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Hello from Texas
Old 07-18-2002, 01:03 PM   #1
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Hello from Texas

I'm 47 and looking to retire just as soon as I can. I work in the high tech field and I'm very glad to have been saving money since I was 25. The various calculators say I'm really close to FI, but I worry about health insurance. Also, I worry that I have correctly calculated my financial needs for retirement.

Laura
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Re: Hello from Texas
Old 07-19-2002, 10:15 AM   #2
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Re: Hello from Texas

Welcome!

On the topic of "how much will I need" -- obviously, if you change your lifestyle by travelling more, etc., there will perhaps be a financial impact.

However, to maintain your current lifestyle, here are some things that will reduce your expenses from today's spending:
  • No more commuting; perhaps one less car, cheaper insurance, etc.
  • No more work clothes, less dry cleaning, etc.
  • No more work lunches
  • Much reduced taxable income, so much reduced taxes]
  • No more savings for retirement, through 401k, Social Security, and after-tax savings
You'll have to go through your own figures, but I'll bet you'll find that your current lifestyle costs you no more than half your gross pay.

Good luck!

Dory36

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