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Reply to "Anyone transition from big pay/big house/big expense to a low cost, simple, yet fulfilling retirement life?"
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[quote=Anonymous]Stay aware of fixed expenses. Many retirees want fixed expenses low so there is plenty of discretionary money in the financial plan for spurges (usually travel), maybe helping adult children w/a house purchase, and generally any unanticipated expense. For us this discretionary financial category represents 10% of our net worth. Our home that we own in full, is worth more than we would ever wish to pay for future housing. We will not upgrade our housing, not in retirement. Will not consider a second home. It is our hope that our adult children will soon enjoy a more affluent lifestyle re: housing (a fixed expense) compared to us. Going forward we don't want to consider being in the fancier house, compared to them. It wouldn't feel right. Travel, we will continue to spurge on, but that's a discretionary expense[/quote]
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