No. of Recommendations: 7
I wouldn't bother with any guidelines out there that state you need X% of your gross household income to retire. Instead, you should estimate what your annual expenses will be in retirement and then determine what income from investments, SS, and other sources to meet that income expense.

If I listen to the typical you need 80% of your pre-retirement income in retirement, I may never retire. My guess is that I may need 20% of my pre-retirement income.


We are spending easily 120% of our pre-retirement income in retirement.

Either she, or I, or both had jobs. That kept us out of the movie theaters; we now see at least 5x maybe 10x as many movies. We went to concerts and similar events infrequently because, you know, tired. Now we're not, and we go a lot more often. We ran to Pennsylvania for a quick family Thanksgiving, now we stay an extra week, go to New York and see a half dozen shows. We read more books. We cook more often, and with better ingredients. I spend a lot more on the lawn and shrubs, she has been taking jewelry making classes for several years. We spend more time in the RV, and even with diesel below $2, it still ain't cheap.

The best thing you get about retirement is "time." Depending on how you choose to live, "time" can get quite expensive. And it's hard to envision all of that ahead of time; I would never have guessed I would spend $2000 on the lawn or $10,000 summering in Boston.

Sometimes you just have to fly and make course corrections as you go.
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