Author Topic: What's your retirement annual spending?  (Read 11167 times)

Cassie

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Re: What's your retirement annual spending?
« Reply #50 on: October 06, 2017, 02:07:24 PM »
SG: I am wondering how you plan to travel in RV for 700 month?  Gas is expensive.  Yes you can boondoogle or stay in a place that lets you pay a monthly rate. Just curious because we have found it to be a lot more expensive then we thought.

FLBiker

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Re: What's your retirement annual spending?
« Reply #51 on: October 06, 2017, 02:47:31 PM »
SG: I am wondering how you plan to travel in RV for 700 month?  Gas is expensive.  Yes you can boondoogle or stay in a place that lets you pay a monthly rate. Just curious because we have found it to be a lot more expensive then we thought.

+1  I'd love to know more.

We're planning for $50K.  We'll be 2 adults and 1 ~9 year old at that point.  Seeing this talk about being able to RV for less, though, I'm wondering what we're waiting for.  Stash is currently a bit north of $600K.

Cassie

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Re: What's your retirement annual spending?
« Reply #52 on: October 06, 2017, 03:08:07 PM »
What we have found with Rving is that if you travel a lot from place to place gas costs a small fortune. We don;t like to boondoogle because we want hookups. We paid 55/night for RV site but the people staying a month only paid 400 so that is definitely a way to save $.  WE just did not want to be in one place that long. Many we met that were retired spend 6 months in one place and 6 in another with them mostly following the good weather so as not to be in a cold climate in winter.

SailorGirl

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Re: What's your retirement annual spending?
« Reply #53 on: October 06, 2017, 05:07:25 PM »
SG: I am wondering how you plan to travel in RV for 700 month?  Gas is expensive.  Yes you can boondoogle or stay in a place that lets you pay a monthly rate. Just curious because we have found it to be a lot more expensive then we thought.

I have solar and rarely pay to stay for the night.  Most National and many State Forests have nice camping areas that you can stay for up to 14 days without issue and some allow longer stays with a permit.  State and National Parks can have free or cheap camping and there are always parking lots.  Some of these are quieter and have a nicer view than some campgrounds I've stayed in.

My RV gets 15 mpg and I made the decision before I started that I would attempt to keep gas costs at around $100 a month.  I've gone over a few times but this ends up balancing out later during a month that I am less mobile in.  I find that a week on a beach or in the trees next to a stream is an excellent way to spend time and since I have the rest of my life (in theory) to see everything, it's easy to decide to spend one more day not traveling.

Currently spending time with my dad at a DC hotel.  It's a big event and they allow RVers attending the event to stay in the lot for free.  I've also stayed in front of friends' houses, in their driveways, at casinos, Walmarts, rest areas and truck stops.  Where I sleep is less important to me than what I do or see.

Cassie

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Re: What's your retirement annual spending?
« Reply #54 on: October 06, 2017, 05:25:06 PM »
thanks SG for the info:))

SailorGirl

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Re: What's your retirement annual spending?
« Reply #55 on: October 06, 2017, 05:36:53 PM »
thanks SG for the info:))

Go!  Have a blast!  You don't need to spend a fortune to have an amazing time!

elaine amj

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Re: What's your retirement annual spending?
« Reply #56 on: October 07, 2017, 06:15:47 PM »
SG: That's amazing :) Do you ever find you need to occasionally go to a paid campground to use their services? Don't know too much about RV living but don't u need to hook things up occasionally?

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2Birds1Stone

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Re: What's your retirement annual spending?
« Reply #57 on: October 07, 2017, 07:59:05 PM »
We are targeting $48k/yr which includes housing and healthcare for 2 people.

gmdv

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Re: What's your retirement annual spending?
« Reply #58 on: October 07, 2017, 08:38:31 PM »
I still have a long way to go, but I'm budgeting 30k/yr. 

10k for expenses
10k for potentially ridiculous high health insurance
10k for fun/charity/buffer
« Last Edit: October 07, 2017, 09:06:49 PM by gmdv »

dreams_and_discoveries

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Re: What's your retirement annual spending?
« Reply #59 on: October 08, 2017, 09:04:43 AM »
I'm budgeting 30k, but don't plan to spend it all - only spend 20k now, but haven't had any large home maintenance costs for a while.

Roland of Gilead

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Re: What's your retirement annual spending?
« Reply #60 on: October 08, 2017, 09:12:08 AM »
We are spending about $35k a year including healthcare but we could spend $56k and stay under our retirement budget.

I still only eat out once every two weeks and that is buying the Tuesday thin crust roasted garlic steak pizza at Papa Murphy's for $10 (man is that a good pizza!)



zinnie

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Re: What's your retirement annual spending?
« Reply #61 on: October 08, 2017, 09:35:07 AM »
48k for two in a pretty HCOL area. we buy what we want and travel where we want to while also being generally averse to spending money, and always spending in line with our values. this is a comfortable number for all of that. back in the day i felt like this number was really high for MMM--but it looks like things have changed! :)

pecunia

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Re: What's your retirement annual spending?
« Reply #62 on: October 08, 2017, 08:11:11 PM »
TOYS:

I figure the living can be easily done on 35 -50 K a year.  The house is paid off.

Nobody on this site ever seems to talk about toys - 4 wheelers, motorcycles, trucks, snowmobiles, boats, etc.

Do a lot of people get their toys after retirement or is this something you should get while you are still working?  While working, there is no time for toys.  After working in retirement, you can get used toys and repair them.  Maybe I haven't looked this site over enough, but how about toys?

Roland of Gilead

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Re: What's your retirement annual spending?
« Reply #63 on: October 08, 2017, 08:27:16 PM »
The toys will be here Nov 1.  Two 2018 Ski-doo snowmobiles, the 2 up back country version with 154" tracks and 900 ACE four stroke engines.  We plan to do some serious winter riding and maybe camping.  Eventually we will take them with us to Alaska.

When you have a budget for 56k and yet live on 35k, you can do this kind of rather extravagant spending.

FIREySkyline

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Re: What's your retirement annual spending?
« Reply #64 on: October 08, 2017, 08:28:12 PM »
TOYS:

I figure the living can be easily done on 35 -50 K a year.  The house is paid off.

Nobody on this site ever seems to talk about toys - 4 wheelers, motorcycles, trucks, snowmobiles, boats, etc.

Do a lot of people get their toys after retirement or is this something you should get while you are still working?  While working, there is no time for toys.  After working in retirement, you can get used toys and repair them.  Maybe I haven't looked this site over enough, but how about toys?

Something tells me you haven't read much of the blog. Toys are frivolous ways to spend money having no more fun than you could be having without them. Make them an occasional experience, not a financial liability.

Roland of Gilead

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Re: What's your retirement annual spending?
« Reply #65 on: October 08, 2017, 08:58:23 PM »
Something tells me you haven't read much of the blog. Toys are frivolous ways to spend money having no more fun than you could be having without them. Make them an occasional experience, not a financial liability.

Occasional experience is correct but they are not necessarily any more frivolous than a cruise or trip to Europe/Asia, things that many MMM followers (and MMM himself?) do.

Carrie

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Re: What's your retirement annual spending?
« Reply #66 on: October 08, 2017, 09:54:22 PM »
Currently living on 33k/yr not including health insurance, but just found a way to reduce that annual number to 30k. 5 people.
Hoping for single payer so that we can really live on $30k per year, especially once the kids are grown.

FIREySkyline

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Re: What's your retirement annual spending?
« Reply #67 on: October 08, 2017, 09:58:36 PM »
Currently living on 33k/yr not including health insurance, but just found a way to reduce that annual number to 30k. 5 people.
Hoping for single payer so that we can really live on $30k per year, especially once the kids are grown.
Let's think long and hard about whether we want single-payer and the hell that comes with it just so we can save a buck.

FIREySkyline

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Re: What's your retirement annual spending?
« Reply #68 on: October 08, 2017, 09:59:57 PM »
Something tells me you haven't read much of the blog. Toys are frivolous ways to spend money having no more fun than you could be having without them. Make them an occasional experience, not a financial liability.

Occasional experience is correct but they are not necessarily any more frivolous than a cruise or trip to Europe/Asia, things that many MMM followers (and MMM himself?) do.

You won't find me anywhere near a cruise. To each their own. So many infinitely (yes, infinitely) cheaper and better ways to enjoy creation.

jim555

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Re: What's your retirement annual spending?
« Reply #69 on: October 09, 2017, 07:59:44 AM »
My base spending is $12,500, not including discretionary things.

chasesfish

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Re: What's your retirement annual spending?
« Reply #70 on: October 09, 2017, 09:23:01 AM »
I break out my retirement (and current) budget into three categories:

Core Spending
Housing
Insurance

Core spending is a $2,000 - $3,000/mo number.  The range depends on traveling

Housing depends on where I move in retirement.  Right now its very expensive, but I choose to do that to live close to my office in a big city with a stand-alone house.  This will stay high if we move to Hawaii, down in all other destinations.

Health Insurance will be an rear-kicker for the first 18 months, then should ease up with subsidies.  I figure the first half to three quarter year I retire will be expensive, along with the 2nd year because I have a lot of money paid in February/March that will kick me out of subsidies for the following year.

ixtap

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Re: What's your retirement annual spending?
« Reply #71 on: October 09, 2017, 09:28:42 AM »
Currently living on 33k/yr not including health insurance, but just found a way to reduce that annual number to 30k. 5 people.
Hoping for single payer so that we can really live on $30k per year, especially once the kids are grown.
Let's think long and hard about whether we want single-payer and the hell that comes with it just so we can save a buck.

Have you looked at existing single payer systems? What is this hell you speak of?

Sun Hat

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Re: What's your retirement annual spending?
« Reply #72 on: October 09, 2017, 10:31:30 AM »
For one person I spend 21k/yr, with a further 10k/yr put aside for future expected purchases like major home repairs, car replacement fund, eventual escalation of my dog's vet bills. I find that having this buffer helps reduce my anxiety quite a bit.

With no mortgage, health care or life insurance to pay, 21k leaves me a lot of room for simple luxuries.

chasesfish

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Re: What's your retirement annual spending?
« Reply #73 on: October 09, 2017, 04:29:44 PM »
Currently living on 33k/yr not including health insurance, but just found a way to reduce that annual number to 30k. 5 people.
Hoping for single payer so that we can really live on $30k per year, especially once the kids are grown.
Let's think long and hard about whether we want single-payer and the hell that comes with it just so we can save a buck.

Have you looked at existing single payer systems? What is this hell you speak of?

I won't speak for the person that wrote "hell for single payer system", but for us a single-payer system isn't an option for us because my wife has suffered from a Spontaneous Spinal CSF leak (tear in the protective layer of the spinal cord) she got from working out.   Its an injury she is prone to have again.  Single payer systems struggle every day to treat this injury because its a fairly recent discovery.  Many citizens on the support forums in Canada, UK, and Australia have to travel to NC (Duke) or CA (Stanford or Cedars Sinai) on their own dime to receive care or suffer from a crippling but curable injury.

It completely changed my opinion on the value of innovation in healthcare...

Carrie

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Re: What's your retirement annual spending?
« Reply #74 on: October 09, 2017, 05:16:39 PM »
I have no idea how to plan for medical expenses especially since we'll have three children still at home. We're planning to load up an hsa over the next three or four years to help defray costs for a while.

ender

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Re: What's your retirement annual spending?
« Reply #75 on: October 09, 2017, 05:19:12 PM »
Numbers in this thread made me check the url to make sure I'm on the MMM forum and not the bogleheads forum.

pecunia

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Re: What's your retirement annual spending?
« Reply #76 on: October 11, 2017, 07:34:20 PM »
Quote
"hell for single payer system"

Yeh - I wonder about that too.  My brother was telling me today that he has a Canadian buddy that retired at 60.  He was told that health care is not a major concern of his friend.

This forum reaches all over.  Is single payer a bad thing for retirement, a good thing or like most things good and bad?  Medicare saved my mom's life so I guess I am biased.


SailorGirl

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Re: What's your retirement annual spending?
« Reply #77 on: October 14, 2017, 08:59:20 AM »
SG: That's amazing :) Do you ever find you need to occasionally go to a paid campground to use their services? Don't know too much about RV living but don't u need to hook things up occasionally?

I don't *need* to, but sometimes it's convenient and pleasant to stay a night or two at a campground (state or national park so generally under $30), empty the tanks, get water, go for hikes, take a shower and so on.  With some diligence you can find free water and dump stations but I don't always want to travel to one of these places.  My next destination is Shenandoah National Park with a free dump station (after paying the park entrance fee) and possibly water although their website indicates that a couple areas are having water problems.  May or may not stay overnight depending on availability.   

boarder42

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Re: What's your retirement annual spending?
« Reply #78 on: October 14, 2017, 10:21:13 AM »
Numbers in this thread made me check the url to make sure I'm on the MMM forum and not the bogleheads forum.

i'm not mustachian by any stretch but the knowledge and opinion of how to retire early here is much better than boggleheads forum.  The boggleheads forum is overly conservative. 

I've often thought of starting a FAT FIRE blog where the focus isnt as much on minimal consumption but maximizing the dollar for the consumption you choose to do.  Its one thing to reduce spending but i disagree with ERE and MMM on buy something expensive once and use it forever.  You should buy something of high quality but at a great price, and there is no talk anywhere here outside of grocery spending about how to do this the correct way.  and somethings should be disposably like shoes.  there is no cost savings in resoling 300 dollar shoes anymore b/c the cost to resole is more than what i pay for all leather shoes that are of reasonably high quality.  thats just one example but many many things can be bought properly to allow you to live what appears to be a typical USA middle/upper middle class life on far far less.  out side of the necessities in life these things can be purchased when the price is right vs just because you want it and want high quality. 

so i guess i stick around for the great knowledge that is here on how the math works behind it.  B/c its better IMO than boggleheads. but what could improve is the talk around how to consume responsibly on what you choose to have in your life.

Padonak

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Re: What's your retirement annual spending?
« Reply #79 on: October 14, 2017, 10:45:02 AM »
Single, no children or plans to have them in the foreseeable future. 

Not retired yet, but I'm planning to spend about $2K per month when I retire. Barebones spend target is about 1.5K per month, the rest will be discretionary/variable spend depending on the performance of my investments.

I am also planning to start an online business or work on part time freelancing gigs, so if I can make additional money, I will spend some of it on luxuries. I don't want to depend on it though, so I will not pull the plug until I am reasonably sure that I can live quite comfortably off of my investment income.

i am planning move to South East Asia or alternate between Eastern/Southern Europe in Summer and SEA in winter (a snowbird on a budget).

For health care, I will either self insure or buy a long term travel insurance policy to insure against catastrophic events and pay out of pocket for routine/smaller health care expenses.