"Using many different retirement planning sources, we score 97% or better for the ability to spend $60,000/year adjusted for inflation until we are both 92 years old. Plus, we would have enough to leave a sizable amount to our children. Here is the dilemma: I'm still concerned.Old habits are hard to break"- - - - - Yes, they are.You are still relatively young at 62....you could start your SS this year.....or not, depending upon whether you need to the money, and what your family life expectancy is. In my case, 90% of my male relatives other than 1, who is still doing fine at 90, died before age 73. So, it's not a good bet I'll make 78, so taking SS early was an easy decision. If I live to 90 like my Uncle Bill, well, I might regret that...then again, their might not be any SS in 30 years anyway.I socked away enough to take at least 50% more than I am taking. I turned 62 1 1/2 years ago and took my SS...now I take even less from my savings......My house is paid for....my cars are paid for...and I don't expect to buy a new one for at least 6-8 more years, then maybe only will have 1. I got a lot of travel out of my system the first five years of retirement internationally, and now most of that looks more like a hassle than a 'vacation'. I still travel 20,000 miles a year.I could go and 'up my expenses' by thousands a month. I just don't do it. Fine dining? Why? It does nothing for me. A good steak once a month maybe. A trip to Red Lobster every now and then, OK.....but normally it's Boston Market with a buck off, senior night at the Great Wall Buffet ($7.45), pizza sunday night at the pizza buffet $5.40, etc. I don't waste money on golf or similar high price distractions. I don't need an iPhone.....One of these years I'll replace my 27 inch TV set...the 35 inch one died and I haven't replaced it yet...... it works fine..I just sit a few feet closer. Well, you can wait till your grandkids get near college age, or maybe give them a few thousand a year toward a college fund....of course, that might just make the parents save less......meaning you just subsidize current expenditures in the family. The one thing you don't know is what Obama will do to the value of the dollar, inflation, deflation.At the rate the spendaholics are going, it is possible to see 10-15% inflation, or worse.....and if you remember the 70s, with 15% rates on 30 year treasury notes, you will see how badly investors and retirees were KILLED by the hyper inflation.In South America, countries have run 20% inflation year after year..sometimes worse....Argentina.....Venezuela now.... wipes out retirees savings quickly. The stock market doesn't like it either!.....One thing you could do is start to set some goals for things you want to do while you can travel or get places. COme up with your own bucket list. Some things are best done while you can do them. No idea of what your physical ailments will be in 5 or 10 years....so, if you have things to travel to do, come up with your list. Prioritize them. Do some of them each year. If you have things you wanted to try/buy, come up with your list. You can always sgo back to your current budget.If you have the 'fun money' and somethings you want to do with it, then do it.If you want to set aside a few thousand to help for college education, stick it aside in a different account - still retain it...and when the kiddies get to college age...well, then use it if everything else is fine in your life/finances. No need to part with it now, unless they are in college!...... Or you can maybe help them go to special camps they want to go, if the parents can't afford it....whatever their interests are....or take them on vacations to somewhere they want to go.....The first few years I retired, I probably hit 3.5% withdrawal rate.....after 5 years, eased back.....a bit.....I don't enjoy 'spending and spending'. I buy my clothes at Target or Walmart.....I shop at Walmart most of the time, although I had to go to Kroger to buy some Spic and Span floor cleaner since Walmart is too cheap to carry it. There is no reason to spend money just to 'spend money'...... I've been retired for 10 years. I don't need as much junque in my life now. Oh...I might buy a new mattress this year...the old one is 18 years old, and not as good as it used to be.....and a new big TV.....and one of these days an LCD computer monitor...... that's about the shopping plan for the next year or two.....I buy 5 or 6 books a year....the rest I borrow from the library....and maybe buy a few at half price books......I'm not much of a consumer......Unless your kids are 'disadvantaged' in some way, there really is no need to leave a bundle to your kids.....see The Millionaire Next Door..... don't plan on leaving them millions.....that shouldn't be in your plans......t.
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