interesting article on retirement

[Anonymous]

My grandparents live on about 40K a year in their home in DC. They do just fine.

I don't think I'll need much more than 50K a year to live in retirement once my place is paid off. I actually enjoy my life now in addition to saving for retirement. Between my TSP and pension, I'll have more than that to live on, but really...jet setting is not my idea of fun at 70-80. What are all of these fun, expensive things to do at that age?

[Anonymous]

Anonymous wrote:My grandparents live on about 40K a year in their home in DC. They do just fine.

I don't think I'll need much more than 50K a year to live in retirement once my place is paid off. I actually enjoy my life now in addition to saving for retirement. Between my TSP and pension, I'll have more than that to live on, but really...jet setting is not my idea of fun at 70-80. What are all of these fun, expensive things to do at that age?

You don't plan to retire until you're 70? I plan to retire around 62 and travel widely before I turn 70. How much do you live on now?

[Anonymous]

Anonymous wrote:

Anonymous wrote:My grandparents live on about 40K a year in their home in DC. They do just fine.

I don't think I'll need much more than 50K a year to live in retirement once my place is paid off. I actually enjoy my life now in addition to saving for retirement. Between my TSP and pension, I'll have more than that to live on, but really...jet setting is not my idea of fun at 70-80. What are all of these fun, expensive things to do at that age?

You don't plan to retire until you're 70? I plan to retire around 62 and travel widely before I turn 70. How much do you live on now?

I can retire at 57. I live off 70K now with a preschooler. I travel internationally for work and will for the next few decades. We're moving overseas this year actually. I'd like to be available to keep any grandkids in retirement (DC will be 31 when I'm 57) during the early years, if needed. I can work a simple part-time gig with lots of flexibility otherwise. I think I'd be happy as a Crossing Guard even. International travel can be had inexpensively as I've caught $300 round-trip flights to Costa Rica.

I have a really inexpensive mortgage and no childcare fees (PreK in charter school, not using before/aftercare), so I treat myself to manicures, travel, dining out, shopping already while saving 20% of my income for retirement.

Outside of travel and expensive country clubs, which I have zero interest in, why would one need six figures in retirement with a paid off home? Expensive homes can be sold for something smaller in the same city if we're talking property taxes.

[Anonymous]

"Outside of travel and expensive country clubs, which I have zero interest in, why would one need six figures in retirement with a paid off home? Expensive homes can be sold for something smaller in the same city if we're talking property taxes. "

It's all dependent on your standard of living. We have a paid off home and spent $94,000 last year. Included in that was virtually no travel at all - just one $3,000 vacation.

[Anonymous]

Anonymous wrote:
It's all dependent on your standard of living. We have a paid off home and spent $94,000 last year. Included in that was virtually no travel at all - just one $3,000 vacation.

HOLY SHIZZ - WTF are you spending that much money on that ISN'T travel? Are a couple thousand dollar bottles of wine in there?

[Anonymous]

Anonymous wrote:

Anonymous wrote:
It's all dependent on your standard of living. We have a paid off home and spent $94,000 last year. Included in that was virtually no travel at all - just one $3,000 vacation.

HOLY SHIZZ - WTF are you spending that much money on that ISN'T travel? Are a couple thousand dollar bottles of wine in there?

I was kind of wondering the same thing.

[Anonymous]

Lots of ways to spend money - huge donations to charities, churches and alma maters, helping your kids pay for PhDs without crushing debt, funding the grandkids' education, buying vacation homes, helping the kids with down payment on homes and really really nice cars.

[Anonymous]

Anonymous wrote:Lots of ways to spend money - huge donations to charities, churches and alma maters, helping your kids pay for PhDs without crushing debt, funding the grandkids' education, buying vacation homes, helping the kids with down payment on homes and really really nice cars.

But these are all "blow money" options. Sure, I'd give $10K to a nice charity if I had nothing else to do with the money. This just highlights that one really doesn't need THAT much money to retire comfortably.

[Anonymous]

totally different discussion on this same article here

http://www.bogleheads.org/forum/viewtopic.php?f=10&t=109023&newpost=1585309

[Anonymous]

Anonymous wrote:

Anonymous wrote:
It's all dependent on your standard of living. We have a paid off home and spent $94,000 last year. Included in that was virtually no travel at all - just one $3,000 vacation.

HOLY SHIZZ - WTF are you spending that much money on that ISN'T travel? Are a couple thousand dollar bottles of wine in there?

Not the PP - but that's less that $8000 per month. Hardly living like the Romneys.

I know some expenses shrink when you retire, but they aren't eliminated. Food, utilities, gas, car expenses, insurance (car, homeowners, long-term care, maybe life), and most importantly, health care expenses take up a significant amount.

[Anonymous]

OK, but without a mortgage, I have a hard time believing these things add up to $8K/month.

[Anonymous]

Anonymous wrote:OK, but without a mortgage, I have a hard time believing these things add up to $8K/month.

We spend close to that too on just regular expenses and nothing extravagent- food, clothing, home repairs, iphone bills, aftercare for the kids, medical expenses, etc.

[Anonymous]

Anonymous wrote:OK, but without a mortgage, I have a hard time believing these things add up to $8K/month.

I agree as my expenses add up to less than half that WITH a mortgage. And I'm definitely having fun.

[Anonymous]

Adults are meant to work unless they are ill. You people are lazy and dumb. Worrying so much about a life that you probably won't get to see because you will die of stress. Get a life so you don't have to worry about retirement. A life...a calling...not a career. Get a life.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
It's all dependent on your standard of living. We have a paid off home and spent $94,000 last year. Included in that was virtually no travel at all - just one $3,000 vacation.

HOLY SHIZZ - WTF are you spending that much money on that ISN'T travel? Are a couple thousand dollar bottles of wine in there?

Big items -

Taxes - Real and personal property - $10,600

Food (groceries, eating out) - $15,000

Childcare - $10,800

Charitable contributions - 11,400