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Money and Finances
Reply to "Spending in Retirement"
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[quote=Anonymous]For me, the reduction has to do with the amount I will not be saving. Between my DH and I, we save ~25% of our gross income annually. I think you might be misinterpreting the guidance. Most advisors are not saying your expenses will go down 20%, they are saying you need approximately 80% of your gross income--two very different things. Since many people do not track their expenses and do not know what they spend, they can use the rule of thumb that 80% of their pre-retirement gross income is a fair estimate of the income they need in retirement. My numbers for reference: HHI $300k 80% of HHI is $240k Current expenses $160k Assuming I ramp up the travel and healthcare costs increase, maybe I help the kids/grandkids out here and there, $240k income sounds about right to me.[/quote]
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