What is the real cost of living in retirement?

[jeffm]

how long is a rope ?

it is no different than saying how much do i need to earn while working ?

there is no answer . we all have different wants and needs , different area's . for many life is not just about paying bills . we can easily spend 2x our budget just traveling . my answer would be " as much money as you can get "

we have exceeded in retirement the last 2 years what we spent while working . we have time , and time can cost money ,

we live in queens in nyc . just rent , healthcare costs and our long term care premiums clock in at 40k a year . that is with nothing else and before taxes so comparing to others is silly .

Would you mind sharing what you pay for each of these?

 

[Lon]

there are so many variables this question is impossible to answer.

One of the variables is how long will you be retired. I retired at age 58 and I am now almost 83 and still retired.. From age 58 to age78 I was physically very active, owned two homes, was married, did much travel abroad, many cruises. Now that I am single and live alone I spend far less money than I did those first 20 years of retirement. Fortunately I have now more than sufficient income and resources to be comfortable and provide for my future care.

 

[tortiecat]

Like Lon my husband and I retired in our early sixties; we had our own home, traveled, bought
a new car, dined out frequently. Now that I am alone I live in a retirement residence, have a
lovely apartment, do my own cooking, still have my car. I have no interest in traveling, been
there, done that. I am financially secure, still have my health, and want for nothing.

 

[Knight]

Kitties a question for you.

Have you considered moving to another state where the cost of living is less? I asked only because you didn't mention family ties or the need to live where you are now. The great thing about the internet is the ability to research just about anything so maybe looking for a place to live that meets how you perceive your retired years to be would be worth your time to check out.

 

[tnthomas]

I'm faced with one of the biggest costs of living in retirement retirement: the loss of my income from employment.

Going from $60K to $14K(my SS pension+wife's SS pension) is going to be a rough transition.

Also, going from $275/mo. for group insurance for us both, to over $300+/mo. for each of us.

 

[Lon]

I'm faced with one of the biggest costs of living in retirement retirement: the loss of my income from employment.

Going from $60K to $14K(my SS pension+wife's SS pension) is going to be a rough transition.

Also, going from $275/mo. for group insurance for us both, to over $300+/mo. for each of us.

Didn't your Profile at one time show you as a Civil Service employee Thomas? BTW how old are you now?

 

[Linda Wise]

The amount you need for retirement can fluctuate depending on many variables like where you live and how much normal living expenses are. I would suggest meeting a financial planner and seeing what suggestions they can give you. I'm sure they are well versed in how much you need for retirement.