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Is 10k a month enough to live comfortably?

Umile · 41-45, F
That's the rich retirement.

I think 1K will do.

If you have everything settled already.
dominateofyou · 61-69, M
@Umile 1k wont get it 3000 is about right for middle class retirement as long as house paid for
No way. Even 4k is low. @Umile
Yeah if house is paid for. @dominateofyou
LadyGrace · 70-79
Oh please. MORE than enough. I'm sorry but this sounds more like you're bragging. I don't think the average person could claim that or even makes 4,000 a month.
KingofBones1 · 46-50, M
Absolutely. I wish
LadyGrace · 70-79
@KingofBones1 No doubt! I would think I was rich if I had that much to live on. I wouldn't know how to act.
KingofBones1 · 46-50, M
@LadyGrace I'd never go back to prison
TrunkZ · 56-60, M
Depends on where you live, if you have a family, kids in private school or college, your housing preferences, or if you have expensive tastes, to name a few factors. Also, is that pre-tax or after income taxes? Here- NYC area-- that is livable but not extravagant.
MarineBob · 56-60, M
Should be. For semi retirement my pension will be 6 grand per month might be tricky if i live past 70 though
atlantic59 · 61-69, M
@MarineBob you'll be fine
Why would it be tricky? @MarineBob
val70 · 51-55
That's already a lot. But in some places even a lot more
samueltyler2 · 80-89, M
That depends on how you define comfortable! Also where you live.
JamesBugman · 56-60, T
The government takes 35% off the top, but still should be enough to get a decent place to live and maybe a new car with monthly payments.
Better is to save up for a deposit and buy a house, and then drive used cars.
samueltyler2 · 80-89, M
@JamesBugman that is a rather high rate of taxation for that income. In the US, the tax rate is not a single rate it varies with the level of income, number of dependents, etc., the total tax on $120,00 would be in the low 20% range.

https://www.bankrate.com/taxes/quick-tax-rate-calculator/

https://trybeem.com/blog/how-much-income-tax-to-pay-on-salary-of-120000-per-year/
SandWitch · 26-30, F
@samueltyler2

The total tax on $120,000 in the State of New York is nowhere near the low 20% range. If that's what your link is telling you, then it is quoting something very generic that is not inclusive of annual mandatory deductions.

The marginal tax rate assuming standard deductions on $120,000 is 39.5% and the average tax rate on $120,000 is 29.9%

What @JamesBugman stated as a taxation rate of 35% is spot-on within a reasonable margin of error and personal circumstance.
samueltyler2 · 80-89, M
@SandWitch i didn't plug in NY State or worse, the city. The "marginal rate" as i understand is the rate at that bracket, but only on the way income in that bracket, the lower income is at a lower rate. I also do not know if the statement was meant to include social security and Medicare taxes, and perhaps sales tax. The rate is also dependent upon dependents.
RopinTexan · 31-35, M
That’s very subjective. What do you consider “comfortable?” Do you want to be a homeowner or are you okay with renting? Do you want a car or are you okay with using public transit? Also, where do you live? A 1,000 sq. ft. apartment in NYC and an identical apartment in Biloxi, MS are going to have vastly different rent costs.

Are you “comfortable” living with a roommate, or do you want to live alone? Are you comfortable buying cheap food from ALDI, or do you need healthy food from Whole Foods?

What one person considers to be “living comfortably” another person considers poverty, and yet another person considers luxury.
Jenny1234 · 51-55, F
You would get by here in Toronto but I don’t know how comfortable you’d be if you had a mortgage to pay
SandWitch · 26-30, F
@Jenny1234
So you're saying that without a mortgage, "you would get by in Toronto" on 10k per month?

What does "get by" mean in this context?
Jenny1234 · 51-55, F
@SandWitch depends on your lifestyle and if you have dependents. You may or may not live comfortably on 10k. It’s the most expensive city in the country to live other than Vancouver. If it’s just you then you’re probably good
SandWitch · 26-30, F
@Jenny1234

10k per month just on me, if it's only just me? Wow! Who needs a sugar daddy if I can give 10k to myself each month!
DunningKruger · 61-69, M
In most parts of the world, you can live pretty reasonably on $120,000 a year.
i could live well off of that. i live pretty good off of half that. LOL
Sequoia51 · 70-79, M
10K What, Where?
scorpiolovedeep · 51-55, M
@Sequoia51 Best comment this !
you should be able to survive on that
NatureGuy77 · 56-60, M
Not in New York City
120000 a year? If you are asking your retirement in this economy, probably barely.
@CrazyMusicLover Any apartment you could find $2000 +, it becomes absurd enough with the right credit you MIGHT be able to find a mortgage just slightly less,
CrazyMusicLover · 31-35
@thewindupbirdchronicles That is insane. The rent prices around Europe are often less than 1000 €.
@CrazyMusicLover That would be close to 1500 in CDN dollars. Now imagine the space we have in the world, but it comes down to what we have built already so while there is an abundance of land everything is so expensive
Do you mean £££ $$$$ euros....? In any case, I should think it's more than enough to live comfortably.
SandWitch · 26-30, F
@jackieash27
It doesn't really matter the currency because it's all relative.

If you get paid in euros, your cost of living where you live is based on euros.

If you get paid in $$$, your cost of living where you live is based on your base currency, regardless of it being US dollars or Canadian dollars or Cayman Island dollars.

The currency you are paid in will buy the same amount of 'stuff' where you live, as will a different currency buy the same amount of 'stuff' in the country where that different currency is found.
SW-User
I think it depends on where someone lives and if that is before or after taxes. Most places I would think it is enough.
Longpatrol · 31-35, M
Yeah that's ok, depending on your responsibilities and how much you need to save for a perfect storm
CrazyMusicLover · 31-35
€?$? I'd legit start fearing thick neck guys with that income here. That would be far more than a person needs.
Pretzel · 61-69, M
Not if you are rich. Trumps exes leave more in the couch cushions...but the majority of people would make do.
CactusJackManson · 46-50, M
I see your OnlyFans account is working
Elessar · 26-30, M
Depends. Where I am, yeah. Monte Carlo? Maybe not
MarkPaul · 26-30, M
@MsSwan Yeah, but Ms. Swan... you're so high maintenance.
@MarkPaul Yus, dah-ling.
MarkPaul · 26-30, M
@MsSwan 🤦‍♂️
MasterLee · 56-60, M
Depends. Dollars or pesos
MarkPaul · 26-30, M
It's a bit skimpy.
Selah ·
Where do I sign up?
SalttyDawg · 70-79, M
Sounds about right
SW-User
For me,yeah.
For me it would be quite comfortable.
HotPizza71 · 51-55, M
Definitely,5 times what I'm on Now
atlantic59 · 61-69, M
@HotPizza71 but one good lottery ticket away to change that trajectory
Musicman · 61-69, MVIP
Oh heck yes! I would be thrilled if I had $10k a month to live on.
SandWitch · 26-30, F
That's more than Donald Trump makes, so you'll be fine as long as you don't mind wearing red ties all the time.
tenente · 100+, M
10k/m is barely enough to live here in NYC
Moneyonmymind · 31-35, M
For the most part yes. I hope to get there one day..
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jackjjackson · 61-69, M
🤙🏼 @atlantic59

 
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