Reply to Retirement Saving Benchmarks

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[quote=Anonymous][quote=Anonymous]How does SS income factor in? Let’s say both spouses can expect $3000 or so per month based in the calculator on the SS website. That’s 70,000 per year right there. What am I missing? I  agree with some posters who say that the formulas don’t apply for people with a higher HHI. Right now, 80% of my expenses are child related: private school, lessons, tutors, clothes, hobbies, and more than 50% of vacation expenses as I have to travel at peak season. So I really don’t think that the models apply. In terms of healthcare - I already pay for private insurance and max out all co pays etc. So what am I missing? Honestly, if I need institutional care when I am old, I’ll get it in my home country and not the US. Can’t afford quality care here (and unwilling to spend all my hard earned savings on that).[/quote]

Yes, but remember that SS comes in later in life for max benefit.  Structure those withdrawals such that spouse with the highest benefit takes it at 70 with the other taking it whenever it is needed.  In this scenario, Spouse 1 will start getting 36K at 67 and spouse 2 36K at 70.  You'll have to account for the 72K cashflow before 67 and 36K cashflow between that time and when spouse 2 hits 70.

Also, if you plan your annual spend in retirement based on your current expense level, you'd be able to better handle surprises.  Of course, remove large items like private school tuition, lessons and tutors. The rest will just morph into something else. [/quote]

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