{ "media_type": "text", "post_content": "What does your retirement budget look like? Assuming no debt. What is your expected basic minimum expenditures (core life)? And what are you budgeting for fun and luxury? My basic is around 10k a month for taxes and food and transport and utilities. Luxury and fun is another ten. Big expense in basic is property tax. Big expenditure in fun is travel. I think my basic budget is too high and I could bring it down and be very happy in a smaller home and less restaurants.", "post_id": "612eee7be61e69002cba607b", "reply_count": 22, "vote_count": 2, "bowl_id": "5c133802e4f35d0012ad759f", "bowl_name": "Partners Only" }

What does your retirement budget look like? Assuming no debt. What is your expected basic minimum expenditures (core life)? And what are you budgeting for fun and luxury? My basic is around 10k a month for taxes and food and transport and utilities. Luxury and fun is another ten. Big expense in basic is property tax. Big expenditure in fun is travel. I think my basic budget is too high and I could bring it down and be very happy in a smaller home and less restaurants.

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This looks very US-heavy but wow on the property tax. $18K a year?! Always thought that the US is heaven when it comes to taxation. I pay about €2K annually on roughly €1.5M property value. I would put that into a miscellaneous bucket. Anyway, assuming no expenses for mortgage and kids done with their education, I’d say my spouse and I could live very comfortably with about €3K (or $3.5K). €1K for food and eating out, €1K for fun, €1K as buffer / miscellaneous.

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The idea that the US is low taxation is a myth. Once you add up Federal taxes, State taxes and local property taxes, it’s fairly high tax for middle and upper middle tax. That military industrial complex is very expensive and needs paying for.

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Basic: Outside of a mortgage and associated tax, about $3k per month for food, healthcare, and transportation Fun: About $2k per month for travel and eating out Frankly, our combined Social Security is going to cover everything but the mortgage, so we'll have a ton of flexibility.

This is exactly what I’m trying to figure out. It’s hard to predict IMO.

Basic (monthly) looks about right at slightly more than $10k for me (not counting any “stuff” like clothing). Property Tax is $2.5 Health care $1.5 Utilities/Lawn $1.5 Maid $1 Club Dues $.5 Food $1 Insurance $.5 Car/gas $1 House maintenance $1 Of course, this is all “after tax” amounts.

In retirement what does healthcare look like to you?

What I did was look at my “take-home” paycheck, over the last 3 years. This is what I had to live on, take vacations, pay mortgage, utilities, food, entertainment, schools, etc. I figure that I will need this much upon retirement, with some caveats: No more mortgage, much less going to investments, much fewer car payments, no college/daddy payroll, perhaps more travel. Once I did that, it became much easier to figure out my retirement income bogie.

P1 - The house I’m living in, is now paid off and in a great location, so I don’t plan on going to Florida to play golf and die. Definitely doing more pleasure travel of longer duration where we can rent a house/condo for a few weeks, but those expenses are far less than monthly mortgage. Fewer car payments, since as an empty nester I don’t have to put on as many miles, and can run them until the wheels fall off. I’m not a “keep up with the Jones’ Tesla/Maserati” kind of driver. Whoever we’re grandparents, we plan on visits only. Go in, spoil the grandkids and leave. Living too close to them implies free babysitting service, and we’re not into that. BYMMV

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I just did an exercise to look at this. I looked at everything I spent on a credit card and out of my checking account for regular expenses for a year. I came up with an annual cost of around $300k excluding the mortgage and college tuition (which will both be over around the same time I retire). Luckily my spouse worked for a government entity and has retiree healthcare that covers us both. My goal is that I don't need to spend less in retirement but with very few fixed costs I could cut way back if there was a necessity.

That makes sense.

Don’t forget that taxes and insurance don’t go away when you pay off your mortgage. For my primary house that is over $20K annually.

Luckily I'm in California and we have owned our house for 20 years so with Prop 13 the assessed value is 777k and taxes are around $11k. I think that's limited to a 2%/year increase. Agree that needs to be included in the budget but at least I didn't buy my house this year.

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