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Old 12-15-2016, 04:32 AM   #41
Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: South central PA
Posts: 2,497
My two cents. I'm not a spending tracker either. So, two years ago, inspired by our spreadsheet pros here, I did a 36 month look back on everything spent and found our regular expenditures were about $60K.

It was reassuring. I also found that categorizing expenditures helped us find simple ways to cut expenses and shed a light on where we could spend less with no lifestyle loss.

Examples: switch to OOMA, cooking great meals at home, cheap gym vs expensive gym. Netflix/library/internet for reading and entertainment. Got rid of a timeshare.

You are currently worried about a loss of $11K per year. But you have two pensions, SS and health care covered way better than many. And you have a healthy IRA. And your wife is unlikely to be spending at the same level on horse hobby for the next 30 years. I think once you crunch the numbers you'll be more than ok.

There was discussion of what to do with unspent RMDs in this thread. If that money isn't getting spent, pay the taxes and do a ROTH conversion with the rest. Then it's still inheritable without all those pesky inherited IRA RMDs, available, and still invested, but grows tax free.
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