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For the first year or two after retiring, we were spending heavy (mainly money made on the sale of a home) then we settled down and started spending less than our income. My wife passed 3.5 years ago. I have had to go into some money set aside but we knew I would need do such to the loss of her income so it was planned on. Other than RMD's I still have not touched my IRA's and at age 77, I doubt I may ever need them.
I have a good life. I deny myself nothing but my tastes/desires are simple. I have no debt (nada, nothing) and can easily live comfortably within my income.
For the first year or two after retiring, we were spending heavy (mainly money made on the sale of a home) then we settled down and started spending less than our income. My wife passed 3.5 years ago. I have had to go into some money set aside but we knew I would need do such to the loss of her income so it was planned on. Other than RMD's I still have not touched my IRA's and at age 77, I doubt I may ever need them.
I have a good life. I deny myself nothing but my tastes/desires are simple. I have no debt (nada, nothing) and can easily live comfortably within my income.
good for you --enjoy your life as best as you can .it sounds like financially you are just fine
Our cost of living is lower, because we moved to a lower cost of living area, but we spend more. Most fixed expenses went down especially house, car and health insurance. We upsized our home but pay less property tax and utilities. The first year we spent a huge amount because we totally remodeled our retirement home.
We have more spendable income now than we did before retirement, because we were “super savers.” We are enjoying our home and the surrounding areas so much, and we welcome so many visitors to stay with us, that we haven’t traveled as much as we originally planned. Though we never miss a chance to visit our kids, whether at their home or meeting them in some interesting town for a week of fun. We continue to collect art. We dine out more, and have a few new charities, so we definitely are spending more now.
Some things are less, some are more. Less on food, gas, clothing. More on medical and some household expenses. But, a lot less on maintaining the yard now.
Entertainment/hobbies is going to be an interesting one to track. Right now it appears to be about the same. We spent more on getting new equipment for new activities, but at the same time we're now doing a lot of things like pickbleball and yoga through our HOA, so we aren't paying for classes now.
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Originally Posted by Piney Creek
^^^I forgot utilities. That bill was cut in half after we moved.
The question wasn't on what individual items you are spending more or less on in retirement; you need to look at your spending on a macro rather than micro level. Are your overall expenditures higher or lower in retirement?
For us, the answer is simple: they are much, much higher. And why wouldn't they be? We're in spending mode now, not saving mode.
The question wasn't on what individual items you are spending more or less on in retirement; you need to look at your spending on a macro rather than micro level. Are your overall expenditures higher or lower in retirement?
For us, the answer is simple: they are much, much higher. And why wouldn't they be? We're in spending mode now, not saving mode.
most people you see here list all their BILLS most of which are non discretionary and call that their retirement budget ...
i can say in our case that list accounts for only about 1/2 our spending .. much of our spending is non discretionary , not on the list and yet in life it comprises as much in dollars as the list with all our bills
I've been retired since 2006 and have always spent less, but it varies considerably as to what I'm spending $$ on. A large amount of what I spend is based upon choice, not necessities.
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