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Reply to "What income are you aiming for in retirement?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My 85-year-old mom has $6,000/month in a federal pension + SS benefits from my (deceased) father's job. That money is more than enough to cover everything she needs & many of her wants. I keep her budget for her, and she travels every few months, has a nice wine budget :D & generally has enough. I keep that in mind when I evaluate how/when to retire. Having excess is fine if you want to leave a financial legacy to your kids, but it's unnecessary for enjoying your daily life, especially as you get older and are less on-the-go.[/quote] A lot of this has to do with when you retire. At 85 yo, I expect that amount would do me just fine. But we intend to retire at 62 and 59. We'll be in good shape, have lots of energy, and want to travel - some overseas, some in the US, and some visiting friends. When we stay with friends in Park City, we'll ski for a week - that's not free. [b]When we visit NYC, shows aren't cheap. When we visit Paris, I don't intend to stay in a hostel, or eat (only) street food. Michelin starred restaurants aren't cheap. The trip(s) to Vietnam, Korea and Thailand will be much more enjoyable with first class plane tickets. Same for Australia.[/b] I don't expect to be doing all those things at 85 yo. But I do think we'll do them, or some of them, for a decade (at least). So I want enough, when we retire, that we can withdraw enough to do all the things that jobs, kids, and life haven't let us do up until that point without worrying that doing so will impoverish us in later years. And if that means we need enough cushion to leave a nice chunk to our only child, so be it. [/quote] Barf. I'm very well-off and a 2x Trump-voting Republican, but posts like this are why people justifiably want to eat the rich.[/quote] Many people want that lifestyle in retirement. I’m not going to work my whole life, and save aggressively, just so I can fly coach on the longest flight to Myrtle Beach (Honolulu). Not all Trump voters live in a trailer park and fly Spirit. [/quote]
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