Reply to How much do you think you need for retirement, salary and age (and when you expect to retire)

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We are both retired and have more money than we need for retirement (we are very blessed!) but one thing we have discovered is that we spend far more in retirement than when we were working. We are both healthy and in good shape and with a ton of leisure time available to us a lot of it is filled in with different sports and travel both domestic and international. We have the luxury of being able to do all of this but you really need to factor in what you would like your life to be like in retirement. Do you want to travel, do you want to escape the winters or awful summers, do you want to take up a new hobby? All of this costs money and is often not in one's current budget. Our travel expenses are probably 3-4 times what they use to be and our overall expenses are likely up 25% or so because when we were working we were not spending money! [/quote]

Great for you to have such options. Most people don’t — there’s a reason so many elderly are home watching TV all day and the one big trip is to see the grandkids once a year. It’s not that most don’t want to travel or have new hobbies (though some probably don’t), it’s just so far out of the budget that it’s not even a consideration.[/quote]

NP.  Isn't that the point of this discussion, however?  People are talking about what they think they need to retire and people that have options (they can work longer or save a larger portion of their income for retirement).  When I think about how much I need for retirement I need to include all the things I am going to want to do.

Both my DH and I have divorced parents, so 4 senior households across them.  All are in their mid to late 70s, in various stages of semi or full retirement.  Each of my parents is fully retired but has taken on or is pursuing a second career of sorts.  Both are (thank goodness) financially stable and this is due to interests, not financial need.  DH's parents both work on very flexible schedules.  My MIL likes to travel, so she is pretty much working to support her lifestyle, which includes large blocks of time (2-4 weeks, 3 times a year) in very nice vacation locations.  I would like to be able to pursue interests, likely volunteer, and have the multi-week vacations 3-4 times /year.  We will have close to or more income when we retire as we do today.  That makes me comfortable.[/quote]

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