Reply to How much annual budget do you need to feel comfortable in retirement?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Depends on what style you are accustomed to.  I don't understand the point of these posts.  They aren't too valuable unless your question is what the minimum is for people to retire and what is needed for basic life, and addition of what budget can buy nicer things.  There is always a floor..  There are basic needs people have to meet to survive (shelter, food, healthcare, and for elderly - also some assistance).

But there is no ceiling to luxury spending.  People get mad when someone says how they need 7 figures passive income to enjoy themselves in retirement, but it can easily be spent by people with very high spending habits wanting luxury lifestyle, multiple homes, paying grandkids private schools and homes for the kids who aren't well off, travel, charity donations, pricey personal healthcare, etc.  Some also want to leave sizeable wealth to their descendants and that's their goal in retirement.  I think it would help to separate these goals that go beyond "comfortable in retirement" that tend to get blood boiling for majority of population that doesn't have 8 figure NW [/quote]

Mostly because we think you should be paying more in taxes.[/quote]

All of our income is taxed at over 50% when you include federal, state, fica, etc

Even cap gains are taxed at 22 fed and 7% state.

So nope we don't need to pay more taxes.  
I don't hide money anywhere or have a way to protect it from taxes.

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I don’t see how anyone’s income could be taxed at more than 50%. I mean my take home is less than 50% of what I earn but that is bc it includes retirement contributions and health insurance. [/quote]

Because if you are earning $1.5M+ as W2 income, anything over ~$512K is taxed at 37-39%+, FICA is 7.5% (on lower amounts), medicare is 1.45%, state is ~10%.  Earn higher and even higher percentage is taxed at those rates.  So yes the "majority" is taxed at 45-50%+ quite easily.

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[b]We earned $2.9M last year and our[/b] effective tax rate was 35%. The bulk of this was was W2 income with a large portion of that including income from exercising stock options. I don't see how anyone could be paying 50%. You need to actually look at your tax return and divide by taxable income (line 24/line 15).
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Whenever you see this, you know the poster is SHAM and husband is the one making serious bacon.[/quote]

Nope, I am retired, and DH retired this year. Not sure where you get that impression, but one thing you are correct about is DH did earn the "serious bacon."[/quote]

LOL. That WAS the point. [/quote]

Well I am comfortable in my own skin and enjoy going to pilates 3X a week. I have plenty of retirement savings and can easily live very comfortably without DH's income. Plenty of $$ in my name only lol.[/quote]

I've been a SAHP for 25+ years, and all of DH income is mine[/quote]

If your DH has any retirement accounts (401K, Deferred Income, IRA), they aren't yours. Yes, you can be a beneficiary, but it is not yours unless he dies.
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And if he were to divorce me, I would be entitled to 50%, as a SAHP for 25+ years [/quote]

50% of whatever was gained since your marriage, yes. [/quote]

+1. 50% your marriage period only[/quote]

Which in our case is everything.  Except maybe the first year when they were earning $15K while away at grad school.  So maybe $2-3K of "retirement Funds" initially in that, so way less than 0.05% of our total NW[/quote]

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