How much to live on?

[Droff]

While there's been plenty of discussion over the cost of things, which are very valid, how much can a couple actually live on? Any thoughts?

Will $60K be enough? Will $80K?

I'm in a good situation right now with no house/car payments and no loans. We've got a Sam's payment, a furniture payment and every now and then a credit card payment. We really only need to have utilities, groceries, gas and not much else.

Right now....
House insurance and taxes feels pretty much like another house payment.
Car insurance feels like another car payment. And not a nice car.
Groceries are rarely under $100 for any trip - WallyWorld or Crest and we make several trips a month.
Filling up the truck runs $80, the hotrod $60 and we don't drive very much anymore.
Gas, Electric, Water, Trash, DTV, Internet, Phone..

I know there are some things we can cut off or cut down but there are a lot of folks that don't have that option.
Without crunching and being really frugal, it's pretty crazy but I'm not so sure $60K would be enough for us. I think we could do $80K but I'm not so sure there would be much of a buffer.

2-3 years ago, no way I would have thought $80K a year would be a stretch to live on.

Folks do what they have to, we'd be the same, but any upcoming full retirement decision drives much more anxiety than it used to.

 

[rickm]

You can live on much less than that as i do i dont have any payments other than rent and utilities with a 3 person household been doing it for years you learn to live within your means and plan for rainy days.

 

[rj ︈]

This is going to piss somebody off because they've lived on $30k/yr for their whole life and are completely comfortable...

But I don't think you can realistically live a normal life with a family on less than $80k/yr. Even in Oklahoma.

 

[XYZ]

I’m retired. My wife still works, mostly because they pay her so much and she gets to work from home.

I don’t know how cheap you can get by but it helps to have little or no debt. We bought our current home to retire in. But it’s a big house and a 2.5 acre lot. I can see that becoming an issue as we progress towards the grave. So we’ve been talking about downsizing again. Which should also mean less cost, but at the price of having to have a holes close to us again.

Anyway we don’t spend all that much on essentials. Our utilities aren’t real high either as our home super insulated. I know if we move back in town our electric will definitely go up.

I’m thinking a fairly small home near the gulf coast and Duluth. Travel back and forth seasonally to save on utility costs.

 

[turkeyrun]

Seen a news story, last week IIRC.

Seems the story had more to do with justifying raise in minimum wage BUT, they reported a requirement of $93k for a basic standard of living.

What I found most interesting, majority of Social Security recipients receive 1/3 of that amount and NO ONE is screaming to raise Social Security.

Everyone has different needs and levels of minimum comfort. $$$ required will vary with every level. You may calculate what your minimum is, but there is no absolute $$$ amount.

 

[SPOONBILL]

I dont want to just live. I want to live comfortably.

 

[Glock 'em down]

I guess Mrs GED and I are poverty stricken. I make around $30K and she makes about $40K.

 

[SKATA]

We have no debt. 1700 sq ft house and cars paid off. But . . . normal monthly can be from $1800 to $5000. The fluctuation is caused by Medicare part D/G insurance, property taxes, house insur, car insur, air conditioner repair, termite spray, new tires, etc. Our monthly income doesn't cover. So we have to dip into savings. We cannot take BIG vacations like the old days. 2-3 day trips to Arkansas once a year. If we eat out, then once every other week and it could be around $40. Being in the food business for nearly 60 years, I do all the shopping because I know what's in the can or box.
I can say we are comfortable now but am concern 5 to 10 years down the road.

 

[O4L]

I guess Mrs GED and I are poverty stricken. I make around $30K and she makes about $40K.

There ya go! Flexin on the poors.

 

[montesa]

I guess Mrs GED and I are poverty stricken. I make around $30K and she makes about $40K.

How is that possible? Aren't you a cop? I see them living in nice houses all the time.