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What % of Wilbur's money would you need to retire?


AirwickWithCheese
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16 minutes ago, SamWithCheese said:

I'm good with 1.33%

I plan on watching Andy Griffith,  sharing Mcnuggets with my babies, and taking huge liberties while standing in front of the ICEE machines.  

How many years until you qualify for the senior discount at Mickey D’s?

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4 minutes ago, Square Wheels said:

I don't do welfare, I only take what I earn.

Most of us who don't take welfare already read my question as what % of Wilbur's worth do you need to retire and understood it wasn't dipping into his savings. 

Wilbur's son-in-law has that covered.  

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38 minutes ago, Wilbur said:

I will be dead and in hell if that is the case.  :) 

A good friend of mine had to travel for work and spent a average of what worked out to be about 8 months on the road. Most of it on the other side of the planet.  

I asked him the same question about traveling in retirement and his response was.....I will be happy if I never see the inside of a hotel room ever again. 

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7 minutes ago, BR46 said:

A good friend of mine had to travel for work and spent a average of what worked out to be about 8 months on the road. Most of it on the other side of the planet.  

I asked him the same question about traveling in retirement and his response was.....I will be happy if I never see the inside of a hotel room ever again. 

I have have over 8 years of nights in Marriotts alone.  8 more in the past 10 days.   Travel is over-rated. 

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5 minutes ago, Wilbur said:

Many levels and many brands.  I know the update vintage by the furniture and fixtures.  :) 

Well, I love my pillow from Simon's dept. store..chain based in Montreal.  The pillow was used for a Montreal based boutique hotel.  It's not exactly cheap but I really scoured store pillow lines for over a month at the time. It had to be certain firmness, pillow curve profile (on t he flat side), etc.

Marriott  was usually too expensive for us to use as a chain hotel. 

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3 hours ago, SamWithCheese said:

I'm good with 1.33%

I plan on watching Andy Griffith,  sharing Mcnuggets with my babies, and taking huge liberties while standing in front of the ICEE machines.  

When I was in my late 40's, early 50's, I started keeping a detailed spending record with lots of categories in a marble notebook for several years. I divided my variable spending into "necessities" including groceries (not including snacks and beverages), clothes, and household items and "luxuries" including snacks, beverages, and hobbies.  When I retired I knew what I could expect to spend and what I could cut the spending to while living frugally on a pension with health insurance from age 56 until Social Security kicked-in.

Knowing how much I needed to get by, that my mortgage was just 7 months away from being paid-off, and that I would be in the black once Social Security kicked-in allowed me to retire when bad legs (now healed, in part thanks to cycling!) forced me to consider it in 2006.

As I neared Social Security kicking-in on top of my pension, I began tracking spending in detail again, using a spreadsheet, and still do it.  I use the free Personal Budgeting Spreadsheet, which is the 12th of 14 free budget spreadsheets on this linked page, even if the title is 10 Free Household Budget Spreadsheets.  It lets me divide my spending into fixed spending (phone, internet, insurance, etc.) and variable spending (gas & electric, groceries, snacks, beverages, gasoline, entertainment, etc.)

It's actually a workbook of 14 spreadsheets: 1 for setting up your budget, 1 for monthly records of each category, and 12 to record variable spending for each month of the year.  When you enter spending, there's a drop-down box that appears with all the categories you set up so you won't mis-record it.

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Over the past decade, I've been able to cut my beverage, snack, and restaurant budget significantly and eat healthier without lessening my living standard.

I just finished setting up my budget for 2022 and know how much I can spend on furniture, shed, piano, basement patching and waterproofing, gardening etc. before my spending exceeds income.  That will allow me to space out my purchases without reducing savings significantly at any point and still have plenty to pay the property taxes in September.  I keep relatively little in regular savings and checking since they pay 0.1% and 0.05% in interest and don't want to sell CD's, bonds, or stocks.

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