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Coffee Shop
How much do retired people spend per year
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<blockquote data-quote="simme" data-source="post: 1723457" data-attributes="member: 40418"><p>That question is sort of like "What does a cow cost?". There is a lot of variation depending on lifestyle. There has been a popular notion that you should expect to spend a certain percentage of what you made prior to retirement. Maybe 50 to 80%. If you were saving and investing a good percentage of your pre-retirement income, then you are already accustomed to living on less money than you could have spent. If you were making $200,000 per year prior to retirement, do you really need $100,000 to $160,000 in retirement? You can live on a pretty small amount if you want to or have to. If you plan to live the lifestyle of the rich and famous, you will need more money.</p><p>Best guess is to decide what you intend to do and prepare a budget estimate. Property taxes, housing, insurance, transportation, and food (the essentials) are pretty easy to estimate if you spend a little time on it. Other stuff - the sky is the limit.</p><p>I retired 2 years ago. Financial advisor said we should plan to spend $7,000 to $8,000 per month. My expenses are nowhere close to that.</p></blockquote><p></p>
[QUOTE="simme, post: 1723457, member: 40418"] That question is sort of like "What does a cow cost?". There is a lot of variation depending on lifestyle. There has been a popular notion that you should expect to spend a certain percentage of what you made prior to retirement. Maybe 50 to 80%. If you were saving and investing a good percentage of your pre-retirement income, then you are already accustomed to living on less money than you could have spent. If you were making $200,000 per year prior to retirement, do you really need $100,000 to $160,000 in retirement? You can live on a pretty small amount if you want to or have to. If you plan to live the lifestyle of the rich and famous, you will need more money. Best guess is to decide what you intend to do and prepare a budget estimate. Property taxes, housing, insurance, transportation, and food (the essentials) are pretty easy to estimate if you spend a little time on it. Other stuff - the sky is the limit. I retired 2 years ago. Financial advisor said we should plan to spend $7,000 to $8,000 per month. My expenses are nowhere close to that. [/QUOTE]
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