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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We are aiming for $20k/month or $240k/year. So, $8M at the 3% rule. We could definitely be happy with less but that's the goal.

We are planning to own one home (roughly $1.5m value in today's money) travel extensively and spend a lot of time with kids and grandchildren. No country clubs or second homes, aren't into designer products. Nice cars replaced every 7-8 years but not range rovers or anything. [/quote]

We’ve been retired for ten years (wife was always a SAHM) and this is exactly what we live on.  Our net worth is closer to $9M (before today’s crash ha ha) and has doubled since we retired (early, when I was 53).

Remember that you’ll be getting social security so you’re not going to need $8M necessarily to hit your number.   We elected to take SS early and collect a combined 45k a year.  We also have a basement rental in our DC home that brings in another 30k.  So we’ve been able to live on $240k a year while our net worth continues to grow.

We have found it very easy and comfortable on this amount.  We have a nice home in the city and a large second home maybe 90 minutes away.  We have house cleaners and yard help, we travel abroad frequently, spoil the kids and grandkids, eat out whenever and whatever (always footing the bill), and basically don’t want for anything or really even have to think about money.   It’s amazing how much more money you have when you’re no longer saving for retirement or spending on kids.

I wouldn’t say we live extravagantly, of course—we certainly don’t spend foolishly—but living on what we have has proven over ten years to be very easy.   Maybe it helps that we were never the country club type when we were making money.   You don’t miss what you never had—or wanted.  [/quote]

What do you estimate is your monthly spend on two paid-for homes? Ie: what do you spend on insurance/taxes, cleaners, yardwork and general upkeep?[/quote]

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