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The results so far reflect he varying opinions that are usually voiced in similar discussions. It is probably most related to what you were making when working.
The results so far reflect he varying opinions that are usually voiced in similar discussions. It is probably most related to what you were making when working.
I can see that.
When working I was grossing around $75k/year [mostly tax-free, so it felt like it was more]. Now obviously I bring in much less.
$50K/year would be plenty for expenses and some extras, flying out to visit the kids, etc. I can semi-retire (work part-time for a few years) and have that and still be able to save and not draw down. That's the plan right now. I'd like to live the way I'm living now, if possible: not extravagantly, but not on a shoestring. Of course, I'm concerned that bills will increase and that my health care plan may not cover everything in the future, or there will be other unforeseen expenses. Ultimately, as earthlyfather says, it is not in our hands.
I think that how much money you will need to retire depends on your chosen "lifestyle"-- whether you own property, how much you want to spend on activities, hobbies, pets, travel etc. Of course, incurred expenses may vary each year. Health care, if needed, should be factored in as a potential rising cost years down the road.
Since I stopped working, I spend a lot less $$$$ shopping for clothing & things associated with working. However, that is probably balanced by the amount of my free time & the increased expenses spent for the activities, hobbies, travel etc. that I enjoy now. So far, no increases in the health care area expenses for me.
My husband and I live in Northern Virginia. We make pretty good money. We also spend a lot of money. Hubby had a heart attack in February and quadruple bypass in March so now he is thinking he doesn't want to stay in this area for too much longer. We have land in Vermont....no house. We have a dream home that we wanted to build...which actually isn't that big....maybe 1200sq. feet or so....a handcrafted log home...we also wanted to be super efficient, geothermal, wind power, etc...but not sure if our budget would be able to handle a mortgage. In Vermont....one can't rely on having a job....so our 'guaranteed' income (if you will) would probably be just about $50K a year....I honestly don't know if that's enough with possible medical expenses, possible home mortgage, property taxes, etc.... Right now, we live on more than triple that....and of course we spend basically what we want to....but I've also been able to sock away about $3k a month towards expenses up north for the house....somehow - it still doesn't seem like it will be enough.
For two people in NJ annually, I would say your looking at...
Food......15,000 (including going out to eat)
$1,250/month to feed two people seems kind of high to me.
Quote:
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Housing or rent ......20,000
We own our home, so our housing costs are lower.
Property taxes and home maintenance together here run less than $2,000 /year.
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