« Picturing Retirement: Enjoying Other People's Pets | Main | Retirement Planning for Beginners: Part Two »

August 29, 2011

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Janette

Don't forget the pets. They were the kink in our budget that we did not expect!

Bridget

Simple enough and I wholeheartedly agree. Great article!

Retired Syd

Jeanette: Good point. The way I see it, I don't have pets now so we can be free to travel as frequently as we like. So when we do eventually get a dog again (which will mean that we are ready to stick closer to home), my decreased travel budget should absorb the increased cost of the doggy.

On another note, my friend is getting a puppy and I told her I would be happy to dog-sit when she is on vacation, so that should help with my doggy-fixes in the interim.

deegee

When I was developing my ER budget, I started with my current budget and made the following 3 adjustments:

(1) I removed the FICA taxes.

(2) I removed my commutation expenses.

(3) I increased my health insurance expenses. After they rose by 50% in 2 years, I switched to a less broad but somewhat riskier hospital-only policy.

One can also remove thieir 401(k) contributions but I did not consider that an "expense" like the other items in my budget because it was basically money going to myself.

My income taxes dropped alightly because my taxable income dropped, partly due my income dropping and partly due to being able to deduct more of my health insurance expenses.

Chuck Stevens

I really love the idea behind this article! I am just starting to plan for my retirement and it is so important not to forget about the simple things. It is easy to forget how important simple budgeting can be. Now if I could just find the perfect life insurance quote I'd be all set!

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