plan. The ten dollars was for a new battery.
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Assets
I have $800,000 in savings:
$368,000 (401-k)
$249,000 (Taxable)
$95,000 (IRA Rollover and Trad)
$82,000 (Roth)
$6000 (HSA)
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Stocks & Stock Funds $567,000
Bond Funds $154,000
REITs $41000
Cash/MM $38000
I have a 2013 Ford Festiva with 38,000 miles, a touring bike for commuting and bike-camping and a folding mountain bike.
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The big changes when I retire should be:
Rent. I am looking at first to the Shenandoah Valley or Tri-Cities are in Tennessee. Having checked on craigslist I think I am being very conservative by estimating $750 a month
Travel I am going to zero this out to come up with my base expenses
Internet - I suspect I will end up subscribing @ $60 month
Health - With a $25,000 MAGI I priced a Bronze Plan for $0 (with the subsidy) and a Silver Plan for $187 (with the subsidy). I used to have a HDHP before the ACA for $147/mo. I am going to budget $200 to start with. Also another $500 a year for dental and vision that I am currently not paying for.
Remaining over all expenses -5% based on the cheaper cost of living.
The total comes out to about $21500/year. Each additional $100/mo for health insurance (over $200) adds another $1200 to the total.
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So right now in a 4% plan I can spend $32,000 and a 3.5% plan I can spend $28,000. That gives me plenty of money to travel.
Right now the plan is to work two additional years and retire in March of 2020. Even at a 1% ROR wth my current savings rate I should end up with $900,000. That would be a $36,000 spend at 4% and $31,500 at 3.5%
In retirement part of the plan is to Hike the AT, and bike across America. I will put my stuff in storage at my parents. I figure I on the trail I will spend no more than $1500 a month and on the bike no more than $1800 a month, so I can come in way under on my expenses for the first few years.
If everything stays on course, I'd like to bike across Australia and Europe before I get too old.
In addition to all of that I made $442 writing last year. (Selling short stories and self-publishing on amazon). I'd like to spend my free non-hiking, non- biking time writing. I think I am a decent writer and think that $5000 a year gross is not an unreasonable goal.
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Am I missing anything? Do my numbers check out?