- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Retirement Income Goals for planning purposes.
Posted on 1/13/24 at 5:06 pm
Posted on 1/13/24 at 5:06 pm
$10,000 per month after taxes is the "base line". Retirement date, assume is today. Place of Retirement assume is Louisiana.
How well is a Retiree living on 10k per month after taxes in La.?
How much lower can he go and still have a good standard of living?
How well is a Retiree living on 10k per month after taxes in La.?
How much lower can he go and still have a good standard of living?
10
Posted on 1/13/24 at 5:21 pm to Champagne
quote:
How well is a Retiree living on 10k per month after taxes in La.?
Posted on 1/13/24 at 5:34 pm to Champagne
How much would this person be paying in mortgage, property taxes, and home insurance Per month?
What about other recurring debt obligations?
What about other recurring debt obligations?
Posted on 1/13/24 at 5:37 pm to Chicken
Leave those factors out of the equation for the sake of simplification.
Posted on 1/13/24 at 5:52 pm to Champagne
10k a month after taxes is plenty. That’s 144k salary and most middle class calcs has middle class at 90k
Posted on 1/13/24 at 6:29 pm to tigerbacon
As long as you’re debt free. If so, monthly expenses are easy to meet.
Posted on 1/13/24 at 6:45 pm to Champagne
If you are debt free you will be fine.
Posted on 1/13/24 at 6:49 pm to Champagne
quote:
Leave those factors out of the equation for the sake of simplification.
Well that's just stupid. Part of determining how well one could live on that would necessarily mean taking into account what your expenses are. Are we just assuming you have $10,000/month of frick you money? If so, then I think you could probably get by.
Posted on 1/13/24 at 6:58 pm to Champagne
quote:
Leave those factors out of the equation for the sake of simplification.
Dude!
Posted on 1/13/24 at 7:13 pm to Champagne
I love these threads
Can I make it with only $10,000 after taxes to spend every single month???
I sure as hell hope so. If you can’t, you need to reign in the spending .
Can I make it with only $10,000 after taxes to spend every single month???
I sure as hell hope so. If you can’t, you need to reign in the spending .
Posted on 1/13/24 at 8:49 pm to La Place Mike
I anticipate having the house paid off, very low property tax. Homeowners insurance will be a necessary expense but I do not live on the Gulf Coast.
There are no recurring debt obligations.
There are no recurring debt obligations.
This post was edited on 1/13/24 at 8:50 pm
Posted on 1/13/24 at 9:11 pm to Lawyered
quote:
I love these threads
Can I make it with only $10,000 after taxes to spend every single month???
I sure as hell hope so. If you can’t, you need to reign in the spending .
I'm trying to be a responsible person and plan for my future retirement. It's a serious responsibility. I apologize for any inconvenience.
Posted on 1/13/24 at 9:26 pm to Champagne
I think the problem is, what you really should be asking yourself is would you be comfortable living on 10k/mo. now after taxes with no mortgage?
If the answer is "no", then you have your answer. If the answer is yes, then get your arse to $3.7m as quickly as possible. That would be my plan anyway...
If the answer is "no", then you have your answer. If the answer is yes, then get your arse to $3.7m as quickly as possible. That would be my plan anyway...
Posted on 1/13/24 at 9:30 pm to UpstairsComputer
quote:
I think the problem is, what you really should be asking yourself is would you be comfortable living on 10k/mo. now after taxes with no mortgage?
Now? Yes. Ten years from now, though, with inflation? I hope so.
This post was edited on 1/13/24 at 9:59 pm
Posted on 1/13/24 at 9:50 pm to Champagne
Do you track what you currently spend a month?
Posted on 1/13/24 at 10:00 pm to Chicken
quote:
Do you track what you currently spend a month?
Yes, and, it is less than 10k a month. But expenses rise for the elderly, especially if they need to live in a nursing home.
Posted on 1/13/24 at 10:01 pm to Champagne
Yes,they could live well even w a mortgage and modest car payment. How well? That depends heavily on where (city/rural), lifestyle (travel/hobbies/active/homebody), debt load etc.
Remember in retirement you're no longer contributing to retirement or paying FICA. Also, with a mix of traditional, Roth and taxable investments you can really minimize tax burden. So $10k/m is like making not just $140k but more like a couple earning $180k+ maxing 401k and 2x Roth IRAs in accumulation phase.
Remember in retirement you're no longer contributing to retirement or paying FICA. Also, with a mix of traditional, Roth and taxable investments you can really minimize tax burden. So $10k/m is like making not just $140k but more like a couple earning $180k+ maxing 401k and 2x Roth IRAs in accumulation phase.
This post was edited on 1/13/24 at 11:30 pm
Posted on 1/13/24 at 10:10 pm to TorchtheFlyingTiger
If talking nursing homes they charge 5-10k a month if paying cash. But you can buy into retirement communities that cover everything as you age
Posted on 1/13/24 at 10:21 pm to tigerbacon
quote:
But you can buy into retirement communities that cover everything as you age
Buying in saves you a place in community but you will still have major out of pocket costs.
Posted on 1/13/24 at 10:46 pm to Champagne
From fidelity:
Here are Fidelity's age-based milestones you can use to track your progress:
By age 30: 1x your income
By age 40: 3x your income
By age 50: 6x your income
By age 60: 8x your income
Here are Fidelity's age-based milestones you can use to track your progress:
By age 30: 1x your income
By age 40: 3x your income
By age 50: 6x your income
By age 60: 8x your income
Page 1 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News