How does one calculate what their monthly needs will be in retirement?

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  • #86455 Reply

      The 70% rule- when it says to “live comfortably… Would that just keep you at the same level of living you are currently at? So, if you want to travel the world and such, I’d imagine you’d need to save much more?

      I currently gross 60k but soon will be 85k due to a raise. I’m not accustomed to 5 star resorts or anything, but I would like to live a good life in retirement.

      If any of you under 100k earners have retired and travelled the world with your spouse, let me know how much monthly you found worked for you!

      Thank you and best wishes

      #86456 Reply

        I kept a spreadsheet of every penny spent for 5 or 6 years before retirement and kept an average monthly amount.

        There were some expenses associates with work that didn’t carry but I also probably underestimated how much I want to spend traveling so maybe it’s a wash.

        It gave me a very close approximation of how much life cost’s me anyhow. Data is your friend.

        #86457 Reply

          The 70% rule is only useful for starting the conversation. True planning will require a fully-thought budget.

          Based on that budget, you may see that you plan on spending 60% or 110% of what you are currently spend.

          Also, check out: For those of you who retired early..

          #86458 Reply

            I travel most of the year, because it’s actually much cheaper than staying in the US plus I truly love it. Take a look at digital nomad blogs and podcasts, think about joining Go With Less here on FB.

            #86459 Reply

              It will be based on personal lifestyle. Thus, current expenses will be a good ballpark.

              #86460 Reply
              Hin Or

                The 70% rule if you retire old to stay at home gardening or sitting on the porch yelling at the local kids to get off your lawn. 100% of your previous expenses or more if you actually want to travel and do stuff.

                Bank that $25k raise to retire earlier.

                Would you also like to explore: If you could, I need I bond help

                #86461 Reply

                  You do save some money not going to work. What I have noticed is that the younger someone is when they retire the more they end up spending, particularly on travel. Young people tend not to play shuffle board and checkers in retirement.

                  I’ve also noticed that with only a few exceptions, almost all FI young people end up doing something that earns money.

                  It’s pretty common to end up with much larger portfolios than anticipated.

                  #86462 Reply

                    I’ve always wanted to see the wider world. Learn more about Wonders of the Earth, which is also my retirement plan.

                    According to the current quality of life now, I think I will need 15K per month after retirement. These are also my motivation to make money, because only when I make enough money, I have no worries.

                    So, I think I not only need to own a business, but also know how to invest. This allows for a comfortable life while maintaining the same quality of life.

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