Red Corvette
Dryer sheet wannabe
I'm starting to put together a retirement budget and wondered what you all thought:
Current expenses $38,096
Current expense - lunches $36,451
Current expense + Medicare cost(1250/yr) $37,701
- Social Security ($15,744/yr @62) $21,957
- FICA (7.75%- $4739) $17,218
The current expenses number I got by subtracting my yearly retirement savings from my gross salary so it covers everything from taxes to tooth paste.
I don't see a lot of change in expense when I retire but I've deducted the moderate expense of daily lunches while at work.
I've probably underestimated medical expenses. I read the average Joe pays around $104/month for Medicare but I know Medicare does not cover everything.
I subtract my estimated SS at age 62.
I subtract FICA tax as I will not be paying that after I retire.
Am I on the right track with this?
Current expenses $38,096
Current expense - lunches $36,451
Current expense + Medicare cost(1250/yr) $37,701
- Social Security ($15,744/yr @62) $21,957
- FICA (7.75%- $4739) $17,218
The current expenses number I got by subtracting my yearly retirement savings from my gross salary so it covers everything from taxes to tooth paste.
I don't see a lot of change in expense when I retire but I've deducted the moderate expense of daily lunches while at work.
I've probably underestimated medical expenses. I read the average Joe pays around $104/month for Medicare but I know Medicare does not cover everything.
I subtract my estimated SS at age 62.
I subtract FICA tax as I will not be paying that after I retire.
Am I on the right track with this?