Skip to main content
No. of Recommendations: 0
How closely have you looked at your expenses? Are you certain about the $100,000? Knowing you needed expenses (not wanted expenditures), is key to determining whether you have enough for retirement.

When I started my retirement planning, I assumed I'd need 100% of my gross pay. As I got closer to retirement, that number seemed high so I dropped it down to around 75%, which of course means I didn't need as much as my first estimates. When I was 5 years away from retirement, I started using current expenses, less any that would disappear or be reduced once work was out of the picture, plus adding new retirement expenses (mainly health related). As a result, the percentage went down further, but I use 75% for planning purposes.

Also, you may have to consider other options when you retire. You may need to move to a place with a lower cost of living. You may need to downsize your living accommodations. If you travel a lot, you might need to take one less trip or go to a cheaper destination. Do whatever it takes to let your minimum of $76,000/yr work for your retirement.
Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.