How much do people have saved for retirement?

[Anonymous]

I’d rather retire at 55 and live a moderate lifestyle esp regarding travel than work until 65 so that I can do lavish travel.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Travel/vacations are not “expenses” - this falls under entirely optional discretionary spending which you can easily plan around your budget, whatever that budget may be. (In other words, you are not required to spend lavishly on travel in retirement, therefore you are not required to save excessive amounts of money to cover lavish retirement travel. Duh.)

You are not required to have fun either but it is nice. You can't argue with the way someone else want to organize their life. I spend lavishly on travel now. I plan on doing it in retirement.

I'm the retired biglaw partner. In the four years pre-Covid (2016-2019), our records show that we spent on average $26k a year -- broadly defined -- on "travel." That includes air fare, lodging, food, entertainment, local transportation etc. We did a lot of traveling over those four years, often for weeks at a time, and we did it comfortably -- but not "lavishly."

I guess some people are into "lavish" travel, and that's fine. The problem with "lavish" travel for us, though, is that the more "lavish" it is, the less authentic it tends to be. For example, we spent a month in Vietnam. How does one travel "lavishly" to Vietnam for a month and get any real exposure to what the country and its people are all about? That makes no sense to me.

Current biglaw partner here and PP. I used lavish because the PP did. I would not describe our vacations as lavish. But expensive. In the year before COVID, Europe trip, beach trip, NYC trip, two disney trips, two disney cruise (short) and one longer cruise on another line. Looking at those looks like probably $35k.

[Anonymous]

Anonymous wrote:I’d rather retire at 55 and live a moderate lifestyle esp regarding travel than work until 65 so that I can do lavish travel.

I am of the same mindset. I had an uncle who was a high-powered executive and would keep telling my aunt and cousins that it would all be worth it when he would retire at 60. He died at his desk of a heart attack at 58.

[Anonymous]

Anonymous wrote:I’m team DH here. We’re 40, and have just over $1M as a household. I have $600k, she has $400k plus a fed pension as a GS 15.

One thing to think about is high the stock market is right now. If it fell 30%, everyone’s 401k balances would be significantly lower.

You’re 40, if it fell right now it would still be up by the time you’re 65…

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Travel/vacations are not “expenses” - this falls under entirely optional discretionary spending which you can easily plan around your budget, whatever that budget may be. (In other words, you are not required to spend lavishly on travel in retirement, therefore you are not required to save excessive amounts of money to cover lavish retirement travel. Duh.)

You are not required to have fun either but it is nice. You can't argue with the way someone else want to organize their life. I spend lavishly on travel now. I plan on doing it in retirement.

I'm the retired biglaw partner. In the four years pre-Covid (2016-2019), our records show that we spent on average $26k a year -- broadly defined -- on "travel." That includes air fare, lodging, food, entertainment, local transportation etc. We did a lot of traveling over those four years, often for weeks at a time, and we did it comfortably -- but not "lavishly."

I guess some people are into "lavish" travel, and that's fine. The problem with "lavish" travel for us, though, is that the more "lavish" it is, the less authentic it tends to be. For example, we spent a month in Vietnam. How does one travel "lavishly" to Vietnam for a month and get any real exposure to what the country and its people are all about? That makes no sense to me.

Current biglaw partner here and PP. I used lavish because the PP did. I would not describe our vacations as lavish. But expensive. In the year before COVID, Europe trip, beach trip, NYC trip, two disney trips, two disney cruise (short) and one longer cruise on another line. Looking at those looks like probably $35k.

Yea, ok. That's a lot of cruises, which aren't cheap -- and the last thing on earth we'd want to do!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Travel/vacations are not “expenses” - this falls under entirely optional discretionary spending which you can easily plan around your budget, whatever that budget may be. (In other words, you are not required to spend lavishly on travel in retirement, therefore you are not required to save excessive amounts of money to cover lavish retirement travel. Duh.)

You are not required to have fun either but it is nice. You can't argue with the way someone else want to organize their life. I spend lavishly on travel now. I plan on doing it in retirement.

I'm the retired biglaw partner. In the four years pre-Covid (2016-2019), our records show that we spent on average $26k a year -- broadly defined -- on "travel." That includes air fare, lodging, food, entertainment, local transportation etc. We did a lot of traveling over those four years, often for weeks at a time, and we did it comfortably -- but not "lavishly."

I guess some people are into "lavish" travel, and that's fine. The problem with "lavish" travel for us, though, is that the more "lavish" it is, the less authentic it tends to be. For example, we spent a month in Vietnam. How does one travel "lavishly" to Vietnam for a month and get any real exposure to what the country and its people are all about? That makes no sense to me.

Current biglaw partner here and PP. I used lavish because the PP did. I would not describe our vacations as lavish. But expensive. In the year before COVID, Europe trip, beach trip, NYC trip, two disney trips, two disney cruise (short) and one longer cruise on another line. Looking at those looks like probably $35k.

Yea, ok. That's a lot of cruises, which aren't cheap -- and the last thing on earth we'd want to do!

To each his or her own. I would rather eat glass than spend 30 days in Vietnam.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’d rather retire at 55 and live a moderate lifestyle esp regarding travel than work until 65 so that I can do lavish travel.

I am of the same mindset. I had an uncle who was a high-powered executive and would keep telling my aunt and cousins that it would all be worth it when he would retire at 60. He died at his desk of a heart attack at 58.

What about retire at 60 and do lots of travel before and after?

[Anonymous]

We are 40 and have $800k. It sounds like we should have more.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Travel/vacations are not “expenses” - this falls under entirely optional discretionary spending which you can easily plan around your budget, whatever that budget may be. (In other words, you are not required to spend lavishly on travel in retirement, therefore you are not required to save excessive amounts of money to cover lavish retirement travel. Duh.)

You are not required to have fun either but it is nice. You can't argue with the way someone else want to organize their life. I spend lavishly on travel now. I plan on doing it in retirement.

I'm the retired biglaw partner. In the four years pre-Covid (2016-2019), our records show that we spent on average $26k a year -- broadly defined -- on "travel." That includes air fare, lodging, food, entertainment, local transportation etc. We did a lot of traveling over those four years, often for weeks at a time, and we did it comfortably -- but not "lavishly."

I guess some people are into "lavish" travel, and that's fine. The problem with "lavish" travel for us, though, is that the more "lavish" it is, the less authentic it tends to be. For example, we spent a month in Vietnam. How does one travel "lavishly" to Vietnam for a month and get any real exposure to what the country and its people are all about? That makes no sense to me.

Current biglaw partner here and PP. I used lavish because the PP did. I would not describe our vacations as lavish. But expensive. In the year before COVID, Europe trip, beach trip, NYC trip, two disney trips, two disney cruise (short) and one longer cruise on another line. Looking at those looks like probably $35k.

How do you have the time to do all that? Do you just bill the whole time on vacation? Or dump work on everyone else?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Travel/vacations are not “expenses” - this falls under entirely optional discretionary spending which you can easily plan around your budget, whatever that budget may be. (In other words, you are not required to spend lavishly on travel in retirement, therefore you are not required to save excessive amounts of money to cover lavish retirement travel. Duh.)

You are not required to have fun either but it is nice. You can't argue with the way someone else want to organize their life. I spend lavishly on travel now. I plan on doing it in retirement.

I'm the retired biglaw partner. In the four years pre-Covid (2016-2019), our records show that we spent on average $26k a year -- broadly defined -- on "travel." That includes air fare, lodging, food, entertainment, local transportation etc. We did a lot of traveling over those four years, often for weeks at a time, and we did it comfortably -- but not "lavishly."

I guess some people are into "lavish" travel, and that's fine. The problem with "lavish" travel for us, though, is that the more "lavish" it is, the less authentic it tends to be. For example, we spent a month in Vietnam. How does one travel "lavishly" to Vietnam for a month and get any real exposure to what the country and its people are all about? That makes no sense to me.

Current biglaw partner here and PP. I used lavish because the PP did. I would not describe our vacations as lavish. But expensive. In the year before COVID, Europe trip, beach trip, NYC trip, two disney trips, two disney cruise (short) and one longer cruise on another line. Looking at those looks like probably $35k.

Yea, ok. That's a lot of cruises, which aren't cheap -- and the last thing on earth we'd want to do!

To each his or her own. I would rather eat glass than spend 30 days in Vietnam.

DP here. Vietnam is amazing. You are missing out. Where do you like to vacation?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Travel/vacations are not “expenses” - this falls under entirely optional discretionary spending which you can easily plan around your budget, whatever that budget may be. (In other words, you are not required to spend lavishly on travel in retirement, therefore you are not required to save excessive amounts of money to cover lavish retirement travel. Duh.)

You are not required to have fun either but it is nice. You can't argue with the way someone else want to organize their life. I spend lavishly on travel now. I plan on doing it in retirement.

I'm the retired biglaw partner. In the four years pre-Covid (2016-2019), our records show that we spent on average $26k a year -- broadly defined -- on "travel." That includes air fare, lodging, food, entertainment, local transportation etc. We did a lot of traveling over those four years, often for weeks at a time, and we did it comfortably -- but not "lavishly."

I guess some people are into "lavish" travel, and that's fine. The problem with "lavish" travel for us, though, is that the more "lavish" it is, the less authentic it tends to be. For example, we spent a month in Vietnam. How does one travel "lavishly" to Vietnam for a month and get any real exposure to what the country and its people are all about? That makes no sense to me.

Current biglaw partner here and PP. I used lavish because the PP did. I would not describe our vacations as lavish. But expensive. In the year before COVID, Europe trip, beach trip, NYC trip, two disney trips, two disney cruise (short) and one longer cruise on another line. Looking at those looks like probably $35k.

How do you have the time to do all that? Do you just bill the whole time on vacation? Or dump work on everyone else?

Sure you have to work on vacations it comes with the job but tougher to do on a cruise ship. 4-6 weeks vacation. Still bill over 2000.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have lots of friends that have retired. I am getting close. The middle class friends have seen their expenses drop assuming house paid for. Interestingly my UMC friends (sample of 3) all have had expenses stay the same or even increase -- also with house paid off. Why? They say spending more on travel than planned (1) Regularly visiting kids who do not live in this area, and (2) taking more vacation type trips. Also they say they spend a lot on kids when visiting. Not for everyone but that is their experience.

Yes. We are pretty UMC, but with MC parents. They are planning on retiring soonish, and as far as I can tell, mostly will rely on social security. They have some other savings and a paid off house, but I can't imagine they have anywhere near $1M. They told me "you know, we won't be able to visit as often when we are retired" because their budget will be more limited. But like, they stay with me when they visit, so it really is just plane tickets, so I was pretty surprised their retirement budget doesn't include enough for that. It seems pretty odd to me, but I think they are just pretty ready to retire. We can't increase our visits to them significantly either, because we still only have so much vacation time.

Wouldn't you just buy the tickets for your parents so that they could come visit you? My parents would certainly do that for me if I didn't have the money, and in fact try to do that all the time even though I probably have more money than them. It would be a no brainer that I would that for them so that I could see them as often as we all wanted -- and to make sure they saw the grandkids.

Sure, inevitably, that is what will happen. Which is fine by me. It it will introduce some minor new family dynamics to manage since in laws won't accept "free" tickets and i have a sibling that couldn't do the same for my parents, but whatever, it is nothing insurmountable in the grand scheme of things.

But to the point of the thread, either save for modest travel in retirement or plan on having your kids pay for your plane tickets to see them.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Travel/vacations are not “expenses” - this falls under entirely optional discretionary spending which you can easily plan around your budget, whatever that budget may be. (In other words, you are not required to spend lavishly on travel in retirement, therefore you are not required to save excessive amounts of money to cover lavish retirement travel. Duh.)

You are not required to have fun either but it is nice. You can't argue with the way someone else want to organize their life. I spend lavishly on travel now. I plan on doing it in retirement.

I'm the retired biglaw partner. In the four years pre-Covid (2016-2019), our records show that we spent on average $26k a year -- broadly defined -- on "travel." That includes air fare, lodging, food, entertainment, local transportation etc. We did a lot of traveling over those four years, often for weeks at a time, and we did it comfortably -- but not "lavishly."

I guess some people are into "lavish" travel, and that's fine. The problem with "lavish" travel for us, though, is that the more "lavish" it is, the less authentic it tends to be. For example, we spent a month in Vietnam. How does one travel "lavishly" to Vietnam for a month and get any real exposure to what the country and its people are all about? That makes no sense to me.

Current biglaw partner here and PP. I used lavish because the PP did. I would not describe our vacations as lavish. But expensive. In the year before COVID, Europe trip, beach trip, NYC trip, two disney trips, two disney cruise (short) and one longer cruise on another line. Looking at those looks like probably $35k.

Yea, ok. That's a lot of cruises, which aren't cheap -- and the last thing on earth we'd want to do!

To each his or her own. I would rather eat glass than spend 30 days in Vietnam.

Ha ha ok. Enjoy your Disney cruises.

[Anonymous]

A law firm partner who insists they need millions and millions of dollars in retirement so they can fund . . . Disney cruises.

I’ve heard it all.

[Anonymous]

Why is this now a vacation preference thread? Some of us are still interested in retirement amounts and ages, not necessarily what you’ll do with the money whether it’s Vietnam or Disney World 12 times/yr. (Have already posted mine.)