Poll: Standard of living before & after retirement.

[Midpack]

So it appears almost 2/3rds are smoothers, with a slight tilt to frugal for the balance. Kinda what I expected, though spending 20% more in retirement for this member audience surprises me. That implies working longer no? And this is ER.org right?

No reply necessary...

 

[Lisa99]

I voted Smoothed, but we'll be "spending" less than half of what we do now due to the amount of money we're saving now for retirement.

 

[seraphim]

I voted about the 'same'. Granted, I won't be saving any further, but more of the expenditure will be for enjoyment and less for necessities.

 

[DeborahB]

I am probably spending more but I never really keep close track of it. This year I'm doing a lot of traveling so my expenses will be up. Also having a sprinkler system put in - we have a large house which we like and don't plan to downsize. I'm setting up the yard so that there is no more lugging of hoses - because I can't do it myself any more due to some arm damage. If I'm going to use my arm and make it hurt, it's not going to be from watering the lawn!

Also having a flower bed put in and buying new patio furniture - ours is 14 years old and it is moldy plastic... it's time.

But overall, we live very frugally so it probably balances out. There are always periodic home expenses. I hardly drive at all and live in jeans and t-shirts. My clothing expenses are mostly for fun clothes and if I couldn't afford them I could easily cut back. I buy my jeans at Costco

 

[LauAnn]

The plan is to spend more as I will have more free time to travel and keep myself occupied. I have been saving/LBYM for 30+ years. Now the hope is I can make the switch from saver to spender. With only four more weeks to my last day (April 25) I already have 5 trips booked between May and October. So it looks like I am on the right path to enjoy the fruits of my labor.

 

[DeborahB]

The plan is to spend more as I will have more free time to travel and keep myself occupied. I have been saving/LBYM for 30+ years. Now the hope is I can make the switch from saver to spender. With only four more weeks to my last day (April 25) I already have 5 trips booked between May and October. So it looks like I am on the right path to enjoy the fruits of my labor.

Congratulations in advance!!! I think it's important to spend money in the early years of retirement - traveling and so on - because you don't know how long you'll have the energy to do that stuff. I'm sure by 75 I'll be traveling a lot less. I

I love your plan. I have 5 or 6 trips between now and the end of the year. Wheeeee!

 

[walkinwood]

I voted for "smoothed", though we spend less now than when we first retired. A change in location has helped us keep the same standard of living with a lower cost.

 

[kaudrey]

My projected budget is currently estimated to stay about the same - just the line items change. So, for example, the mortgage(s) will be paid off but that money is in the "Travel" line after we retire. The good part about that is that if we run into financial issues, the non-discretionary budget is lower, and the "fun" money, which is easier to cut, is higher.

 

[Mulligan]

My projected budget is currently estimated to stay about the same - just the line items change. So, for example, the mortgage(s) will be paid off but that money is in the "Travel" line after we retire. The good part about that is that if we run into financial issues, the non-discretionary budget is lower, and the "fun" money, which is easier to cut, is higher.

I have a $700 slotted line that will be filled too from future expenses. The child support ends this summer and then that slot becomes finishing the college cost fund. Then it in 3 years will be replaced with a new car payment and all accompanying expenses. Of course that is provided that my long in tooth car will agree to stay out of the retirement home for three more years, as I haven't received its approval for this plan.

 

[brett]

We are spending about the same.

But our spending patterns have changed. We downsized the house and have significantly reduced the property tax, utilities, upkeep, and insurance that we pay. Commute costs have been eliminated...gas, parking, and our car insurance is less expensive. Our vehicles will require less on going mtce because of reduced mileage.

We have significantly increased our travel budget and time spent away from home. No more money spent on suits, dress shirts, ties and very little spent on dry cleaning. No more money spent on lunched while working.

It is all good.

 

[dunkelblau]

If expenses include income taxes, mine should drop by more than 20%. Expenses net of taxes I expect to go up, to maybe double or more. This is thanks to healthcare insurance premiums and time to travel. Not that I'm going first class; in my family visitors cover the host's costs.

 

[packrat44]

Excluding federal income taxes, our expenditures have remained similar to prior-ER. However, income is less than expenditures so the shortfall is supplemented by retirement funds. In about 2 years we will both begin drawing SS benefits at which time our income should exceed our present expenditures. At this time we will ratchet up our play money to meet the increased income level (our way of helping the economy ). The retirement fund will be left untouched except for emergencies and major expenditures.

 

[SJ1_]

Stemming from another thread. Often discussed, but I don't remember a poll to attempt to quantify. Do you plan to spend more, less or about the same in retirement as the years preceding retirement.

More.

Our retirement travel budget is a lot more than it was before retirement
but the living is pretty much the same.

we over saved. we lived well below our means but were clueless about what we needed.