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Treasured Social Butterfly
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Registered: ‎12-25-2011

RE: How much do you need for a comfortable retirement?

Message 131 of 141 (3,126 Views)

In Response to RE: How much do you need for a comfortable retirement? by KidBoy2

Sorry; I didn't notice that .. usually rates are per night. Big difference!


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Valued Social Butterfly
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RE: How much do you need for a comfortable retirement?

Message 132 of 141 (4,618 Views)

In Response to RE: How much do you need for a comfortable retirement? by ASTRAEA

 

3 nights
4 days I guess you missed that. 

 

It also includes meals and education.

 

Treasured Social Butterfly
Posts: 19,390
Registered: ‎12-25-2011

RE: How much do you need for a comfortable retirement?

Message 133 of 141 (4,847 Views)

In Response to RE: How much do you need for a comfortable retirement? by KidBoy2

I must be missing something .. aren't hostels/elder hostels kind of "spartan" accommodations? This one in Van Nuys, CA charges $565/day for a single?! Is that supposed to be a bargain?


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RE: How much do you need for a comfortable retirement?

Message 134 of 141 (4,887 Views)

In Response to RE: How much do you need for a comfortable retirement? by kom2010

 

Have you looked into the Eldehostel programs? We have gone on three of their programs. 

 

Here is one of many in CA...

VAN NUYS, CALIFORNIA, SOUTH 


Getty Villa: Greek, Roman, Etruscan Antiquities

Program #: 14723RJ 
Cultural and Fine Arts 
Also available without accommodations for commuters
ACTIVITY
LEVEL:
2 

3 nights
4 days

Date Selected:


2/25/2011

 
 
Entance to Getty Villa - Donna Granata
 
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Availability for this date (2/25/2011 to 2/28/2011) 

Prices Shown are Per Person 

 Double Occupancy: $432
 Commuter - No overnight accommodations are included with this option: $297
 Single Occupancy: $565
Optional Trip Cancellation Insurance is available for this program and your selection
above for: $31 per person
* Insurance quote does not include a $3 per person administrative fee
To purchase, please call (877) 846-8806 after registering in the program.
More information
 

Regular Social Butterfly
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Registered: ‎03-29-2010

RE: How much do you need for a comfortable retirement?

Message 135 of 141 (4,890 Views)

I think travel costs catch many retirees by surprise. Now that we are through our first year of retirement, having done six trips/3 months of travel through New Mexico, Northern CA, Oregon and Washington, I have to say I'm impressed that so many people come to Northern CA to visit, because we are SERIOUSLY expensive here.

If we didn't live in this area, we would find it hard to afford to visit here. Yes, you can do inexpensive things - hike the state parks (when they're open) and city parks, or walk along the marinas. You can do relatively cheap boat rides across the Bay by taking the commuter ferries instead of the tourist ferries. But the cost of everything rises, from admission fares to transit (New Yorkers faint at the cost of our subway fares!).

Here, a luxury vacation as Astraea is referring to, will cost you big $$$$. Staying at a top resort in Napa or Healdsburg in the Wine Country can run $600/night in season (hotel taxes are very high here and many hotels in major cities charge for parking). Pick a Best Western and it may be clean and comfortable, but very definitely only a step above Comfort Inn or Motel 6. Certainly not luxurious, and you'll still be paying $135-175 for that BW room.

You can eat cheap ethnic, but do you want to do that all the time? Of course not - and without alcohol, it can run you $50-200/person to eat at our more famous restaurants, such as Michael Mina, Auberge du Soleil or Meadowood, Gary Danko or Prospect.

When we traveled through Napa, Sonoma, Mendocino and Russian River wine counties for three weeks in the off-season, we stayed at moderate cost hotels and splurged on eating out. Our daily costs ran from $250 to $525.

Our gas prices are extremely high and distances are long; traffic can be very difficult which slows you down and costs you more gas if you get on the freeway at the wrong times.

We loved Oregon and Washington as everything was half the cost (well, maybe 2/3) of things in CA. New Mexico was even cheaper, but it wasn't a place we'd go back to.

Unfortunately, camping and RV'ing are 'not our thing', so we have to budget for hotels when we travel.

So those travel costs can really be a serious budget item for retirees!

Treasured Social Butterfly
Posts: 19,390
Registered: ‎12-25-2011

RE: How much do you need for a comfortable retirement?

Message 136 of 141 (4,988 Views)

In Response to RE: How much do you need for a comfortable retirement? by retiredtraveler

I would like to start traveling, which I did for a bunch of years after college, before I became a homeowner. It's funny how things often wind up being much more expensive than you envisioned! I figured that for $10K I could have a luxurious 3-week vacation every year .. but then I started running numbers for a trip to Alaska. Especially being a single, the supplements added a 30% "penalty" to the per person cost for a couple! It turned out that 3 weeks would probably cost me $15K+ including airfare .. and I'm not sure it would be "luxurious" at all!


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RE: How much do you need for a comfortable retirement?

Message 137 of 141 (4,988 Views)

In Response to How much do you need for a comfortable retirement? by KidBoy2

   One of my fave subjects, but impossible to generalize. Like some other posters, I'm early retired with no benes. So, we spend $15,000 a year just to pay for medical insurance and out-of-pocket medical.

   But, house was paid off some time ago.

However, as posted, house needs maintenance and repairs. We just did a new roof and new kitchen last year, and I continue to remodel (bathrooms) and fix up this year. So, we spent $15000 last year just on remodel, probably another $10,000 this year, but then, we're done! (other than painting and normal maintenance --- $200 annual for paint/supplies).

   Anyway, specifically for us, travel is the prime objective and we spend what I expect to be ever-increasing amounts of money for camping, motels, eating out, gasoline (we tow a small camper and have a poor-mileage vehicle for doing this) and planning trips to Europe now.

   So, final number??? If I average out, and pro-rata, we're very happy with $60,000 annual outlay (25% of that for health care) leaving plenty of travel money after normal 'overhead'.

   And to us, that is 'lavish'.  Based on the numbers I've seen, I believe less than 10% of the entire U.S. population could have that kind of spending.

  I think that what we spend in a year, which applies to some other posters,  75% of the population couldn't do for a year due to no retirement savings. I can't imagine approaching retirement and then, realizing, I had not saved. Like some others here, we started retirement planning the day we got out of college.  

   


“The world is a book. Those who do not travel read only one page.”
Regular Social Butterfly
Posts: 370
Registered: ‎03-29-2010

RE: How much do you need for a comfortable retirement?

Message 138 of 141 (4,988 Views)

Simple: You'll need as much as it costs to maintain your lifestyle in retirement.

For one thing, you'll need a financial cushion for 'extras'. The roof that finally needs replacing, for example, or a replacement car. Or the private loan to a young relative who is trying to buy her first condo at the age of 40. All of these have come up for us in Retirement Year #1.

You can live a bare-bones retirement, or be forced into one if you haven't planned well (like some friends of ours). Or you can live the kind of lifestyle you enjoyed when you were working, having provided enough cushion to take care of inflation and unexpected emergencies.

We spend our money on dining out, hobbies, and traveling around the West. We don't like to camp, loathe tennis/golf, and are rabid book-lovers. That means no, we don't use the public library because: a) they want their books back and we like to re-read books, and b) they don't carry the kinds of books we read, anyway. Also, these days a small proportion of our books are e-books on the Kindle and PC, and I expect that will grow as the years pass. 

Although we have full HMO care at reasonable cost, we are more trusting of alternative medicine, all the costs for which come out of our own pocket as they're non-reimbursible (no, the doctor won't write a prescription for us to use an HSA). We don't believe DH would have recovered so well from a haemorrhagic stroke at 50, had he not gotten extensive, repeated acupressure treatments, all of which we paid for out-of-pocket.

We live a good lifestyle, and like Astraea not a lavish one, but were able to both take early retirement and absorb several unexpected budget increases without a problem. Considering it took two incomes for us to be able to break $100K/yr over the last 15 yrs while working, we live on a retirement budget that in other areas might seem very lavish.

But for two people living in a very expensive location, it's a fact that in our area, you'll need at least $75K, preferably more, to live a comfortable lifestyle yet have enough "give" for the unexpected extras.

Oh, and there's that inflation thingie starting up again, too!

Treasured Social Butterfly
Posts: 19,390
Registered: ‎12-25-2011

RE: How much do you need for a comfortable retirement?

Message 139 of 141 (4,988 Views)

In Response to How much do you need for a comfortable retirement? by KidBoy2

Thanks; this looks very interesting!

A lot depends on the area in which you live, and the cost of living. I'm very familiar with the housing market in NJ, and love watching HGTV shows like "House Hunter". The cost of a beautiful, newer home in some parts of the country, will land you in a read dump in high cost areas! So for example someone moving to a less expensive geographic area, will get a lot more out of the same income, as someone who wants to retire & remain in a more expensive area.

I just read something the other day (don't remember where), that people/families making around $150K annually, don't describe themselves as "rich" at all. Depending on family college education costs, they may feel they're just "getting by".

As much as your income may be, that may also put you looking in the next "window," to a slightly more expensive lifestyle. So although I consider myself "comfortable" and can afford $225 for the best seat at the opera, and $500 for the governor's inauguration, that puts me on mailing lists for the opera opening gala for $5K, and political/charitable fundraisers costing $1,500+ .. which I really can't afford on a regular basis. I choose to look at it as my glass being half full, rather than half empty!


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Valued Social Butterfly
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How much do you need for a comfortable retirement?

Message 140 of 141 (4,988 Views)

 Part of article..

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How Much Do You Need for a Comfortable Retirement?

Most people think they need to earn slightly more money than their current paychecks contain in order to feel comfortable, a new survey found.

Almost a quarter (24 percent) of adults say they need over $100,000 annually to achieve a comfortable lifestyle, according to a recent Gallup and USA Today poll of 1,032 adults. Another quarter (24 percent) of the workers surveyed say between $50,000 and $74,999 produces an adequate standard of living. However, less than a third (31 percent) of Americans think earning less than $50,000 annually produces an acceptable lifestyle. Here’s a look at how comfortable people feel in each of these annual income brackets.

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It look to me like there are many people that want to live like they are rich.

How much do you need each year for a comfortable retirement?

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