cartopper

Somber report . . . Retirement and death . . .

83 posts in this topic

Croaking.  Not a problem.  The fishing is so bad on this side of the dirt it has to be better on the other side.

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For you guys in retirement, what is your budget per month that you need to live on. I know everyone is different but I am starting get some numbers together and I think I am in better shape than I thought. We don't live a high end life style now so I don't see a big sticker shock when it happens. I am targeting 65 when medicare can kick in, my house will be paid soon after. I would like to stay in my hose and dont really mind paying the taxes for where we are located. What are your big expenses per month in retirement?

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9 hours ago, JMB said:

For you guys in retirement, what is your budget per month that you need to live on. I know everyone is different but I am starting get some numbers together and I think I am in better shape than I thought. We don't live a high end life style now so I don't see a big sticker shock when it happens. I am targeting 65 when medicare can kick in, my house will be paid soon after. I would like to stay in my hose and dont really mind paying the taxes for where we are located. What are your big expenses per month in retirement?

Maintenance/loan repayment on our apartment is around 550 Euros/mo. Includes heat and basic cable/internet. It will go up to 1100/mo. in 2 years.

Food, figure another 500. More if we eat out more often.

Electricity averages 60 Euros quarterly.

No car, that saves a ton.

Annual bus pass averages 30/mo.

Cell phones, pre-paid, 89 cents/day for each phone--we have 2.

No need for health insurance.

Combined SS and my pension, roughly $5000 US/month.

We're doing OK.
Finland doesn't tax retirement income, so we will have to pay the US. 

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Mortgage is about $700 per month.

Property taxes $500/yr 

Had no mortgage in NJ but even combined with taxes here it's 60% cheaper

Electric average $100/mo

Car insurance for two vehicles is $600/yr

Good health care plan from work covers just about everything with small co-pay . The main reason I stayed in hell for 25 years was the bennies went with after retirement.

No state sales tax

No state income when adjusted for senior rate

Free fishing and hunting

Pensions,stock funds and SS from both of us come to around $60,000/yr

We be aight

 

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Having not read much of this, I gotta say the real sad part of this, to me, is guys who work themselves to the bone to try to get max retirement monies, then croak right after they retire.

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Posted (edited)

1 hour ago, Ditch Jigger said:

Maintenance/loan repayment on our apartment is around 550 Euros/mo. Includes heat and basic cable/internet. It will go up to 1100/mo. in 2 years.

Food, figure another 500. More if we eat out more often.

Electricity averages 60 Euros quarterly.

No car, that saves a ton.

Annual bus pass averages 30/mo.

Cell phones, pre-paid, 89 cents/day for each phone--we have 2.

No need for health insurance.

Combined SS and my pension, roughly $5000 US/month.

We're doing OK.
Finland doesn't tax retirement income, so we will have to pay the US. 

 

26 mins ago, Capt Buck said:

Mortgage is about $700 per month.

Property taxes $500/yr 

Had no mortgage in NJ but even combined with taxes here it's 60% cheaper

Electric average $100/mo

Car insurance for two vehicles is $600/yr

Good health care plan from work covers just about everything with small co-pay . The main reason I stayed in hell for 25 years was the bennies went with after retirement.

No state sales tax

No state income when adjusted for senior rate

Free fishing and hunting

Pensions,stock funds and SS from both of us come to around $60,000/yr

We be aight

 

Good stuff, you guys sound like you are in good shape. Did you take SS at 62?

Edited by JMB

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42 mins ago, JMB said:

 

Good stuff, you guys sound like you are in good shape. Did you take SS at 62?

Yup. The minor loss of SS income is worth the time gained to play. You can get more money somehow if you need it, you can't get more time. We are happy with pour decision.

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14 hours ago, JMB said:

For you guys in retirement, what is your budget per month that you need to live on. I know everyone is different but I am starting get some numbers together and I think I am in better shape than I thought. We don't live a high end life style now so I don't see a big sticker shock when it happens. I am targeting 65 when medicare can kick in, my house will be paid soon after. I would like to stay in my hose and dont really mind paying the taxes for where we are located. What are your big expenses per month in retirement?

Go over your bills for the last year or two.  Unless you make some huge changes in your lifestyle, your retirement expenses will be about the same... maybe a little higher.  Having more free time creates more ways to spend money.

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6 hours ago, Slacker said:

Go over your bills for the last year or two.  Unless you make some huge changes in your lifestyle, your retirement expenses will be about the same... maybe a little higher.  Having more free time creates more ways to spend money.

Didn't you use to live up this way. You retire down there or job take you there?

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20 hours ago, JMB said:

For you guys in retirement, what is your budget per month that you need to live on. I know everyone is different but I am starting get some numbers together and I think I am in better shape than I thought. We don't live a high end life style now so I don't see a big sticker shock when it happens. I am targeting 65 when medicare can kick in, my house will be paid soon after. I would like to stay in my hose and dont really mind paying the taxes for where we are located. What are your big expenses per month in retirement?

Some of our bills off the top of my head. Before I retired we did a daily log of "ALL" expenses for about two years. Very tedious but it did really help with retirement planning. Been retire going on three years now and no surprises because of the daily tracking.

 

One car payment which ends 2019....$315 month (we have two cars both should be good for another 8 years.)

Cable bill....LOL all combined about $215 per month

current house payment - $2100 per month

Medical insurance along with long term care not sure of monthly but not cheap

Dental stuff

Eye stuff including new glasses which are not cheap.

Car insurance  - $800 year

Usual house bills, sewer, water, electric, property tax, local, state, federal taxes

Normal car maintenance 

Gym memberships

Financial advisor

Going out to eat

Theater subscriptions

Speaker series subscription

Vacation / Traveling - average spend about $35K per year since retirement started in 2015.

Cat sitter....about $600 year......LOL

 

 

 

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Biggest BS article I've seen. Pay it no mind. If you die after retirement at 62 it's not because of SS lol. 

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11 hours ago, JMB said:

 

Good stuff, you guys sound like you are in good shape. Did you take SS at 62?

I took it at 63, and it was rounded up to 64 because I had passed 63-1/2. My state pension is peanuts because I only had 10 ears of service, and took it at 63. But, we knew that the cost of living over here was gonna be a lot cheaper than in Mass. 

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11 hours ago, patchyfog said:

Having not read much of this, I gotta say the real sad part of this, to me, is guys who work themselves to the bone to try to get max retirement monies, then croak right after they retire.

 

Yes

 

id think most guys who retire before 65 either got it made with a pension or are physically and emotionally done at 62. 

 

Theres also the stress of a lifestyle change and having to adjust to it   Guys don’t like to admit to that.  It shows up in the cardiac cath lab. 

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Posted (edited)

I have been tracking costs and have a pretty good idea what to expect cost-wise at retirement.  Probably won't retire until I'm at least 67 and all debts paid off except what's left of the student loans from my kids.  With SS, pension and 401K combined I expect to make at least 60K per year - this is by myself since I will have been divorced already and assuming I'm still single and don't have to pay alimony anymore because by NJ law alimony payments can stop at full retirement age in good faith.    The only real decision I'm still wrestling with is whether to stay in NJ or go somewhere cheaper and warmer year around.  NJ won't be as expensive to live in retirement because it will repeal all income tax on retirement income (up to $100K for joint; $75K for single filer) by 2020 - that's pretty powerful and something that makes it more attractive to stay in NJ to stay near family.

Edited by GeoffT

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