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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Y’all are nuts. Who needs 200k in retirement?

Admittedly planning on owning the house outright, and my work should cover our insurance if I stick around to retirement age. But we are only planning on spending 50k or so in todays dollars and already feel like that’s going to feel lavish. Where are these 200k+ numbers going? Genuine question, I’m trying to figure out if I’m missing something.[/quote]

Everyone has different plans for retirement. We are expecting to spend about $250K/year after tax in early retirement. That includes budgeting $50K annually for travel, $20K for philanthropy, $35K to run our house even after it's paid (insurance, property taxes, utilities, cleaning service, landscaping, etc), $15K for our country club membership, $25K for financial advisory fees. Obviously, you can do things differently and spend a lot less money depending on your lifestyle.[/quote]

What about the other $100K in the budget?

Kind of sad to spend more on the empty part of a giant house than on philanthropy. With $50K/yr travel, are you even at home(s) more than half the year? [/quote]

We live in DC, and our house isn't giant - 2,000 square feet plus a finished basement. Property taxes are $12,000 a year, our utilities, cable, phone and internet are $7,500. Landscaping is $4,000. Cleaning is $6,000. Insurance is $4,000.

We'd like to travel comfortably in retirement, especially when we're older, and pay for our kids to join us. $50K means we would be away from our "giant" home maybe a month a year.

For philanthropy, this number is outside what we've already contributed to endowed funds and donor advised funds/foundations. To get $250,000 in income, we'd pay $125,000 in taxes with current rates so I'm pretty comfortable with our contributions to society.

Other big ticket items for us are insurance premiums and medical care - that's through my husband's current employer ($12K), a nice car and insurance ($8K), dining out and entertaining ($25K), groceries/house supplies, personal care ($20K). It all adds up! And yes, you can obviously live on way less, but the OP wanted to know projections in the area. I don't think our numbers are out of range for a HCOL comfortable retirement.[/quote]

What's your net worth outside of primary residence?[/quote]

About 10, not including property we currently own or will inherit. [/quote]

Congratulations!  How old are you guys?  Kids out of the house?  Already retired or soon?  I posted earlier (58/52; $6.5M; 1 kid in the house; retire in 5 yrs. when all kids are done with college with $8M+).  $10M would be ideal for us (and quite possible if market behaves), more so because it would be a worry-free life (whatever is left) but our fixed costs are not as high as yours seems to be, but we still expect to need $150K in retirement.[/quote]

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