Author Topic: Anyone retired on less than 20k? What's your stache and life like?  (Read 5919 times)

Tass

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Re: Anyone retired on less than 20k? What's your stache and life like?
« Reply #50 on: July 10, 2018, 02:42:01 PM »
If you live on less than 20k per year in your accumulation phase, why wouldn't you be able to in fire? And under 20k you will get aca credits or medicaid in an expanded state. For now.

I live on $15-18k right now but expect my expenses to increase long before I reach FI. My lifestyle is going to change as I get older. Like Spartana, I don't plan to continue my current roommate setup forever - and one of the most motivating reasons for me not to work full time through middle age would be to spend more time raising kids. (Which I don't currently have, to be clear.)

Plus, being a grad student makes it very easy to resist social pressures to "keep up" my spending - people expect me to be poor. ;)

2Birds1Stone

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Re: Anyone retired on less than 20k? What's your stache and life like?
« Reply #51 on: July 10, 2018, 02:52:55 PM »
I'm predicting my spending will stay the same give or take, + the cost of private health insurance or self insuring outside of the USA.

DreamFIRE

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Re: Anyone retired on less than 20k? What's your stache and life like?
« Reply #52 on: July 10, 2018, 08:54:10 PM »
Spartana, you can be my room mate.  I could drop the base expenses from 14K to 9.5k by splitting the shared housing and utils.
Oh but I come with the dreaded beast "The Barkinator" who will not, EVER, stop...barking. So there's that ;-). I actually have a roommate now so really have cut expenses to very low.
Try a shocker collar.  Not the roommate, but the dog.
ahhh poor thing! She's actually my "hearing ear dog" because I'm mostly deaf from an accident so she needs to bark but doesn't really bark as much as I rant about. And then only if unknown people are near or There are strange noises.
Ahhh, yeah, I remember you mentioning that before.  Well, it's good to hear the Barkinator takes a break from barking sometimes.

DreamFIRE

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Re: Anyone retired on less than 20k? What's your stache and life like?
« Reply #53 on: July 11, 2018, 04:31:00 PM »
If you live on less than 20k per year in your accumulation phase, why wouldn't you be able to in fire? And under 20k you will get aca credits or medicaid in an expanded state. For now.
I actually answered that in two of my posts prior to you asking.  Spartana nailed it also.  The more applicable question isn't "wouldn't you able able to?" but rather "do you want to?"

You can actually "live on" far more than $20K and get ACA PCT and CSR as long as your MAGI income is low enough.  In fact, that's my plan, $50K/yr spending on $24K/yr MAGI.
Currently my taxable is under $11K per year (rest is not taxed) so am in the zero income tax bracket for both fed and state. I assume that would mean I would qualify for Medicaid also if I wanted (use the VA). That will change when I'm older and start withdrawing from my taxable "old lady money" 457 plan.

As long as you were in a state that expanded Medicaid under the ACA.

spartana

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Re: Anyone retired on less than 20k? What's your stache and life like?
« Reply #54 on: July 13, 2018, 12:49:49 AM »
If you live on less than 20k per year in your accumulation phase, why wouldn't you be able to in fire? And under 20k you will get aca credits or medicaid in an expanded state. For now.

I live on $15-18k right now but expect my expenses to increase long before I reach FI. My lifestyle is going to change as I get older. Like Spartana, I don't plan to continue my current roommate setup forever - and one of the most motivating reasons for me not to work full time through middle age would be to spend more time raising kids. (Which I don't currently have, to be clear.)

Plus, being a grad student makes it very easy to resist social pressures to "keep up" my spending - people expect me to be poor. ;)
To be honest I'd let my roommate live with me for free or even pay them (shhhh...don't let them know) as they function more as a house and pet sitter so I can travel more. Double savings as I get both the extra income and no pet sitting expenses!
« Last Edit: July 13, 2018, 12:51:39 AM by spartana »