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Retirement Discussions / Retire Well on Less


Subject:  Re: Retirement in danger Date:  10/25/2008  7:38 PM
Author:  ziggy29 Number:  1303 of 1845

>> Sandman is retired, and I'm a SAHM, and we live on less then $50k a year, BUT I still do not see the amounts listed in that article as reasonably feasible for retirement. <<

Doesn't that depends on what you want your retirement to be? If you own your home outright and don't care to travel much, a frugal but comfortable lifestyle in a moderate cost of living area could easily get by on $50K.

What we "want" from retirement varies so greatly from one person to the next that putting a "required income" or blanket statement about percentage of working salary needed tends to be pretty bogus.

I'm quite sure we could live on $40K in retirement with relative ease (in current dollars). We have a small, paid-for home in a low cost of living town and pretty simple tastes. Obviously, we'd like a little more than that (and health insurance could be the wild card here when it's time), but I've run budget numbers over and over again based on required expenses, "lifestyle-important" discretionary expenses and fluff that could be cut, and the first two buckets are a bit less than $40K per year, including taxes.

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