My Comments: Having more money is almost always a good thing. Having enough money is a function of your core expenses (food, shelter, transportation, healthcare, utilities, etc.) compared with discretionary expenses. Things like travel, entertainment, nice cards vs OK cars, etc. You’ve spent the last several years of your life establishing a lifestyle and odds are you want to maintain it.
The words below from Kiplinger tell us the average household spends 25% less than the average working household each year. However, big ticket items can suddenly appear and throw a wrench into the best laid plans.
Here are ten things you’re likely to spend more money on in retirement than before, and how you might be able to spend less. Follow this link to see their thoughts, along with plenty of advertising which is hard to ignore. Sorry.
By Sarah Smith \ 9 AUG 2018 \ https://tinyurl.com/uqs7frp
Before you determine how much you need to save for a fulfilling retirement, you first must evaluate how much will you spend in retirement.
Financial planners have traditionally estimated that retirees need 80% or more of pre-retirement income to maintain their standard of living, but individual situations vary greatly. And, according to the Bureau of Labor Statistics’ annual survey on consumer spending, the average retired household spends 25% less than the average working household each year.
However, retired households do spend more than working households on many items, including big-ticket expenses such as health care and travel. Here’s a look at 10 budget categories where retirees are likely to spend more.
- HEALTH CARE
- MOVING & RELOCATING
- DAY-TO-DAY EXPENSES
- CHARITABLE GIVING
- FINANCIAL PLANNING