Good morning,
I keep a sticky note at work with my projected retirement budget written on it and I change it a bit over the years as cost of things go up. I'm 39 years old wife 39 also. 2 kids. Current income around 225-250k combined. Low cost of living area. I've seen family members and friends retire and they just sit around the house all day long with no extra income to enjoy life. I want to try my best to be able to stay active if health permits and travel and enjoy time with my wife when we enter retirement. Looking to retire around 55-57 wife loves job and might continue to work part time. What am I overlooking? Would appreciate real life advice from people currently living the retired life.
400-Property Tax
200-Home insurance
300-Electric
200-TV/Internet
600-Groceries (currently closer to 800 but figured it will drop when kids are out of the house)
600-Gas
200-Cell phone
200-Car Insurance
250-Self Care (hair, nails, massage, chiropractor, etc)
1500-Entertainment (a meal for 2 isn't cheap anymore, this would include hobbies fishing gear, hunting gear, etc.)
1500-Travel Savings (don't want to be sitting around when retired if health permits)
250-Home/Car repairs
1200-Car payment (Never had a car payment we both drive vehicles with over 200k miles currently but thought it would be nice to budget just cuz)
200-Firewood (Currently cut wood myself but as I get older might need to purchase wood cut and split to fill my outside woodstove. Home is 3350 square feet and fuel oil would cost a fortune to heat so this is best alternative)
50-Propane (gas stove and fireplace)
200-Life Insurance (currently have a 20 year term for $47/month, probably don't need this but overestimating)
3000-Health insurance (If retiring at 55-57 is this a realistic number to account for?)
50-Security System
1000-Church/donations
50-Gym membership
15-Water softener salt
1,000-Taxes (No clue on what to factor for taxes we will have 401k, roth IRA, HSA, and taxable accounts)
_________________________________________________
$12,965/mo = $155,580/year
estimating low on social security because we would lose a few years of earning if we retire early
20k each =40k
155,580-40,000=115,580/year
if you draw 4% from 1 million you get 40k per year so my number needs to be around 3 mil for remaining balance ????????
I keep a sticky note at work with my projected retirement budget written on it and I change it a bit over the years as cost of things go up. I'm 39 years old wife 39 also. 2 kids. Current income around 225-250k combined. Low cost of living area. I've seen family members and friends retire and they just sit around the house all day long with no extra income to enjoy life. I want to try my best to be able to stay active if health permits and travel and enjoy time with my wife when we enter retirement. Looking to retire around 55-57 wife loves job and might continue to work part time. What am I overlooking? Would appreciate real life advice from people currently living the retired life.
400-Property Tax
200-Home insurance
300-Electric
200-TV/Internet
600-Groceries (currently closer to 800 but figured it will drop when kids are out of the house)
600-Gas
200-Cell phone
200-Car Insurance
250-Self Care (hair, nails, massage, chiropractor, etc)
1500-Entertainment (a meal for 2 isn't cheap anymore, this would include hobbies fishing gear, hunting gear, etc.)
1500-Travel Savings (don't want to be sitting around when retired if health permits)
250-Home/Car repairs
1200-Car payment (Never had a car payment we both drive vehicles with over 200k miles currently but thought it would be nice to budget just cuz)
200-Firewood (Currently cut wood myself but as I get older might need to purchase wood cut and split to fill my outside woodstove. Home is 3350 square feet and fuel oil would cost a fortune to heat so this is best alternative)
50-Propane (gas stove and fireplace)
200-Life Insurance (currently have a 20 year term for $47/month, probably don't need this but overestimating)
3000-Health insurance (If retiring at 55-57 is this a realistic number to account for?)
50-Security System
1000-Church/donations
50-Gym membership
15-Water softener salt
1,000-Taxes (No clue on what to factor for taxes we will have 401k, roth IRA, HSA, and taxable accounts)
_________________________________________________
$12,965/mo = $155,580/year
estimating low on social security because we would lose a few years of earning if we retire early
20k each =40k
155,580-40,000=115,580/year
if you draw 4% from 1 million you get 40k per year so my number needs to be around 3 mil for remaining balance ????????
Statistics: Posted by Youngbuck21 — Fri Mar 29, 2024 10:44 am — Replies 6 — Views 289
