I'm not sure if I'm being too optimistic with my predicted decrease in expenses in retirement. Right now, DH and I are pretty aggressively paying off our housing debt. It takes up 40% of our gross. We are saving an addition 25-30% of our gross in retirement accounts (Roth IRA + 457b), and I also have a defined benefits plan.
So I'm thinking it's a pretty conservative estimate that we only need to replace 60% of current income, but every calculator tells me to expect higher.
For those of you already retired, what's the real deal? What percentage of your original working income have you ended up spending on average annually?
Thanks!
So I'm thinking it's a pretty conservative estimate that we only need to replace 60% of current income, but every calculator tells me to expect higher.
For those of you already retired, what's the real deal? What percentage of your original working income have you ended up spending on average annually?
Thanks!