Reply to How much do people have saved for retirement?

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[quote=Anonymous]Life is uncertain, so you shouldn't deprive yourself completely.  I worried that my parents weren't saving enough for retirement, but they both died young, so it didn't matter.

That said, from someone who is retired -- don't make the mistake of assuming your COL is going to drop dramatically in retirement.  You'll have lots of time and doing things costs money.  Nice houses are relatively expensive, wherever you go.  Those $200,000 houses you see in another state on Zillow are generally small houses in cookie-cutter developments in the middle of a field.  You may be fine living there, but it's probably not what you had in mind.  That charming cottage in a small walkable village with nice restaurants and shops is going to cost more than you think.

You obviously won't be saving more for retirement, so you can deduct that expense from your budget, but I've found that things I'm not spending money on (commuting, business clothing) are offset by new expenses (travel, hobbies, home improvement).

Personally, I wouldn't be comfortable with the amount you're saving, but YMMV. [/quote]

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