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Old 02-03-2018, 12:12 PM
 
Location: Chicago area
14,450 posts, read 7,954,062 times
Reputation: 53602

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I retired almost three years ago and our checking account has three times as much money in it now then what I retired. We spend the same as we did when we were working, but we have always been frugal. If we want lobster for lunch, we get lobster for lunch. We don't live within our means, we still live way below our means. That being said, we don't want for anything. Money is just a tool, and I don't like clutter.
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Old 02-03-2018, 12:49 PM
 
1,218 posts, read 442,455 times
Reputation: 3774
Quote:
Originally Posted by jghorton View Post
Retired 10-years and still comfortably on target - but, then, haven't had to worry much about budgeted spending.
^^^ Ditto.. and actually achieved financial 'escape velocity' at that time, as funding for retirement folded into discretionary income.
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Old 02-03-2018, 12:50 PM
 
Location: Florida
4,381 posts, read 3,722,412 times
Reputation: 4126
Quote:
Originally Posted by PartIrish View Post
I accidentally posted this first in personal finance, so sorry if you are seeing it twice. I couldn't figure out how to delete the first post.


If you have been retired at least 3 years, I have a question for you: Prior to retirement, what monthly dollar amount did you expect to spend in retirement, and how close have your actual monthly expenditures been in practice? I'm interested not because your amount has anything to do with my expected expenses, but as information about the accuracy of planning this sort of thing. Using our current expenditures, I've attempted to estimate the expenditure number as closely as possible, but there are a lot of expenses that will end as we cross the rainbow retirement bridge. Even accounting for those, discretionary expenditures like travel are still a big unknown.

There are some old threads along these lines, but I'm looking for more recent information. If you are not comfortable giving a number (which I thought might keep answers brief), then perhaps a percentage--e.g. "within 5 percent."
No surprises.
Yes estimate as close as you can and then add a percentage for unknowns.
Budget in several areas such as Housing, Daily consumable living expenses, Entertainment/Travel, Taxes, Periodic major expenses ( car, new roof, medical emergencies) and have an emergency fund for unknowns.

Build your budget paying attention to basic needs, like to haves, and luxury.

Remember inflation so you might want to do your budget as retirement year, 5 years latter, 5 years latter etc. Change the amounts as your needs change.

Your basic items can probably be estimated rather realistically, estimate on the high side for your entertainment/Travel as this will help out if basic needs are more than you expected.

Then budget your income to make sure it will cover the expenses during the retirement years.
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Old 02-03-2018, 01:03 PM
 
Location: Florida
4,381 posts, read 3,722,412 times
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Quote:
Originally Posted by PartIrish View Post

We will be in a different location and climate so it's a good point that additional costs may accompany the change. House in the new location is already purchased and will be 1/3 smaller than current house, so we will see some marginal savings there.

.
You may find that maintenance tasks etc. that you do on a routine basis will be done by people you hire in the future. Keep that in mind as you do your budget.
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Old 02-03-2018, 01:08 PM
 
Location: The Outer Limits
1,469 posts, read 1,825,492 times
Reputation: 2431
Been retired 15 yrs, didn’t budget when in the working world, and don’t while retired.
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Old 02-03-2018, 01:14 PM
 
Location: Montana
1,755 posts, read 1,661,471 times
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I have been retired for 2 years (not three), but we lived on my pension amount for about three years before retirement, so the budget was fairly well established before we retired. From a month to month standpoint (including travel) we are pretty much "on budget" and we have several hundred dollars per month beyond budgeted expenses we figured to save for a "big trip" per year, however, we are doing some un-budgeted home projects with the extra money this year (a fence, and some interior modifications), and that has thrown us off a little, but hey, we make choices, and then make adjustments.
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Old 02-03-2018, 01:43 PM
 
Location: Willamette Valley, Oregon
4,030 posts, read 1,128,934 times
Reputation: 5738
Quote:
Originally Posted by AlaskaErik View Post
I've been retired for over three years now and I never tracked expenses before I retired and I don't track them now. It hasn't been a problem.
When the checks start bouncing, time to stop spending!
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Old 02-03-2018, 01:48 PM
 
Location: Willamette Valley, Oregon
4,030 posts, read 1,128,934 times
Reputation: 5738
Quote:
Originally Posted by Ghost Guy View Post
Although I have only been retired for just over two years, I figured I'd chime in, since my pension will be the same in the coming years as it is now. While working, I boosted my pension amount by working overtime, until my projected pension matched my base pay. This has allowed me to maintain the exact lifestyle as when I was working (as all that overtime money was basically "gravy", and never relied upon).

As far as healthcare costs, they were free throughout my career, until the last contract we signed. We agreed to contribute a small percentage while working, and revert to zero contribution upon retirement, so my healthcare costs have actually decreased since leaving my job.
So you have fully funded health care costs for you, what about your spouse?
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Old 02-03-2018, 07:16 PM
 
Location: Wasilla, AK
7,320 posts, read 4,185,298 times
Reputation: 15958
Quote:
Originally Posted by Willamette City View Post
When the checks start bouncing, time to stop spending!

It's hard to bouce a check when you keep a balance in the five figures.
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Old 02-04-2018, 09:09 AM
 
Location: New Oxford, PA
121 posts, read 59,450 times
Reputation: 469
Quote:
Originally Posted by Willamette City View Post
So you have fully funded health care costs for you, what about your spouse?
Spouses are included. Workers carry the exact same benefits into retirement, as when they were working. Even optical and dental are covered, since the employer continues to contribute the same amount to the union's Welfare Fund whether you're active, or retired. That fund also covers everyone's co-pay reimbursements at the end of each year.
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