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[quote=Anonymous][quote=Anonymous][quote=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.  [/quote]

Not PP but I do not think that was the point.  Point was he/she wants a lot of money for travel in retirement.  People were saying that was dumb and PP is just pointing out that he/she does it now and wants to do it then.  Pretty valid point.  I agree that expenses for two of my friends that retired did not go down and in fact went up for both.  Neither had a mortgage for the 15 or so years before retirement.  But they were going out to eat more at quite nice places and travelling a lot more.  My thought is that maybe you get a reduction in spending but you need to look really hard at it before you base your retirement on it.[/quote]

As an actual retired person, I can vouch for expecting a reduction in spending in some areas, but a commensurate increase in spending in other areas.

Everyone has a different lifestyle pre-retirement, but I would suggest that you shouldn’t anticipate a complete sea change in your level of expenditures once you’re retired. I know the temptation to try to make the numbers work — we were thinking about retiring young for a while, and, looking back, my very first estimates regarding what we would spend in retirement were way off. Right as we were about to pull the trigger, the last recession hit, so we decided to work for a while longer. We’re so glad we did.  Those last ten years made a huge difference in how comfortable our retirement is. It’s not all or nothing — we started pulling back professionally in the last five years. We only worked part time, but we were able to cover our living expenses and let our savings continue to grow. It’s also good to not jump into the retirement thing cold turkey. By going part time, we realized that we really had no problem at all leaving our jobs behind and got to the point where the additional income wasn’t worth it anymore. [/quote]

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