With the huge beating we all took last year and this in the stock market, I've been wondering how much I'll need to adjust my savings to still retire by 67. I'm still on track, but it certainly helps to know just how much I'll need to live how I'd like to live.
Apparently, it may be less than I thought. I heard Clark Howard on the radio yesterday say that he could live on $8,500 a year! He qualified that by saying that he does spend more now because of his wife and daughter, but I'm wondering how the $8,500 would be spent? Does that include a paid-off house, with just maintenance, taxes and utilities? Eating soy with grass clippings for nutrients? Even public transportation costs are going up, so perhaps that would allow for walking/biking with occasional $5 Metro day passes. And it would probably involve the thrill of finding great buys at thrift stores--I'm still using a broiler I found in college at the Eisenhower Hospital thrift store in Rancho Mirage. I'll have to dig deeper at his website, though, to find out where the $8,500 would go--your comments and suggestions are welcome.
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