How low can you go?

[Tybee]

I would have to put a serious pencil to it but our monthly expenditures end up being around $1500 a month since we don't have a house or car payment. We only have one car and property taxes here are very low. I am thinking around $28-30K a year at this point. Of course, I am not adding all the home fixup expenditures which are coming out of their own pot of funds.

How does the 1500 break down? Do you include things like medication and pets travel to family, gifts, vacations, etc? That sounds really good! I really am starting to feel like a spendthrift. . .

[Gardnr]

Our retirement investment plan is based on $60k. We own 2 homes and 2 cars and we intend to keep it all-our mountain cabin if fabulously relaxing. It is our secondary fund if needed to sell.

We already do the level of travel expenditure we intend. We have already invested in the primary equipment needs of our hobbies.

We have planned funding for the projected # of: reroofings, appliance replacement, ac/heat units. We'll buy hubby 1 or 2 vehicled depending on his choice next time around.

[herbgeek]

We're at about 40K so far this year, with 2 months to go. We live in a HCOL as far as real estate/state taxes go. Also had some medical procedures this year that were out of pocket to the tune of several thousand. I've bought some new clothing this year, instead of consignment store only. This included one trip to Florida, and multiple weekends away staying at reasonable but not lavish hotels (Hampton Inn/Holiday Inn Express vs Four Seasons). I could cut this back significantly, but I don't really want to. 30 years of being frugal means I get to do more traveling now, and less watching of the pennies.

[Teacher Terry]

WE spend 10-12k/year on vacations and 12 on healthcare. WE also spend about 800/month on entertainment, eating out, etc. Now we spend between 62-72/year. Obviously we could cut out the travel and entertainment if we had too. WE are really enjoying ourselves at this stage of life.

[ApatheticNoMore]

I figure 40k a year if I'm figuring saving up an emergency fund for x months or something but then that figures I lose my employer provided health insurance and am thrown on CORBA or the ACA etc.. Really it's more like 35k a year, that's not paid off mortgage that's what I spend fully including rent without any hardship or sacrifice in any real sense whatsoever, but I don't like expensive entertainment, but I do like organic food. But I probably won't have that much when retired realistically (of course the calculators are all based on current before tax income which I don't spend anyway so of course one never has enough saved for retirement and I could probably even get not too super far off from the total those calculators say for age, if the only thing I saved in was retirement accounts, but I am considering buying property some day so saving outside retirement accounts as well - it may not ever happen of course, as I'm only middle class and here that is stretching it). Oh I think it's fully realistic I won't have nearly as much in retirement as I do now no matter what I do.

[bae]

$60-$70k/year.

However, at the moment we are running about $65k/year above that, but we're putting our daughter through college and paying full-fare. She's graduating this summer, but then it's off to grad school, preparing herself for a profession in which only a handful of jobs exist each generation.

[lmerullo]

The last two years we lived on $39000/yr. I just did very part time work and we lived off dh salary, not bonus or profit sharing. Although it's doable, and at first felt free - I decided I really didn't want to live out my life that conservatively. I have gone back to near full time work with an eye on saving a large portion of my income to increase our reserves.

That said, we've been smacked in the face with the reality that life is fleeting... I fear I may need to carry on without dh. Again, a different financial reality- one in which I may have to work many more years.

Best case scenario - I work 15 years, and so does dh. We retire with a very nice nest egg and SS is still funded. Our health is good and we live happily ever after.

[pinkytoe]

How does the 1500 break down?

Other than remodeling this house, we have very few expenses since retiring - health insurance for DH ($253) and auto/home insurance ($158). Groceries/wine ($400). Cell phones are $70 for both of us. Internet $38. Eating out around $150. Utilities average $140. Pet food $55. Netflix, Amazon Prime and local newspaper ($55) Neither of us take prescription meds. One tank of gas every three weeks so far. I try to save $1000 a month from my pension so not counting that. Prop taxes are under $800 a year. Everything else is for miscellaneous and unexpected expenses. I am hoping to spend some on travel next spring/summer.

[befree]

Last year, I started prep for retirement (I'm 62 now) by tracking everything I spend. It came out to about $40k last year.

[Gardenarian]

It depends so much on what happens with health insurance, but I'd feel comfortable with 50k. I'm retired but working part-time, mostly for fun. Along with my investments and pensions, I make around $5k per month, dh makes about the same, and we have a good amount in reserve.

We spent less than 50k last year. This year - I spent 20k on dental work alone (I got 5 different opinions, and this was actually a good deal. Just crummy teeth and procrastination.)

I'm very grateful I don't have to count pennies.

Long term care? Who knows.