cinman2000
Recycles dryer sheets
After many hours over the last six weeks doing my first deep dive into retirement planning, my 4 favorite tools (FireCalc, Fidelity RIP, my own excel spreadsheet and our Financial Planners tool) are all converging down to two questions. I'll deal with the most important of those here: "expenses" (big surprise):
I'm 52, DW is 50. Our combined income is 210k and we have been able to max out on all retirement savings options for many years. Our lifestyle is comfortable and we have not been constrained by a budget, but just our common sense of values. We have tracked spending closely and estimated our retirement budget based on that lifestyle (with adjustments for the kids leaving the nest). I believe this to be a very conservative approach and am wondering if we are really going to have the same mental approach to spending in retirement. In other words are we severely overstating expenses? I know that each situation is different, but here is my question.
Those of you that are in the same ballpark as us from an income perspective in your working years, but have retired recently: What is your annual budget amount? I'll go first:
$96,000 + $10,000 in taxes = $106,000
(Other income brackets please join as well, this could be a great help for many of us that are on the bubble)
I'm 52, DW is 50. Our combined income is 210k and we have been able to max out on all retirement savings options for many years. Our lifestyle is comfortable and we have not been constrained by a budget, but just our common sense of values. We have tracked spending closely and estimated our retirement budget based on that lifestyle (with adjustments for the kids leaving the nest). I believe this to be a very conservative approach and am wondering if we are really going to have the same mental approach to spending in retirement. In other words are we severely overstating expenses? I know that each situation is different, but here is my question.
Those of you that are in the same ballpark as us from an income perspective in your working years, but have retired recently: What is your annual budget amount? I'll go first:
$96,000 + $10,000 in taxes = $106,000
(Other income brackets please join as well, this could be a great help for many of us that are on the bubble)