How is your income doing?

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MackerelCat
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Joined: Thu Aug 27, 2015 9:44 pm

Re: How is your income doing?

Post by MackerelCat »

Patty, at our financial check up right before the virus hit, the planner told us we were too frugal and should loosen up and spend more. Thank heavens we continued being our tightwad selves!
Mackie

itspennyc
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Joined: Thu Aug 27, 2015 9:37 pm

Re: How is your income doing?

Post by itspennyc »

Since my income is totally from Social Security, my income is unchanged.

Penny

chocolite
Posts: 647
Joined: Sun Aug 30, 2015 8:11 pm

Re: How is your income doing?

Post by chocolite »

MackerelCat wrote:
Tue Jun 16, 2020 9:48 pm
Patty, at our financial check up right before the virus hit, the planner told us we were too frugal and should loosen up and spend more. Thank heavens we continued being our tightwad selves!
Haha, my DH spends too much at Amazon for them to ever say that. Good for you for being smart!
Patty

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MackerelCat
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Joined: Thu Aug 27, 2015 9:44 pm

Re: How is your income doing?

Post by MackerelCat »

The planner estimated we should spend 99K a year on a basic post-retirement lifestyle, but I had done some math and told him it was 52K a year now and includes a mortgage payment we won't have when we retire. I think he thought we were living on beanie weenies or something.
Mackie

icfrugal1
Posts: 2552
Joined: Fri Aug 28, 2015 12:54 am

Re: How is your income doing?

Post by icfrugal1 »

MackerelCat wrote:
Wed Jun 17, 2020 2:28 pm
The planner estimated we should spend 99K a year on a basic post-retirement lifestyle, but I had done some math and told him it was 52K a year now and includes a mortgage payment we won't have when we retire. I think he thought we were living on beanie weenies or something.
LOL, In order for DH and I to get "Medical Financial Assistance" where we live our income (1040) has to be less then $57,000.

They are NOT looking at assets.

When I tell people about the program, sharing good news, I get looks of "pity" that our income is that low :o (our 1040 income is below the $57,000)

It's about 1040 income, we live a good life, our home and the rental (inherited ) are paid for and we have no bills.

We should cut our expenses, but that 's another story.

We are hoping to leave some money behind, but we are not going without. :roll:

IC

littlemiss63
Posts: 2516
Joined: Thu Aug 27, 2015 10:11 pm
Location: Middle Tennessee

Re: How is your income doing?

Post by littlemiss63 »

I have been really surprised at the lesser amount that I have needed since retiring. I would love to know what formula they use to determine what they think you need.

I think when you have lived frugally all your life it's a little difficult to all of a sudden to start living above your means, I know it would be for me. Once I got married and we had two incomes we were able to have many of our wants and all of our needs without it being a hardship, I was truly blessed. However, DH & I were both raised in very poor families and our wants and needs weren't extravagant. If you don't have a mortgage and any bills, you can live really well if you have been smart and saved a good portion of your income.

The stock market is a gamble, but if you will pay attention to what is going on there is some extra money that can be made there if you are so inclined. I like to invest in the market and it's been very good to me the past 4 years. Let's put it this way, I've not had to draw a cent out of my 2 IRA's except the RMD's, which is a requirement. I turned around and invested those withdrawals into an individual account that I can trade in throughout the year. I could lose it all, but that isn't going to happen, for I would sell if it dropped a couple days in a row.

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