No. of Recommendations: 4
In trying to figure out how much to save for my retirement I one thing that I have seen is that people tend set up a retirement budget based on what they expect to spend when they are 65 and still very active and that may be overestimating how much they will need.

I have seen relatives who really slowed down once they reached their mid 70’s and since they were still in relatively good health and lived in a paid off house they ended up having many months where they didn’t even spend their entire social security check even though they could have afforded a to have spent a lot more. One they reached that age then doing things like traveling, shopping, or even eating out were of a lot less interest to them.


I'd rather save and have too much money than have too little to live the life style I want.

I do realize that people tend to slow down with age, but that is really based on the individual. My dad is 93 and is still going strong with no signs of slowing down anytime soon. His parents lived well into their 90's, and so if I have his genes, I will be active for a very long time. DH had a cousin who played tennis well into his 80's, and I can remember him lying about his age to the doctor so that he could get rotator cuff surgery and keep playing tennis. He had it, and continued to lead that active lifestyle for a few more years before he died.

I have a spreadsheet that tracks our current expenses, our projected expenses if we stay in this house, and projected expenses if we downsize. We plan to the conservative number, which is staying in this house, knowing that we will most likely have more money than we need. I also note that we have actually planned to spend more money in retirement than we spend now because of what we want to do.

I'm happy with our plans, and like to see how other folks are approaching their savings, and the sorts of assumptions that they are making to see if there are any tweaks I should make to our plans. We are also starting to spend more in preparation for retirement to see how this will work for us once we have reached that point. I think that will also be a good exercise, and will help me to decide when I am really ready to pull the trigger.

And it helps that DH is not panicking now that I have actually picked my target retirement date, and seems to be OK with it.
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