I agree with this. There are too many unknowns. I think all we can do is provide as much as we can and hope for the best. A friend, very knowledgeable financially, sent me last summer to her financial advisor to get his input. When he asked what my monthly expenses were, he just looked at me incredulously and said, "That's all?" I think that, aside from the killers like huge medical costs, we can live on a lot less than most of the experts think we can. For my part, I will be very happy to sit in a chair a crochet cheap yarn and read library books in my retirement, if that happy but increasingly unlikely day ever comes. It all depends on expectations and lifestyle choices.Now I think you can never know how much you truly need for retirement!
While I don't advocate stress, I do advocate thinking about retirement NOW.... and planning... and saving....We haven't really thought about it and don't want to stress about it.
I agree!I think that, aside from the killers like huge medical costs, we can live on a lot less than most of the experts think we can.
Congrats on a plan! Depending on where you live, your projected income should do you nicely. You may not use as much gas after you retire. We found our usage fell dramatically after retirement. Working part time is good, even if it were not for the money. It gives social contact, and a reason to be up in the morning, and mental stimulation. We like to travel also, so we spend time planning a trip, and then saving towards it. We make it work! You may need to rethink medicare costs, plus other medical costs. I imagine medicare and supplement policies are going to soar far beyond what we think, and as you age, medical costs seem to keep going on and on. When you pay off your mortgage, if you can, snowball that amount into your savings. Boost it as much as you can now. My best to you, and hope you enjoy retirement as much as we do!!I'm still working. DW hasn't had a job in 4 years now. We just make do with less. Currently working hard to pay off our mortgage, our last debt. Spreadsheet shows it pays off by April of 2013, if nothing untoward happens. I'm shooting to retire on my 66th birthday. Social security projects $2,507 a month for me, $1,254 for DW plus we will get a small pension of $800 a month. Total retirement income therefore $4,561 per month. We haven't saved as much as we'd like, but have about $250,000. Plus whatever we can save between now and retirement. Our needs are simple, but we'd love to do some traveling. I'm figuring roughly $900/mo for property taxes, auto and home insurance and utilities, plus $300/mo medicare costs. Figuring $300/week for groceries, gas, general living expenses makes a total of $2,400 living expenses. So we would have available savings of $2,161/mo after expenses. One of my friends works for Enterprise Rentacar part time while retired. I might like to work for a golf course principally to get free golf (we love it) and a few extra bucks would be nice too.