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Reply to "How much do people have saved for retirement?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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.)[/quote] 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.[/quote] 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. [/quote] 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.[/quote]
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