Willing to share your retirement income requirement?

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Topic Author
nomorework
Posts: 105
Joined: Wed Apr 04, 2012 4:16 pm

Willing to share your retirement income requirement?

Post by nomorework »

Housing
Mortgage $0
HOA $50
Home Insurance $500
Property Tax $0 Fla disabled vet
Electric $250
Gas home $75
Water / trash $175
Lawn/pest care $200
Cell Phone $150
Internet $110
Cable $150

"Food
entertainment
activities"
Groceries $800 $200/wk
Dining $800 $200/wk
Travel Flights $267 4 trips x $800 flight
Travel Lodging $583 4 weeks@$350/night
Travel food $125 4 weeks x $300 day
Travel excursions $333 4 weeks@ $1000 wk
Travel Transportation $800
Amazon/subscript $100
Wife hair/nails $300
Clothes $200
gym $60
Boat Payment $500

Transportation
Car Payment/ Maint $750 $40K @4.5% for 60months
Auto Insurance $120
Fuel $140

HealthCare Health Insurance $40 Tricare disabled vet
Supplements $50
Co-Pays $80
Dental $50


Taxes Fed ? Roth / 401 withdrawls
State $0 Florida

Gifts Birthdays $50 $400 Annual
Holidays $200 $2400 Annual

Total $8,008
5%margin error $303

MONTHLY ANNUAL
Total $8,311 $99,726
sailaway
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Re: Willing to share your retirement income requirement?

Post by sailaway »

That looks like a budget. The relationship between that and income is going to depend on the makeup of your portfolio and the sources of income available to you, such as SS and pension.
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HomerJ
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Re: Willing to share your retirement income requirement?

Post by HomerJ »

Pay off that car and boat...

How much you getting in Social Security?
"The best tools available to us are shovels, not scalpels. Don't get carried away." - vanBogle59
steadyosmosis
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Re: Willing to share your retirement income requirement?

Post by steadyosmosis »

I manage my income each year to the tax I wish to pay the IRS, and not to the amount of dollars I require to live on.
Age<59.5. Early-retired. AA ~55/45. Taxable account, Roth IRA, HSA...all are 100% equities. 100% of fixed income is in tIRA. I spend from taxable account and rebalance in tIRA.
Topic Author
nomorework
Posts: 105
Joined: Wed Apr 04, 2012 4:16 pm

Re: Willing to share your retirement income requirement?

Post by nomorework »

HomerJ wrote: Mon Apr 01, 2024 8:22 pm Pay off that car and boat...

How much you getting in Social Security?
Thats bait, fuel, maintenance only :|
Topic Author
nomorework
Posts: 105
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Re: Willing to share your retirement income requirement?

Post by nomorework »

HomerJ wrote: Mon Apr 01, 2024 8:22 pm Pay off that car and boat...

How much you getting in Social Security?
I may need a car payment at some point... just building it in.

SS is approx 10k month based on a website calc
JS-Elcano
Posts: 1027
Joined: Wed Jun 10, 2020 7:29 pm

Re: Willing to share your retirement income requirement?

Post by JS-Elcano »

nomorework wrote: Mon Apr 01, 2024 8:06 pm Housing
Mortgage $0
HOA $50
Home Insurance $500
Property Tax $0 Fla disabled vet
Electric $250
Gas home $75
Water / trash $175
Lawn/pest care $200
Cell Phone $150
Internet $110
Cable $150

"Food
entertainment
activities"
Groceries $800 $200/wk
Dining $800 $200/wk
Travel Flights $267 4 trips x $800 flight
Travel Lodging $583 4 weeks@$350/night
Travel food $125 4 weeks x $300 day
Travel excursions $333 4 weeks@ $1000 wk
Travel Transportation $800
Amazon/subscript $100
Wife hair/nails $300
Clothes $200
gym $60
Boat Payment $500

Transportation
Car Payment/ Maint $750 $40K @4.5% for 60months
Auto Insurance $120
Fuel $140

HealthCare Health Insurance $40 Tricare disabled vet
Supplements $50
Co-Pays $80
Dental $50


Taxes Fed ? Roth / 401 withdrawls
State $0 Florida

Gifts Birthdays $50 $400 Annual
Holidays $200 $2400 Annual

Total $8,008
5%margin error $303

MONTHLY ANNUAL
Total $8,311 $99,726
Impressive budget though your travel lodging actually comes out to $817/month not $583 and food I think you mean 300/week not per day because if it's per day (fancy :beer ) you would have to budget $700 per month, not $125.

Also, I would budget something for home maintenance inside and out.
Last edited by JS-Elcano on Mon Apr 01, 2024 8:43 pm, edited 1 time in total.
Normchad
Posts: 5762
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Re: Willing to share your retirement income requirement?

Post by Normchad »

The wife and I worked up the retirement budget a few years ago. I don’t have it handy here, but it was $105K/year.

Highlights:
1. We didn’t want to change our standard or living up or down in retirement
2. Includes a $20K wedge for travel
3. Includes $26k for health insurance. This number is reasonable for us, but hoping to get ACA PTCs to bring it down
4. No mortgage or,other debt
5. I still have a hard time grasping how it all comes to $105K. But we track expenses at a pretty fine level in quicken, and the recent past data says this is correct…..

Edit: Real estate tax and home insurance are about $18K/year
doobiedoo
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Location: Southern CA

Re: Willing to share your retirement income requirement?

Post by doobiedoo »

My 2023 actual expenses.
Image

The "Barstow" line is a rental. It's negative because it generates income.
So omitting that line, my annual expenses were $78k.
tibbitts
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Re: Willing to share your retirement income requirement?

Post by tibbitts »

Normchad wrote: Mon Apr 01, 2024 8:39 pm The wife and I worked up the retirement budget a few years ago. I don’t have it handy here, but it was $105K/year.

Highlights:
1. We didn’t want to change our standard or living up or down in retirement
2. Includes a $20K wedge for travel
3. Includes $26k for health insurance. This number is reasonable for us, but hoping to get ACA PTCs to bring it down
4. No mortgage or,other debt
5. I still have a hard time grasping how it all comes to $105K. But we track expenses at a pretty fine level in quicken, and the recent past data says this is correct…..

Edit: Real estate tax and home insurance are about $18K/year
What's interesting to me is that now just a few years later your $105k budget has become about $125k. Although I knew it was possible for that to occur, I hadn't considered it a high-probability scenario - until it happened.
DireStraits
Posts: 97
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Re: Willing to share your retirement income requirement?

Post by DireStraits »

Normchad wrote: Mon Apr 01, 2024 8:39 pm The wife and I worked up the retirement budget a few years ago. I don’t have it handy here, but it was $105K/year.

Highlights:
1. We didn’t want to change our standard or living up or down in retirement
2. Includes a $20K wedge for travel
3. Includes $26k for health insurance. This number is reasonable for us, but hoping to get ACA PTCs to bring it down
4. No mortgage or,other debt
5. I still have a hard time grasping how it all comes to $105K. But we track expenses at a pretty fine level in quicken, and the recent past data says this is correct…..

Edit: Real estate tax and home insurance are about $18K/year
I'm in the same boat, although it's still a few years away, current plan, in today's dollars is about $100K/year.
You control the plan, not the outcome.
Normchad
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Re: Willing to share your retirement income requirement?

Post by Normchad »

DireStraits wrote: Tue Apr 02, 2024 9:44 am
Normchad wrote: Mon Apr 01, 2024 8:39 pm The wife and I worked up the retirement budget a few years ago. I don’t have it handy here, but it was $105K/year.

Highlights:
1. We didn’t want to change our standard or living up or down in retirement
2. Includes a $20K wedge for travel
3. Includes $26k for health insurance. This number is reasonable for us, but hoping to get ACA PTCs to bring it down
4. No mortgage or,other debt
5. I still have a hard time grasping how it all comes to $105K. But we track expenses at a pretty fine level in quicken, and the recent past data says this is correct…..

Edit: Real estate tax and home insurance are about $18K/year
I'm in the same boat, although it's still a few years away, current plan, in today's dollars is about $100K/year.
For sure. It *feels* implausible that I will spend $9k/month when I don’t have any debt or kids to support, etc.

I’m about to find out though…. Wish me luck.
Beck49
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Joined: Sun Nov 24, 2013 7:15 pm

Re: Willing to share your retirement income requirement?

Post by Beck49 »

Maintain my pre-retirement standard of living. Going fine so far.
User avatar
murrays
Posts: 327
Joined: Wed Jan 17, 2024 9:25 am

Re: Willing to share your retirement income requirement?

Post by murrays »

Here's ours. Taxes should go down substantially when I stop Roth conversions in 2026. Insurance should go down in a few years when we start medicare.

Image
balbrec2
Posts: 657
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Re: Willing to share your retirement income requirement?

Post by balbrec2 »

nomorework wrote: Mon Apr 01, 2024 8:06 pm Housing
Mortgage $0
HOA $50
Home Insurance $500
Property Tax $0 Fla disabled vet
Electric $250
Gas home $75
Water / trash $175
Lawn/pest care $200
Cell Phone $150
Internet $110
Cable $150

"Food
entertainment
activities"
Groceries $800 $200/wk
Dining $800 $200/wk
Travel Flights $267 4 trips x $800 flight
Travel Lodging $583 4 weeks@$350/night
Travel food $125 4 weeks x $300 day
Travel excursions $333 4 weeks@ $1000 wk
Travel Transportation $800
Amazon/subscript $100
Wife hair/nails $300
Clothes $200
gym $60
Boat Payment $500

Transportation
Car Payment/ Maint $750 $40K @4.5% for 60months
Auto Insurance $120
Fuel $140

HealthCare Health Insurance $40 Tricare disabled vet
Supplements $50
Co-Pays $80
Dental $50


Taxes Fed ? Roth / 401 withdrawls
State $0 Florida

Gifts Birthdays $50 $400 Annual
Holidays $200 $2400 Annual

Total $8,008
5%margin error $303

MONTHLY ANNUAL
Total $8,311 $99,726
No, I am not interested in sharing personal information.
I don't know what good it does for anyone to know someone else's info.
HeelaMonster
Posts: 1066
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Re: Willing to share your retirement income requirement?

Post by HeelaMonster »

nomorework wrote: Mon Apr 01, 2024 8:34 pm
HomerJ wrote: Mon Apr 01, 2024 8:22 pm Pay off that car and boat...

How much you getting in Social Security?
I may need a car payment at some point... just building it in.

SS is approx 10k month based on a website calc
Perhaps I am misreading, but is that amount even possible? My quick search suggests that social security benefits top out around $3800 at FRA, or $4800 at age 70. Perhaps this is projected into the future, and not current year?
Topic Author
nomorework
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Re: Willing to share your retirement income requirement?

Post by nomorework »

HeelaMonster wrote: Tue Apr 02, 2024 3:57 pm
nomorework wrote: Mon Apr 01, 2024 8:34 pm
HomerJ wrote: Mon Apr 01, 2024 8:22 pm Pay off that car and boat...

How much you getting in Social Security?
I may need a car payment at some point... just building it in.

SS is approx 10k month based on a website calc
Perhaps I am misreading, but is that amount even possible? My quick search suggests that social security benefits top out around $3800 at FRA, or $4800 at age 70. Perhaps this is projected into the future, and not current year?
You are correct! Just rechecked and my numbers are nearly the same as yours. Or maybe I was estimating for spouse + myself. Good catch
delamer
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Re: Willing to share your retirement income requirement?

Post by delamer »

sailaway wrote: Mon Apr 01, 2024 8:17 pm That looks like a budget. The relationship between that and income is going to depend on the makeup of your portfolio and the sources of income available to you, such as SS and pension.
Right.

OP, how is this thread actionable for you?
One thing that humbles me deeply is to see that human genius has its limits while human stupidity does not. - Alexandre Dumas, fils
Walleyewhacker
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Re: Willing to share your retirement income requirement?

Post by Walleyewhacker »

I’m not sure how it is actionable but I find it interesting and it give ( at least me) some kind of starting point when the time comes. I often find writing stuff down is way different than spit balling it. Regards.
Walleyewhacker
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Re: Willing to share your retirement income requirement?

Post by Walleyewhacker »

Sorry, double post
Topic Author
nomorework
Posts: 105
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Re: Willing to share your retirement income requirement?

Post by nomorework »

delamer wrote: Tue Apr 02, 2024 5:12 pm
sailaway wrote: Mon Apr 01, 2024 8:17 pm That looks like a budget. The relationship between that and income is going to depend on the makeup of your portfolio and the sources of income available to you, such as SS and pension.
Right.

OP, how is this thread actionable for you?
This post has accomplished exactly what I was expecting and my action is to sharpen my pencil and make some changes in my planning.

Someone pointed out my SS was way off (this was a great eye opener)
Someone pointed out a mis calculation (now I know)
Others chimed in and are within a close range (this gave me some comfort and piece of mind)
Someone pointed out that I didn't have home repair listed (now I do)

It's just a discussion to help me and other think about what retirement income requirements look like and ensure that I am on the correct path with my investments.

I want to maximize my spending in my early years while my kids and wife are young. I'm 45 and these types of conversations help me understand and give me confidence in my planning.

I'm 45Yo and save approx $70k a year. I'd like to start spending more and saving less as I meet my targets

I now know that I need to continue funding my investment to meet budgetary requirements in retirement
catlady
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Re: Willing to share your retirement income requirement?

Post by catlady »

Still a ways off but I’m using current expenses + 25k for health insurance + 5k buffer.
Jack FFR1846
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Re: Willing to share your retirement income requirement?

Post by Jack FFR1846 »

OP: I'm not sure I follow 2 things. You list insurance at $500 a month and social security at $10k a month.

My own income this year will be $200k, completely Roth conversions. We are living from cash hoarded in our last few years working, before retiring. I am converting lots of cash into BRK/b in order to avoid unwanted income. Our spending (completely different) is $75k a year outside of Boston. This includes everything. Taxes, costs for 4 cars, etc. Neither of us have taken social security and won't until we're 70. We're mostly striving to reduce RMDs while avoiding IRMAA. So interest and dividends in taxable are the devil.
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p1db
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Location: Northern California

Re: Willing to share your retirement income requirement?

Post by p1db »

I retired in 2022.
My expenses for 2023 were around 110K. This year expenses will be lower, below 100K, since I have ACA insurance with good subsidy instead of COBRA.
I owed zero federal and state (California) taxes in 2022 and 2023 since my income was below taxable threshold.
BorqaZ
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Re: Willing to share your retirement income requirement?

Post by BorqaZ »

murrays wrote: Tue Apr 02, 2024 2:03 pm Here's ours. Taxes should go down substantially when I stop Roth conversions in 2026. Insurance should go down in a few years when we start medicare.

Image
Curious. What kind of clothes do you buy that will cost 8k+ per year?
Topic Author
nomorework
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Re: Willing to share your retirement income requirement?

Post by nomorework »

Jack FFR1846 wrote: Wed Apr 03, 2024 8:28 am OP: I'm not sure I follow 2 things. You list insurance at $500 a month and social security at $10k a month.

My own income this year will be $200k, completely Roth conversions. We are living from cash hoarded in our last few years working, before retiring. I am converting lots of cash into BRK/b in order to avoid unwanted income. Our spending (completely different) is $75k a year outside of Boston. This includes everything. Taxes, costs for 4 cars, etc. Neither of us have taken social security and won't until we're 70. We're mostly striving to reduce RMDs while avoiding IRMAA. So interest and dividends in taxable are the devil.
Insurance is homeowner insurance in FLA
SS is off, but not terribly for him+her Probably closer to 7-8K
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murrays
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Re: Willing to share your retirement income requirement?

Post by murrays »

BorqaZ wrote: Wed Apr 03, 2024 8:37 am Curious. What kind of clothes do you buy that will cost 8k+ per year?
Not will, that's the last year's expenses.

Not me, my wife and I don't ask questions like that :sharebeer
Atomsplitter
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Re: Willing to share your retirement income requirement?

Post by Atomsplitter »

nomorework wrote: Mon Apr 01, 2024 8:06 pm
HealthCare Health Insurance $40 Tricare disabled vet
Supplements $50
Co-Pays $80
Dental $50
Hoping you already know that once you reach 65 will have to go on Medicare @ about 170 ish a month for each of you (as you each hit 65), good news will be Tricare will become secondary so no part C or D cost so you will save there. This is my understanding of the costs, if you are 100% disabled per SSA then that can impact the cost but the VA 100% and SSA 100% - not related.
Atomsplitter
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Re: Willing to share your retirement income requirement?

Post by Atomsplitter »

doobiedoo wrote: Mon Apr 01, 2024 11:50 pm My 2023 actual expenses.
Image

The "Barstow" line is a rental. It's negative because it generates income.
So omitting that line, my annual expenses were $78k.
Let me commend you for keeping your lunch costs down to just $27 for the year! Cuts have to be made somewhere :happy

Actually is this from a software tracking or your own excel sheet, been wondering about something like Quicken but have never used it, just had friends talk about it?
Johm221122
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Re: Willing to share your retirement income requirement?

Post by Johm221122 »

I was actually just recently looking for real life budgets just to see what other categories people spend on. For me this provides a more balanced look to see if I'm missing anything in my retirement budget to determine what I really need category wise

This will be my future goal in today's dollars but is way more than I'm spending now(except taxes which are higher now)

Rent and utilities $1500

Food and household items $500(Walmart)
Health insurance $200 (ACA silver plan and then Medicare advantage)
Public bus pass $50
Laundry $50
Federal taxes $350
Phone $50

Discretionary spending $1200 ( clothes, eating out,books etc...)

My health insurance estimate is a little higher than current ACA calculator because I expect more inflation in this category and my taxes will drop significantly after Social Security. I use large discretionary category because I don't actually budget but spend less than I make, but a budget is needed to figure out how much money I need in retirement savings.
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inittowinit
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Re: Willing to share your retirement income requirement?

Post by inittowinit »

nomorework wrote: Mon Apr 01, 2024 8:34 pm SS is approx 10k month based on a website calc
Was this a typo? I believe SS maxes out at around $3,500/month.
ondarvr
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Re: Willing to share your retirement income requirement?

Post by ondarvr »

To ensure my retirement would work I approached it from a different direction.

I calculated what our income would be from all sources as close as possible, then set about living on that number. After three years of living quite easily on that figure I've needed to adjust my spending up a bit because unless there are huge unexpected costly events, we won't need to touch our retirement savings at all. I'll be retiring later this year with what in effect will be a pay raise if we plan to deplete our retirement funds.
Last edited by ondarvr on Wed Apr 03, 2024 1:19 pm, edited 1 time in total.
Topic Author
nomorework
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Re: Willing to share your retirement income requirement?

Post by nomorework »

Atomsplitter wrote: Wed Apr 03, 2024 11:36 am
nomorework wrote: Mon Apr 01, 2024 8:06 pm
HealthCare Health Insurance $40 Tricare disabled vet
Supplements $50
Co-Pays $80
Dental $50
Hoping you already know that once you reach 65 will have to go on Medicare @ about 170 ish a month for each of you (as you each hit 65), good news will be Tricare will become secondary so no part C or D cost so you will save there. This is my understanding of the costs, if you are 100% disabled per SSA then that can impact the cost but the VA 100% and SSA 100% - not related.
I had no Idea..Thank you for sharing!
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Hacksawdave
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Re: Willing to share your retirement income requirement?

Post by Hacksawdave »

p1db wrote: Wed Apr 03, 2024 8:36 am I owed zero federal and state (California) taxes in 2022 and 2023 since my income was below taxable threshold.
Okay, I just have to ask how you pulled that one off for CA.

My best CA tax year was also 2022 in my third year of retirement. I took every deduction and credit available and still was left with a CA tax liability of $35 on an AGI of $28,370 (MAGI of $45,335) filing as single.
Atomsplitter
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Re: Willing to share your retirement income requirement?

Post by Atomsplitter »

nomorework wrote: Wed Apr 03, 2024 1:07 pm
Atomsplitter wrote: Wed Apr 03, 2024 11:36 am
nomorework wrote: Mon Apr 01, 2024 8:06 pm
HealthCare Health Insurance $40 Tricare disabled vet
Supplements $50
Co-Pays $80
Dental $50
Hoping you already know that once you reach 65 will have to go on Medicare @ about 170 ish a month for each of you (as you each hit 65), good news will be Tricare will become secondary so no part C or D cost so you will save there. This is my understanding of the costs, if you are 100% disabled per SSA then that can impact the cost but the VA 100% and SSA 100% - not related.
I had no Idea..Thank you for sharing!
Glad I could help, was shocked myself a few years ago when I learned it. They always said, oh medical for life when you retire, and there's Tri-care for life program. Small print was Tri-car for life is: your on Medicare and Tricare is your secondary for part C & D. Only bummer about Tricare is the inability to have an HSA! Other than the HSA, Tricare has been just about awesome and the ability it affords to retire way before 65 is worth far more that the inability to have an HSA (IMHO)!

Now don't get me wrong it's way better than what I seen a lot of people get in the "civilian" world for a whole lot less, it's just that it was not well explained. I was lucky to have family that went on to Medicare from Tricare so I learned about it that way. Guess one way to look it is we all gotta pay to ride the Medicare train!
p1db
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Re: Willing to share your retirement income requirement?

Post by p1db »

Hacksawdave wrote: Wed Apr 03, 2024 1:08 pm
p1db wrote: Wed Apr 03, 2024 8:36 am I owed zero federal and state (California) taxes in 2022 and 2023 since my income was below taxable threshold.
Okay, I just have to ask how you pulled that one off for CA.

My best CA tax year was also 2022 in my third year of retirement. I took every deduction and credit available and still was left with a CA tax liability of $35 on an AGI of $28,370 (MAGI of $45,335) filing as single.
My MAGI is similar to yours but I am filing jointly.
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ruralavalon
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Re: Willing to share your retirement income requirement?

Post by ruralavalon »

p1db wrote: Wed Apr 03, 2024 3:34 pm
Hacksawdave wrote: Wed Apr 03, 2024 1:08 pm
p1db wrote: Wed Apr 03, 2024 8:36 am I owed zero federal and state (California) taxes in 2022 and 2023 since my income was below taxable threshold.
Okay, I just have to ask how you pulled that one off for CA.

My best CA tax year was also 2022 in my third year of retirement. I took every deduction and credit available and still was left with a CA tax liability of $35 on an AGI of $28,370 (MAGI of $45,335) filing as single.
My MAGI is similar to yours but I am filing jointly.
Withdrawing retirement living expenses from our joint taxable account I managed several years in the 00% tax bracket.

I might perhaps have been better off doing some Roth conversions from my rollover IRA? Illinois does not tax retirement account distributions.
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murrays
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Re: Willing to share your retirement income requirement?

Post by murrays »

ruralavalon wrote: Wed Apr 03, 2024 4:21 pm Withdrawing retirement living expenses from our joint taxable account I managed several years in the 00% tax bracket.

I might perhaps have been better off doing some Roth conversions from my rollover IRA? Illinois does not tax retirement account distributions.
If you could have paid 0%, absolutely! We probably could have paid $0 last year and gotten a ACA subsidy for our health insurance, but you can see from my screenshot yesterday that we choose to make Roth conversions and pay the taxes from our taxable account.
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David Jay
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Re: Willing to share your retirement income requirement?

Post by David Jay »

inittowinit wrote: Wed Apr 03, 2024 12:44 pm
nomorework wrote: Mon Apr 01, 2024 8:34 pm SS is approx 10k month based on a website calc
Was this a typo? I believe SS maxes out at around $3,500/month.
In that range at FRA, considerably more at age 70.
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Re: Willing to share your retirement income requirement?

Post by mkc »

[Topic is now in Personal Finance (Not Investing) - retirement planning question. mod mkc]
doobiedoo
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Re: Willing to share your retirement income requirement?

Post by doobiedoo »

Atomsplitter wrote: Wed Apr 03, 2024 11:48 am
doobiedoo wrote: Mon Apr 01, 2024 11:50 pm My 2023 actual expenses.
Image

The "Barstow" line is a rental. It's negative because it generates income.
So omitting that line, my annual expenses were $78k.
Let me commend you for keeping your lunch costs down to just $27 for the year! Cuts have to be made somewhere :happy
Lunch became a separate line item when I was working. It was significantly more then.
Now I mostly eat lunch at home, so the cost of lunch is embedded in the Groceries line item.
Atomsplitter wrote: Wed Apr 03, 2024 11:48 am Actually is this from a software tracking or your own excel sheet, been wondering about something like Quicken but have never used it, just had friends talk about it?
This is my own Excel spreadsheet. I've been tracking expenses [and net worth] since 1985.
It was one of the main reasons I bought a PC then.
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murrays
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Re: Willing to share your retirement income requirement?

Post by murrays »

doobiedoo wrote: Wed Apr 03, 2024 7:29 pm This is my own Excel spreadsheet. I've been tracking expenses [and net worth] since 1985.
It was one of the main reasons I bought a PC then.
Is that why it looks like it’s from Lotus 123? :mrgreen:

I have spending spreadsheets from the ‘80s, but then I got Quicken and never looked back.
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nomorework
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Re: Willing to share your retirement income requirement?

Post by nomorework »

murrays wrote: Wed Apr 03, 2024 7:40 pm
doobiedoo wrote: Wed Apr 03, 2024 7:29 pm This is my own Excel spreadsheet. I've been tracking expenses [and net worth] since 1985.
It was one of the main reasons I bought a PC then.
Is that why it looks like it’s from Lotus 123? :mrgreen:

I have spending spreadsheets from the ‘80s, but then I got Quicken and never looked back.
Lotus notes.. I've heard of them from my elders :D
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Hacksawdave
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Re: Willing to share your retirement income requirement?

Post by Hacksawdave »

murrays wrote: Wed Apr 03, 2024 4:54 pm
ruralavalon wrote: Wed Apr 03, 2024 4:21 pm Withdrawing retirement living expenses from our joint taxable account I managed several years in the 00% tax bracket.

I might perhaps have been better off doing some Roth conversions from my rollover IRA? Illinois does not tax retirement account distributions.
If you could have paid 0%, absolutely! We probably could have paid $0 last year and gotten a ACA subsidy for our health insurance, but you can see from my screenshot yesterday that we choose to make Roth conversions and pay the taxes from our taxable account.
Yes, but hey, if you realize an arbitrage on when it was deferred, then you could still come out ahead even losing some PTC. I do not do Roth conversions and just take a predetermined withdrawal to make sure the OI space is used for that year. In CA, my average deferment rate was over 37% and I am realizing arbitrage rates well over 30%. It works better for me.
Mr. Rumples
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Re: Willing to share your retirement income requirement?

Post by Mr. Rumples »

Social security and my late husband's pension covers everything. However, if I go into a CCRC, I will need to start spending the RMD's.
"History is the memory of time, the life of the dead and the happiness of the living." Captain John Smith 1580-1631
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murrays
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Re: Willing to share your retirement income requirement?

Post by murrays »

Hacksawdave wrote: Wed Apr 03, 2024 8:36 pm
murrays wrote: Wed Apr 03, 2024 4:54 pm
ruralavalon wrote: Wed Apr 03, 2024 4:21 pm Withdrawing retirement living expenses from our joint taxable account I managed several years in the 00% tax bracket.

I might perhaps have been better off doing some Roth conversions from my rollover IRA? Illinois does not tax retirement account distributions.
If you could have paid 0%, absolutely! We probably could have paid $0 last year and gotten a ACA subsidy for our health insurance, but you can see from my screenshot yesterday that we choose to make Roth conversions and pay the taxes from our taxable account.
Yes, but hey, if you realize an arbitrage on when it was deferred, then you could still come out ahead even losing some PTC. I do not do Roth conversions and just take a predetermined withdrawal to make sure the OI space is used for that year. In CA, my average deferment rate was over 37% and I am realizing arbitrage rates well over 30%. It works better for me.
What you saved on deferral, while interesting, has no impact on what your future taxes will be with RMDs. After tax value and future marginal rates are the important numbers to focus on.
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whodidntante
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Re: Willing to share your retirement income requirement?

Post by whodidntante »

I use an aggregator and then look back on my spending once a year or so. Once I exclude taxes and manufactured spending, my expenses are pretty low. But I do add back the cost to rent a house similar to my paid off house, so that I can keep myself in the style I've grown accustomed to.
SurferLife
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Re: Willing to share your retirement income requirement?

Post by SurferLife »

I had planned on about 120k/yr, but that's turning out to be insufficient and 155k/yr is looking to be more appropriate. Medical has increased costs more than expected. We do live in a VHCOL area, and of that amount, 42k is our mortgage. I'm hoping that once we get settled that it'll go down a bit. We are still within our SWR with that increase.
doobiedoo
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Re: Willing to share your retirement income requirement?

Post by doobiedoo »

murrays wrote: Wed Apr 03, 2024 7:40 pm
doobiedoo wrote: Wed Apr 03, 2024 7:29 pm This is my own Excel spreadsheet. I've been tracking expenses [and net worth] since 1985.
It was one of the main reasons I bought a PC then.
Is that why it looks like it’s from Lotus 123? :mrgreen: ..
Yes. The original spreadsheet was in Lotus 123.
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murrays
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Re: Willing to share your retirement income requirement?

Post by murrays »

doobiedoo wrote: Thu Apr 04, 2024 6:28 am
murrays wrote: Wed Apr 03, 2024 7:40 pm
doobiedoo wrote: Wed Apr 03, 2024 7:29 pm This is my own Excel spreadsheet. I've been tracking expenses [and net worth] since 1985.
It was one of the main reasons I bought a PC then.
Is that why it looks like it’s from Lotus 123? :mrgreen: ..
Yes. The original spreadsheet was in Lotus 123.
Man that app sucked after using Excel!

Little known fact, Excel originated on the Mac OS. I started using it in '86 before the Windows version existed. I went to work in '88 and had to use 123 on DOS which was like going backwards a decade in computer tech.
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