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Reply to "Post-retirement spending"
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[quote=Anonymous][quote=Anonymous]The retirement calculators suggest you’ll need about 80% of your income in retirement. Is this true? We will have our mortgage paid off at that point so 80% seems high? Asking retirees how much they spend relative to their working income[/quote] Our retirement income is about 77% of our pre-retirement income. We are - so far - spending about 50% of that, but we haven't had any really big expenses yet, such as painting the house or fixing the septic, or fixing my teeth (which is always a big expense for us - thanks to heredity (sigh...)) We save that we aren't spending for those big expenses. Our mortgage is paid off. We had to use Cobra for my first 6 months of retirement, and that was very expensive. Now we are able to access Medicare Advantage, which is really good where we are, so health expenses are low...so far... [/quote]
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