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Author Topic: Retirement Budget  (Read 33483 times)

Offline Snowman

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Retirement Budget
« on: February 28, 2015, 09:22:18 am »
I have been working on a retirement budget this morning and can't find any good online tools  :P So I just added a page to my yearly budget and investment excel file and started making inputs. This is a question for our distinguished retired members, does this look real?

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Offline wing

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Retirement Budget
« Reply #1 on: February 28, 2015, 09:29:36 am »
Cable seems low unless you cut the cord.   I thought food was low until I saw your restaurants haha.

Still seems low,  we spend $500 a month now,  with inflation that will climb.   And we barely eat anything.
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Offline quadzilla

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Re: Retirement Budget
« Reply #2 on: February 28, 2015, 09:34:16 am »
$2K PER month for travel? Is that correct?
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Offline wing

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Retirement Budget
« Reply #3 on: February 28, 2015, 09:38:03 am »
Lol missed that!
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Offline Allen

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Re: Retirement Budget
« Reply #4 on: February 28, 2015, 09:41:20 am »
everyone has different expectations, but it looks a little light against your current lifestyle, unless you want to cut back... I have built my retirement pensions and funds to provide $10K a month gross. With income splitting etc., it provides for a decent retirement income..
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Offline Hannibalsmith

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Re: Retirement Budget
« Reply #5 on: February 28, 2015, 10:12:11 am »
Might be a good idea to add in another column with actual $ spent in those categories this year, last year, and future years so you can gauge and adjust as necessary. I like it though. It's simple and you're thinking about it at the right time.
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Offline Snowman

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Re: Retirement Budget
« Reply #6 on: February 28, 2015, 10:17:57 am »
Quote from: quadzilla on February 28, 2015, 09:34:16 am
$2K PER month for travel? Is that correct?

2-3 trips a year for the travel bucket list or rent 3-4 months in a warm place
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Offline Snowman

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Re: Retirement Budget
« Reply #7 on: February 28, 2015, 10:22:01 am »
Quote from: Allen on February 28, 2015, 09:41:20 am
everyone has different expectations, but it looks a little light against your current lifestyle, unless you want to cut back... I have built my retirement pensions and funds to provide $10K a month gross. With income splitting etc., it provides for a decent retirement income..

I'm not sure what number to use so I averaged it to $90k/yr. I bet we will need $120k/yr. for the first 10 years then it will drop the older we get as we travel less


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Offline Allen

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Re: Retirement Budget
« Reply #8 on: February 28, 2015, 10:47:03 am »
That's the way I was thinking, I am 63 now another 10 years and the medical insurance alone to travel will be a killer....
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Offline quadzilla

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Re: Retirement Budget
« Reply #9 on: February 28, 2015, 10:52:28 am »
Quote from: Snowman on February 28, 2015, 10:17:57 am
Quote from: quadzilla on February 28, 2015, 09:34:16 am
$2K PER month for travel? Is that correct?

2-3 trips a year for the travel bucket list or rent 3-4 months in a warm place

I was thinking about my response while riding the rollers and you are correct....not that you needed reminding.  ;D

Plus taking a trip with Jens isn't cheap.

http://trektravel.com/news/jens-voigt-trek-travel/
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Offline Snowman

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Re: Retirement Budget
« Reply #10 on: February 28, 2015, 11:16:52 am »
Quote from: quadzilla on February 28, 2015, 10:52:28 am
Quote from: Snowman on February 28, 2015, 10:17:57 am
Quote from: quadzilla on February 28, 2015, 09:34:16 am
$2K PER month for travel? Is that correct?

2-3 trips a year for the travel bucket list or rent 3-4 months in a warm place

I was thinking about my response while riding the rollers and you are correct....not that you needed reminding.  ;D

Plus taking a trip with Jens isn't cheap.

http://trektravel.com/news/jens-voigt-trek-travel/

  :P Yeah, yeah, yeah.....hitting the bike in 40 minutes. Need to stay healthy so I can actually enjoy retirement.
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Offline tpl

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Re: Retirement Budget
« Reply #11 on: February 28, 2015, 12:14:04 pm »
For any decent condo I would think that $500 is low. Don't you also have to pay property taxes on the value of the condo?  ( I have never lived in one so I don't know)

  Visa at $0 ? 

Our total infotainment is a bit over $400 incl taxes, phone, cell phones, cable, internet  so that is close enough

Our total food is more like 6-700 a month + a minimum of $240/month for the once a week pub night ( averages $30 each because of the laws limiting the drinks!)   But we don't do expenive or even semi expensive restos very often...maybe twice a year.

We don't spend anywhere near $500 on retail purchases   or are you  including the LCBO in that ?


We used to spend $5000 plus on our annual month in France and that was with no accommodation costs apart from one night in an Ibis or similar on the way home. So I see that $24000 a year as very reasonable.

« Last Edit: February 28, 2015, 12:20:42 pm by tpl »
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Offline mwqa

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Re: Retirement Budget
« Reply #12 on: February 28, 2015, 12:26:22 pm »
Any bank charges or interest? Subscriptions? Car maintenance?
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Offline Snowman

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Re: Retirement Budget
« Reply #13 on: February 28, 2015, 12:33:04 pm »
Quote from: mwqa on February 28, 2015, 12:26:22 pm
Any bank charges or interest? Subscriptions? Car maintenance?

Good, will add those. Assumption is no debt.
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Offline Snowman

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Re: Retirement Budget
« Reply #14 on: February 28, 2015, 12:47:30 pm »
The big decision my wife and I made is we are going to leave Oakville in 7 years, just too expensive to retire here. Will look for a bungalow within close proximity of the 401 west of here.
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Offline Ex-airbalancer

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Re: Retirement Budget
« Reply #15 on: February 28, 2015, 12:48:07 pm »
You could probably get rid of cable and landline , since those will be history soon
Go with over the air TV signal and Internet
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Offline Snowman

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Re: Retirement Budget
« Reply #16 on: February 28, 2015, 12:51:39 pm »
Quote from: airbalancer on February 28, 2015, 12:48:07 pm
You could probably get rid of cable and landline , since those will be history soon
Go with over the air TV signal and Internet

Yep, hardly gets used now.
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Offline johngenx

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Retirement Budget
« Reply #17 on: February 28, 2015, 01:06:24 pm »
I've been trying to talk the missus into selling the house and buying a ski-hill condo in Rossland right on Red Mountain and using it as a year-round residence.

$300K buys a freakin palace, so we'd have tons of cash left over. Travel costs would be minimal as we'd ski out our door all winter and the summer mountain recreation there is fantastic too.

I'd either instruct or ski patrol at the hill to avoid paying for a pass.

If the kid follows through on her plan, I might even be able to score some cat/heli skiing too.

Live cheap, be active, and grow old happy. Sounds simple, hope it turns out that way...


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Offline EV-Light

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Retirement Budget
« Reply #18 on: February 28, 2015, 01:12:42 pm »
67k sounds reasonable at retirement, if I take out my 2 mortgages out of the picture, I'd say that's what I spend right now...and it looks like your future lifestyle is very similar to my current lifestyle, except the travel budget...lol


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Offline mwqa

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Re: Retirement Budget
« Reply #19 on: February 28, 2015, 06:03:39 pm »
Quote from: Snowman on February 28, 2015, 12:51:39 pm
Quote from: airbalancer on February 28, 2015, 12:48:07 pm
You could probably get rid of cable and landline , since those will be history soon
Go with over the air TV signal and Internet

Yep, hardly gets used now.

 :thumbup:

Not sure about getting rid of the landline ... seems cheaper land line to land line vs. mobile to mobile. (I guess depends on package and distance?)

Also heard a while back that a landline is better in a power failure and for 911 calls. Is that still true? :-\

Oh ... and what about budgeting the grandkids? My Dad is always slipping a twenty to my niece ...  :)
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