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Guidance on Retirement Expenses

#1
I plan to retire next year at 60. My current expenses are about 100K every year (Gross).

My question to folks who are already enjoying retirement is - If I want a similar lifestyle in retirement, what percentage of the 100K should I plan for in my 60s, 70s and later. Being self employed, I already pay for my health insurance, so that should not be an issue till I can claim Medicare at 65.

I have heard numbers from 70% - 110% thrown around.  So, wanted to hear some sage advise from folks who have real life experience.

Thanks!
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#2
As a self employed person you have been paying your own health insurance and probably had a write off for that. The write off goes away with your income when you retire and you will have 5 years ( till 65 ) and Medicare. Based on friends who did what you are going to do, really make sure of your numbers.
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#3
I'M 74 NOW, SIMI-RETIRED, I'M STILL WORKING DOING SOMETHING TO BRING IN MONEY. I WAS SELF EMPLOYED FOR 46 YEARS AND STILL SELF EMPLOYED.
DON'T RETIRE TILL YOU CAN GET MEDICARE AT 65, & SS AT 66 AND I HOPE YOUR WIFE IS THE SAME AGE. YOUR HEALTH INSURANCE IS GOING TO KEEP GOING UP FOR SURE. MY WIFE IS 5 YEARS YOUNGER, WHEN I WAS AT 66 STARTED MY SS AND WAS ON MEDICARE MY WIFE'S INSURANCE WAS $1,000.00 TO $1,200.00 A MONTH PLUS A $8000.00 DEDUCTIBLE, AND EVERY YEAR IT WENT UP.

I STILL WORK, BECAUSE I LIKE TO AND THE EXTRA MONEY IS NICE TO HAVE, NOT BECAUSE I HAVE TO. JUST REMEMBER YOUR EXPENSES ARE NOT GOING DOWN THAT MUCH, UNLESS YOU MOVE TO A LOT SMALLER HOME, & DON'T DO AS MUCH. YOU WILL FIND OUT, THAT, YOU WANT TO TRAVEL MORE, GO OUT TO EAT MORE, SEE THE GRANDCHILDREN MORE. TODAY IT COST A LOT MORE TO TRAVEL, PLAY GOLF, GO FISHING OR WHAT EVERY YOU LIKE. TO DO EVERY THING IS GOING UP. YOU WILL BE SURPRISED . DON'T GET ME WRONG I LOVE WERE WE ARE IN LIFE AND PLANED FOR IT, BUT THE COST JUST KEEP GOING UP.

WHEN YOU AND YOUR WIFE ARE TAKING SS AND ON MEDICARE, YOU WILL BE PAYING FOR THE B PART, THE MED PART AND THE DEDUCTIBLE PLAN, I RECOMMEND PLAN G OR F, AND EVERY YEAR IT GOES UP. REMEMBER YOUR HEALTH IS NOT A 35 YEAR OLD YOUR IN THE AGE ANY THING CAN GO WRONG LIKE AN OLD CAR, SOMETHING IS GOING TO BREAK. SO I WOULD PLAN ON WHAT YOUR EXPENSES ARE NOW, WILL STAY ABOUT THE SAME. MORE THEN LIKELY IT WILL GO UP LATER IN LIFE, UNLESS YOU MAKE SOME HARD CHOICES. MY RECOMMENDATION, BEING SELF EMPLOYED FOR 46 YEARS ,KEEP WORKING SOME , RETIRE LATER AGE 66. WITH THAT SAID, THAT MIGHT GET YOU A CUP OF COFFEE IN NY. DO WHAT IS GOOD FOR YOU AND YOUR FAMILY. REMEMBER EVEY THING COST MORE EVERY YEAR.
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#4
I retired two years ago at 60. We were never big spenders and our expenses have remained about the same. It probably comes down to what you want to do next. I've been writing, not a big expense. Extensive worldwide group travel, buying or building a new house, etc. would be something else. I don't know what 70s and 80s will look like but hopefully large expenditures on adventures with our children and their future families.
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