Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My DH and I are in the beginning stages of discussing retiring at age 55. We both recently turned 51. Many of the calculators assume expenses will be a % of current income. Using the generic percentage of current income calculators doesn't seem accurate as we make a decent amount of money and have several high ticket expenses that will no longer exist upon retirement.
Currently we are saving for retirement, college, have many expenses related to our children, have a dog that requires a dog walker, medications, etc., dry cleaning, some professional clothing expenses, you get the picture. Retiring at 55, we foresee our largest expense initially as insurance for us and our kids (who will be under 25 and still in college when we are 55). Other than that, we will not have nearly the grocery expenses, pet expenses (dog is a large breed age 9 now), we will be finished saving for college, won't be paying for (many) expenses related to children, won't have a mortgage...
All this to say, could you point me to the best calculators for estimating expenses that are not based on current income so we can get a handle on whether or not this is doable for us. I already know it's doable, I just need the experts here to suggest the best calculators so I can fully convince DH that it is.
I searched for a "retirement budget spreadsheet" and looked at a few and selected one that I felt like had enough categories that I probably wasn't forgetting anything. I like having the spreadsheet because I have saved it under different names for different scenarios.
Food for thought about retirement costs. In retirement we give up using time to make money and take on using time to spend money. The more free time we have the more creative and new ways to spend money we can come up with.
I searched for a "retirement budget spreadsheet" and looked at a few and selected one that I felt like had enough categories that I probably wasn't forgetting anything. I like having the spreadsheet because I have saved it under different names for different scenarios.
Just using those three words brought up a slew of choices. Feel like a dope. Whatever I was plugging in apparently wasn't specific enough. Thanks. At first glance, the Vanguard one looked good. I appreciate your help!
Food for thought about retirement costs. In retirement we give up using time to make money and take on using time to spend money. The more free time we have the more creative and new ways to spend money we can come up with.
Thanks for that nugget. I hope this is the case! I think, besides vacationing, it might be difficult for awhile to change from the saving to the spending mindset! Though I know it will happen eventually.
My DH and I are in the beginning stages of discussing retiring at age 55. We both recently turned 51. Many of the calculators assume expenses will be a % of current income. Using the generic percentage of current income calculators doesn't seem accurate as we make a decent amount of money and have several high ticket expenses that will no longer exist upon retirement.
Currently we are saving for retirement, college, have many expenses related to our children, have a dog that requires a dog walker, medications, etc., dry cleaning, some professional clothing expenses, you get the picture. Retiring at 55, we foresee our largest expense initially as insurance for us and our kids (who will be under 25 and still in college when we are 55). Other than that, we will not have nearly the grocery expenses, pet expenses (dog is a large breed age 9 now), we will be finished saving for college, won't be paying for (many) expenses related to children, won't have a mortgage...
All this to say, could you point me to the best calculators for estimating expenses that are not based on current income so we can get a handle on whether or not this is doable for us. I already know it's doable, I just need the experts here to suggest the best calculators so I can fully convince DH that it is.
All this to say, could you point me to the best calculators for estimating expenses
After a couple of recommendations for Firecalc (which is probably the best income calculator I know of that is available to everyone), I wondered if it has an option I have not seen to do this (estimate expenses).
Thanks for that nugget. I hope this is the case! I think, besides vacationing, it might be difficult for awhile to change from the saving to the spending mindset! Though I know it will happen eventually.
And that may be one of the first wow this is more expensive discoveries. While working your time for vacations was limited by your available vacation days. In retirement much more time will be available for vacations and will you take more?
And that may be one of the first wow this is more expensive discoveries. While working your time for vacations was limited by your available vacation days. In retirement much more time will be available for vacations and will you take more?
I calculated how many "long weekend-type" trips I'd take in a year going to regional sights, and added in how many week-long trips in the U.S. plus at least one 2-week trip out of the country. Looking at my air/hotel/food/rental car expenses on recent similar trips I came up with a rough estimate for an annual travel budget. It's certainly closer than just saying ""$10k" and being done with it.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.