Author Topic: Who in this forum could NOT live on $32,000 in retirement  (Read 25690 times)

forummm

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #50 on: July 15, 2016, 12:09:10 PM »
But just to give you an example, for someone living in Atlanta, GA with a $100k income (i.e. no tax credits), two married 33 year olds and a 2 year old, there are 68 plans available. Examples are $525/mo ($13k deductible, $13k out-of-pocket max), $782/mo ($2k deductible, $13k OOP max).

onehair

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #51 on: July 15, 2016, 12:10:46 PM »
I live on $33k and a little change now so it might not be such a stretch depending on various factors..

Elderwood17

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #52 on: July 15, 2016, 04:36:25 PM »
We live on just over that right now with a mortgage.  Wouldn't take much effort to manage it, but we also have no health expenses at our age.  Yet. 

MgoSam

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #53 on: July 15, 2016, 04:40:51 PM »
But just to give you an example, for someone living in Atlanta, GA with a $100k income (i.e. no tax credits), two married 33 year olds and a 2 year old, there are 68 plans available. Examples are $525/mo ($13k deductible, $13k out-of-pocket max), $782/mo ($2k deductible, $13k OOP max).

I don't want this to delve into a ACA back-and-forth, but this is Anti-Mustachian worthy. There's a salesmen that I've worked with who's said that he refuses to get insurance because his rate would be too high. When I mentioned last year that my premium was going up a ton and so I went to MNSure (MN's exchange site) and found a nearly identical plan that was like 15% cheaper than what I was currently paying, he just shook his head. I offered to go to the federal exchange to get rates for him but he refused to look it up. I can understand not getting insurance because you don't want/need it, but I think it's silly to not do so because you THINK it will be too expensive.

PNW Lady

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #54 on: July 15, 2016, 05:09:40 PM »
Once our house is paid off we could live off of $32K annually, but not as comfortably as we would prefer to. Our target annual FIRE spending (today's dollars) in our current location of Portland, OR is $48K, with groceries (19%)/ health insurance (17%)/ property taxes (15%) being our highest expenses. $48K is a very comfortable and conservative target for us, and includes long-term reserves for auto maintenance/vehicle replacement and house maintenance and regular travel. We may choose to move to a lower COLA, which would probably shave at least $5K annually in property taxes/utilities/house maintenance.

SwordGuy

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #55 on: July 15, 2016, 06:17:13 PM »
Not with the house we bought last December, especially after we refinance it in a couple of weeks to a 15 year loan.  PITI would consume $22,000 of the $32,000.   However, if we drew down our stock and paid it off, that would be different.   

Don't think I want to be at that tight of a budget for the rest of my life, though.  Especially as we can count on a lot of medical expenses.

Spork

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #56 on: July 15, 2016, 07:02:13 PM »

I could.  I did for 3 years back several years ago.  I choose to spend more.

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #57 on: July 15, 2016, 07:57:30 PM »
I currently life off 18k per year, but that includes a fair amount of travel and a non-mustachian vacation about every other year.  If push came to shove I could probably cut my total expenses down to 14-15k.  However, I'm un-married with no kids, so I don't have to worry about anyone else at the moment. 

robtown

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #58 on: July 16, 2016, 08:40:43 AM »
Maybe $32k each.    My spreadsheet has base expenses per month (no mortgage) at $5500.    The biggest are:

$980    -  All house expenses
$1,190 - All expenses two used cars (gas, tolls, insurance, tax, repair)
$800    - Medical insurance, dental, and co pays
$1,600 - Food and clothes

We (by this I mean my spouse) should be able to cut back on clothes.   Depending on retirement location we could cut back to one car -- I have a lot of bicycles (my hobby, they pay for themselves)

ender

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #59 on: July 16, 2016, 08:45:46 AM »
Maybe $32k each.    My spreadsheet has base expenses per month (no mortgage) at $5500.    The biggest are:

$980    -  All house expenses
$1,190 - All expenses two used cars (gas, tolls, insurance, tax, repair)
$800    - Medical insurance, dental, and co pays
$1,600 - Food and clothes

We (by this I mean my spouse) should be able to cut back on clothes.   Depending on retirement location we could cut back to one car -- I have a lot of bicycles (my hobby, they pay for themselves)

This is exactly why MMM bashes cars so much, you guys spend 20% of a $5500 budget on cars... I can't fathom what you do in order to spend $14,000/year on cars.

bobechs

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #60 on: July 16, 2016, 09:57:54 AM »
Maybe $32k each.    My spreadsheet has base expenses per month (no mortgage) at $5500.    The biggest are:

$980    -  All house expenses
$1,190 - All expenses two used cars (gas, tolls, insurance, tax, repair)
$800    - Medical insurance, dental, and co pays
$1,600 - Food and clothes

We (by this I mean my spouse) should be able to cut back on clothes.   Depending on retirement location we could cut back to one car -- I have a lot of bicycles (my hobby, they pay for themselves)

This is exactly why MMM bashes cars so much, you guys spend 20% of a $5500 budget on cars... I can't fathom what you do in order to spend $14,000/year on cars.

Per car, that is $500 a month each or $6,000 a year, each.  If you accept the IRS calculation of ~50 cents per mile as plausible that equates to 12,000 miles a year - not a fantastic amount of driving for someone who lives away from a city center or out in the wide open West, like a considerable number of people actually do despite MMM's preaching not to.

If you trim way back on the number of cars (which might not be very practical for a working couple) trim way back on the cost per mile (which can only go so far as long as fuel, maintenance &repairs, insurance, etc. still cost money and cars still need replacement from time to time) and ride a pony everywhere you can (which might be pretty impractical, depending) you can cut the overall expenditure, sure.

But most people need at least one car in their life.  A fifteen year old ecno-box is not the ideal choice for everyone and just not driving whatever it is is an unusual case.

Live in America as she  is lived in a huge number of places and the necessary having of a car puts you on the hook for a couple thousand dollars a year, practical minimum, try as you might.

Rubic

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #61 on: July 16, 2016, 10:43:18 AM »
About a decade ago my company was struggling financially, so I dropped my salary down to $24K.  I was already FI, so it didn't feel particularly painful, especially since (pre-Obamacare) my medical/dental insurance was still being covered.   I also supplemented my income by teaching spin classes for $60 per week, so gross was maybe $27K.  This lasted a couple years until my company was back on solid footing and I raised my salary, though still well below what I would have made in the industry.

When my salary returned to normal, I found my spending levels jumped back up, due to lifestyle inflation (eating out, buying new toys, etc.) but I was already FI, so it didn't seem like a big deal.  However in the past year I've been reducing my living expenses in anticipation of RE.  My SWR will allow for higher spending levels, but I'd like to do some Roth conversions for a few years and reduce my future tax liability.  If I can trade spendypants expenditures for personal time, it will be a major lifestyle improvement.  Hope to see you fully FIRE'd folks on the other side soon.

Sdsailing

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #62 on: July 17, 2016, 12:13:45 PM »

Do not want.

Metric Mouse

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #63 on: July 17, 2016, 06:09:43 PM »
Unsubscribe? :P

Cassie

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #64 on: July 17, 2016, 06:45:06 PM »
With paying our insurance which is 900/month-no we could not live on that.  Also in retirement we want to have fun which means some nice vacations, eating out and other experiences.  WE would merely be surviving at 32K.

Squirrel away

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #65 on: July 18, 2016, 04:12:23 AM »
We definitely could live on that amount.

Playing with Fire UK

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #66 on: July 18, 2016, 04:20:11 AM »
In the UK we (two adults) easily live on that (including adding a mortgage payment). If we had to pay US prices for health insurance we'd have to make changes, but would be fine.

Making Cookies

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #67 on: July 18, 2016, 07:43:34 AM »
As a graduate student, I recall living a very satisfying single life on $28,000/year, with $8,400 of that being rent in a Tony suburb of Chicago. Based on what I've seen on this forum, I was an amateur.

What is a Tony suburb of Chicago? Just curious...

Making Cookies

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #68 on: July 18, 2016, 08:02:57 AM »
But just to give you an example, for someone living in Atlanta, GA with a $100k income (i.e. no tax credits), two married 33 year olds and a 2 year old, there are 68 plans available. Examples are $525/mo ($13k deductible, $13k out-of-pocket max), $782/mo ($2k deductible, $13k OOP max).

I don't want this to delve into a ACA back-and-forth, but this is Anti-Mustachian worthy. There's a salesmen that I've worked with who's said that he refuses to get insurance because his rate would be too high. When I mentioned last year that my premium was going up a ton and so I went to MNSure (MN's exchange site) and found a nearly identical plan that was like 15% cheaper than what I was currently paying, he just shook his head. I offered to go to the federal exchange to get rates for him but he refused to look it up. I can understand not getting insurance because you don't want/need it, but I think it's silly to not do so because you THINK it will be too expensive.

Maybe his politics prevents him from being objective about his health-care options?

talltexan

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #69 on: July 18, 2016, 08:07:00 AM »
As a graduate student, I recall living a very satisfying single life on $28,000/year, with $8,400 of that being rent in a Tony suburb of Chicago. Based on what I've seen on this forum, I was an amateur.

What is a Tony suburb of Chicago? Just curious...
Evanston


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Making Cookies

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #70 on: July 18, 2016, 09:16:51 AM »
Why do they call them Tony suburbs? That's really my question. What is a "Tony"? Are these Italian neighborhoods? Thanks.

forummm

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #71 on: July 18, 2016, 09:30:14 AM »
Why do they call them Tony suburbs? That's really my question. What is a "Tony"? Are these Italian neighborhoods? Thanks.

LMGTFY

http://lmgtfy.com/?q=tony+suburb

http://www.merriam-webster.com/dictionary/tony

Quote
Full Definition of tony


tonier

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:   marked by an aristocratic or high-toned manner or style <tony private schools>

Rubic

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #72 on: July 18, 2016, 09:31:57 AM »
Why do they call them Tony suburbs? That's really my question. What is a "Tony"? Are these Italian neighborhoods? Thanks.

tony = marked by an aristocratic or high-toned manner, i.e. expensive and fashionable.

brute

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #73 on: July 18, 2016, 10:02:38 AM »
If I had everything paid off, sure. House, transportation, business loans. $32k is a lot to spend on food, driving, and air conditioning. Suppose it depends on your property taxes a bit.

Then again, when I was younger, I made it on $9k a year. Dumpster diving isn't as awful as it sounds.

Making Cookies

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #74 on: July 18, 2016, 10:25:19 AM »
Why do they call them Tony suburbs? That's really my question. What is a "Tony"? Are these Italian neighborhoods? Thanks.

LMGTFY

http://lmgtfy.com/?q=tony+suburb

http://www.merriam-webster.com/dictionary/tony

Quote
Full Definition of tony


tonier

toniest

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:   marked by an aristocratic or high-toned manner or style <tony private schools>

There is my problem. I used the default "non-Google" search engine my browser chose. Thanks.

Chris22

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #75 on: July 18, 2016, 11:02:36 AM »
Maybe $32k each.    My spreadsheet has base expenses per month (no mortgage) at $5500.    The biggest are:

$980    -  All house expenses
$1,190 - All expenses two used cars (gas, tolls, insurance, tax, repair)
$800    - Medical insurance, dental, and co pays
$1,600 - Food and clothes

We (by this I mean my spouse) should be able to cut back on clothes.   Depending on retirement location we could cut back to one car -- I have a lot of bicycles (my hobby, they pay for themselves)

This is exactly why MMM bashes cars so much, you guys spend 20% of a $5500 budget on cars... I can't fathom what you do in order to spend $14,000/year on cars.

For a while we spent that or more.  We plan to have cars for ~8 years at least, and pay them off (very low/no interest loan) in 4.  Unfortunately, at one point my wife totaled her car by hitting a deer, so we had to replace it earlier than expected, meaning we doubled up on car payments for a time.  Sucks, but oh well. 

BTDretire

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #76 on: July 18, 2016, 12:35:09 PM »
We could,  to answer the question, once the kids are out of college, 5 more yrs, (daughter in dental school.)
But I would not want to and won't need to. We are older, in 10 years we will be able
to collect FRA SS of about $36K plus more than that from our stash.
 I have a sister living on less than $15K, so I know it can be done.

 I will add, everyone if they didn't have more that $32k a year would figure
out how to live on it.

Edit to add, My healthcare premium for 4 of us is a little over $10,000 so the $32,000
would be tough while the kids are on the bill. If my wife would retire, we could lower our income
to the point where the ACA would save us $6 to $8k via subsidy and make $32k much easier.
« Last Edit: July 20, 2016, 07:46:32 AM by Qmavam »

BFGirl

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #77 on: July 18, 2016, 01:01:26 PM »
Sure I could but I don't wanna.

this

Cassie

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #78 on: July 18, 2016, 05:11:11 PM »
People live on whatever they have and learn to make do and make some tough choices sometimes.  Besides health insurance another big cost for us is our 4 old dogs. They all take maintenance meds and vets are super expensive in this part of the country.  I actually have been shocked at how much we now spend on them.

robtown

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #79 on: July 18, 2016, 05:29:27 PM »
That's one reason to try for one car.    My numbers include two $20k used cars every seven years.   From past experience the cars take an average of $1k per year for maintenance.   $180 for gas,  $130 for insurance.  $100 for tolls.    I was surprised when I added it up.   Real estate tax and insurance is around $700 per month.
My current food bill with 4 adults is way to high,  but that's my wife's price for working.   Since her pension makes a huge contribution to FI,  I consider it a necessary expense.   After leaving the work force, I hope to slash the clothes budget.   

Maybe $32k each.    My spreadsheet has base expenses per month (no mortgage) at $5500.    The biggest are:

$980    -  All house expenses
$1,190 - All expenses two used cars (gas, tolls, insurance, tax, repair)
$800    - Medical insurance, dental, and co pays
$1,600 - Food and clothes

We (by this I mean my spouse) should be able to cut back on clothes.   Depending on retirement location we could cut back to one car -- I have a lot of bicycles (my hobby, they pay for themselves)

This is exactly why MMM bashes cars so much, you guys spend 20% of a $5500 budget on cars... I can't fathom what you do in order to spend $14,000/year on cars.
And I can't fathom needing $1600/month for food and clothes for 2 people. WTF!

Making Cookies

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #80 on: July 19, 2016, 08:24:59 AM »
Just join a nudist colony... ;)

Seriously - I would ocnsider moving away from any area with toll roads (northeast?).

Get the heating and cooling costs down too.

joleran

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #81 on: July 19, 2016, 03:29:34 PM »
cars take an average of $1k per year for maintenance

What the heck are you doing to your cars that has only enough mileage to account for $180 in gas/yr but has $1k in maintenance/yr?

Spork

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #82 on: July 20, 2016, 07:38:50 AM »
cars take an average of $1k per year for maintenance

What the heck are you doing to your cars that has only enough mileage to account for $180 in gas/yr but has $1k in maintenance/yr?

Hey!  I'll sell you my Triumph!  I'm pretty sure you can get by with $1000 a year.  ...well, most years.

Trudie

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #83 on: July 20, 2016, 07:44:14 AM »
With a paid off house and little out of pocket medical, I could.  But by choice I'm planning to live on twice that because we like to travel and eventually cars, bodies, and other things wear out.

Metric Mouse

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #84 on: July 20, 2016, 10:48:43 AM »
Just join a nudist colony... ;)

Seriously - I would ocnsider moving away from any area with toll roads (northeast?).

Get the heating and cooling costs down too.

Might a nudist colony not require more heating and cooling costs than a community that can adjust their clothing to the season?

Making Cookies

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #85 on: July 20, 2016, 03:31:41 PM »
Good point. Never thought of that aspect. I always imagine the colonies to be in warm tropical places.

Metric Mouse

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #86 on: July 20, 2016, 11:05:24 PM »
Why do they call them Tony suburbs? That's really my question. What is a "Tony"? Are these Italian neighborhoods? Thanks.

LMGTFY

http://lmgtfy.com/?q=tony+suburb

http://www.merriam-webster.com/dictionary/tony

Quote
Full Definition of tony


tonier

toniest

1

:   marked by an aristocratic or high-toned manner or style <tony private schools>

There is my problem. I used the default "non-Google" search engine my browser chose. Thanks.

Also, pretty sure the original poster meant "tiny", and were fudged by autocorrect.  Seems to make much more sense in context...

Making Cookies

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #87 on: July 21, 2016, 07:43:14 AM »
I went back and looked it up. A tony neighborhood is a thing. So are tiny neighborhoods. ;)

Tony = fancy

Chris22

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #88 on: July 21, 2016, 07:45:08 AM »
Why do they call them Tony suburbs? That's really my question. What is a "Tony"? Are these Italian neighborhoods? Thanks.

LMGTFY

http://lmgtfy.com/?q=tony+suburb

http://www.merriam-webster.com/dictionary/tony

Quote
Full Definition of tony


tonier

toniest

1

:   marked by an aristocratic or high-toned manner or style <tony private schools>

There is my problem. I used the default "non-Google" search engine my browser chose. Thanks.

Also, pretty sure the original poster meant "tiny", and were fudged by autocorrect.  Seems to make much more sense in context...

No. Evanston is tony.

PhysicianOnFIRE

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #89 on: July 21, 2016, 08:19:22 AM »
Not likely with our family of 4 and travel habits. We could survive, yes, but our spending is about double that figure.

BlueMR2

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #90 on: July 21, 2016, 10:09:10 AM »
Good point. Never thought of that aspect. I always imagine the colonies to be in warm tropical places.

There's one in Southern Michigan.  I bet they have some serious Winter time heating expenses!  :-)

Jeremy E.

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #91 on: July 21, 2016, 10:47:20 AM »
Anyone COULD live on $32,000, some people just don't want to and would prefer to work more

Playing with Fire UK

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #92 on: July 22, 2016, 04:01:04 AM »
Anyone COULD live on $32,000, some people just don't want to and would prefer to work more

Yes, but it is interesting when people self-identify as being UNABLE to do something that they would prefer not to do, ie their spending habits/choices are so ingrained that they think it is impossible to do anything else.

lexde

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #93 on: July 22, 2016, 08:41:26 PM »
If I have no student loans and no mortgage, then absolutely. I could probably travel fairly well on that once or twice a year, too! I don't have a 'stache yet but my grand plan is to retire comfortably once I can get to $40K. If I can live on 32K, then I'll absolutely do that. No sense in spending more just because I have it, but the 40K is just a goal.

eyesonthehorizon

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #94 on: July 23, 2016, 09:43:18 AM »
Living on about $16,800 in North Texas (assuming my insurance goes up as predicted); assuming I cover my own health insurance after FIRE, call it $19,800. Adding my SO to my household would raise that to about $23,300 for both of us, KEEPING our independent car clown commutes at about 40 minutes a day each (which we won't). Nine grand a year for travel and fun money for two people? That's fully ten times what I budget for right now - sign me up!

Cassie

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #95 on: July 24, 2016, 09:38:38 AM »
what you are content with when young may not  be what you want when you are older.

Metric Mouse

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #96 on: July 25, 2016, 07:15:27 AM »
Anyone COULD live on $32,000, some people just don't want to and would prefer to work more

What about disabled individuals with massive medical bills?

Archivist

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #97 on: July 25, 2016, 10:57:58 AM »
Assuming our house is paid off by retirement, we could certainly do this, but I wouldn't want to, because I want to be able to travel a lot in retirement.

stoaX

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #98 on: July 25, 2016, 01:01:17 PM »
Anyone COULD live on $32,000, some people just don't want to and would prefer to work more

What about disabled individuals with massive medical bills?

The 2017 ACA maximums on out of pocket medical costs are $6550 per individual and $13,100 per family.   So $32,000 - $6550 = $25,450....so could they live on that?  Even if the home is paid for, taxes and insurance and maintenance could make this tough for the a disabled person.

Daisyedwards800

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Re: Who in this forum could NOT live on $32,000 in retirement
« Reply #99 on: July 25, 2016, 03:56:08 PM »
In retirement I could, but it would involve having a full-time roommate (would *really* liked to be married and/or have a house by then).  I could do it now also with the following modifications (after I pay off my student loans, entirely doable in 12-24 months).  ETA:  I forgot health insurance but it looks like I could manage that for $10,000 per year.