I dont consider either of those terms derogatory. They show scale. I will pine away for the possibility of being filthy rich or ridiculously wealthy.
Is there a cost of living calculator for retirement savings? If we stay where we are we will probably be ok, but if we relocate to be closer to the kids, there are significant tax implications as well as COL issues to address. So for now, every tome DH hits a benchmark, I’ll continue to raise the bar 
And when will you know when you have enough?
Ahh, the $64K question…
There are many unknowns. My dip stick criteria is when it feels like we wont face cash flow problems, run out of $ or have to depend on our kids for anything. But DK what that number is. He runs retirement programs but was shocked to see what we really spend monthly. Since I pay the bills he was surprised.
Also known as the “middle class question”. Or the “lower middle class question” or the “upper middle class question” or the “I can’t afford to live in San Francisco question.” ;))
Jym626, you can use a retirement calculator and type in different income needs…
From reading your posts, it sounds like your husband is on this…
Here is one free retirement calculator I like…
So…if I retire in SF, I might need $X. If I retire in Austin Texas, I might need $X/2.
So I just run different scenarios.
http://financialmentor.com/calculator/best-retirement-calculator
Sue,
Its a variation on the last one-- its the “we cant afford to live in that state!”.
Thanks dstark. DH is out of town and I don’t have the #s to plug in. If I ask him he’ll know I am planning to raise the bar again
Besides, as I’ve said elsewhere, to me, the bigger concern is the cost of a good healthcare plan should he retire. Medical costs can bankrupt even those who thought they were well off.
Absolutely…medical costs are the major issue…
Yup. That, and we can’t afford to live there!!! And his small (as in SMALL) pension we hope to someday see would be taxed there, but not here.
Well…it is not cheap to live here…
My wife says she is never moving…
Santa Rosa up north and parts of the east bay are more reasonably priced than SF.
We would not live in the city. If anything, maybe out towards Walnut Creek. Maybe thats affordable. Maybe.
Maybe.
I haven’t been to Walnut Creek for awhile but I remember liking the town. I used to eat at Max’s a long long time ago, Others like it.
Walnut Creek is not that far from SF either.
If/when we ever get to that point, we’ll worry about it then. Am guessing we may end up at some point having to care for SIL and she lives in a state not far from the kiddos. This is all speculative at this point.
So back to discerning the challenge of equating “earned income” with “wealth”. Bottom line, there are many other variables in the equation, as we can see from this discussion.
Of course there are vauables. So what?
An income of $250,000 is not a middle class income. This includes SF.
great typo
dstark,
the points you are bringing up are what have been discussed back and forth here ad infinitum. You are preaching to the choir. There are those who believe that a 6 figure income is poor. And Those who believe that $250K is middle class. There are many who disagree. And round we go.
@jym626, I live 15 mins from Walnut Creek, it’s not so cheap. There are over 1,600 units of rental and condo product approved or under construction in WC, and over 2,000 more in the pipeline. Condos are being built to sell in the $600-800/sf range, and newer apartments are renting for $1,800-2,500/mo for 1BRs and $2,800-4,000/mo for 2BRs. Sorry for the stats but I’m in the commercial real estate business here so I know this stuff off the top of my head. Bottom line, while it’s a great place to be, Walnut Creek is not an inexpensive retirement situation (unless you are comparing it to SF).
Maybe it’s not the income, it’s what the income can buy where you live? My brother lives in Michigan. He had an opportunity to move to Los Angeles for a job, which paid twice what he made in Michigan. He looked into costs in LA and realized in reality he’d be taking a cut in pay, because twice the salary couldn’t buy him even close to what he had in Michigan.
I don’t sympathize with those who whine about only having North Face because of a ski trip. But I can understand why someone wouldn’t want to be called rich if they are scraping by in NYC with a studio apt and barely meeting their expenses. Sure, the same salary in Kansas might get them a huge house and an acre of land, and that could be viewed as upper class. But if the job paying you that much is in NYC, that doesn’t help you much.
Thanks, Cameron. The whole area (cost-wise) is nuts!!