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.
we set goal posts for spending to stay within because we can easily spend 2x our budget just doing the things we like or want .
Yes that's my point you are in a different boat with different shoes than most so wear them with a smile. You don't have to spend discretionary income to have it
we live off our portfolio for the most part so we do need to establish spending borders
Aren't those speding parameters based on your estate plan and having a seven figure plus estate for legacy? It would appear from many posters over the threads that they would consider a plan that involves seven figures at death discretionary income not spent. And you do have a partnership LTCi policy that helps preserve assets. Which is fine but to some it is discretionary. Thats all, I am on your side.
our entire plan is based on drawing 3.50% of assets until 70 and we can cut back to 2% if we feel markets suck and are not worth the trouble . if markets hold up then we can just increase spending down the road if we want .
Our expenses in the US after retirement were about the same as when working. The things we do for fun aren't hobbies that require a lot more money to do more of... fishing, reading books on Kindle, playing video games, hiking, camping. Wife went to way more classes at YMCA but that is a fixed monthly cost.
Now in nomad-mode annual expenses are much lower, our first year overseas expenses were 14k less than our living in US budget.
We spend about the same in total in retirement as when we were working.
But, since we slashed fixed expenses by moving to an area with cheaper COL, we spend more in discretionary than when we were working.
Some of this is by design, and some of it is just because we have more free time to spend it. We also pay for some things that we used to do ourselves like house cleaning and lawn care, as well as more eating out rather than cooking at home.
One thing that is rarely discussed when transitioning from work to retirement is wardrobe. I have had to wear business casual for every job but one. That involves buying a lot of clothes I would rarely wear in my personal life if not working. I'd keep two or three biz casual outfits, but not eight to ten.
Let's say you gain or lose weight. While working, you're replacing work and personal clothes. A retiree will be replacing fewer clothes generally.
One thing that is rarely discussed when transitioning from work to retirement is wardrobe. I have had to wear business casual for every job but one. That involves buying a lot of clothes I would rarely wear in my personal life if not working. I'd keep two or three biz casual outfits, but not eight to ten.
Let's say you gain or lose weight. While working, you're replacing work and personal clothes. A retiree will be replacing fewer clothes generally.
Funny, because a lot of business casual could be used in retirement. But, I probably donated thousands of dollars worth of business suits when I retired and my husband the same.
In retirement, I could wear what I have on hand until the day I die probably. I wont, as I update my wardrobe yearly, but I could.
We do not have more discretionary income but it FEELS as though we do. We have more time to find the best bargains on everything. We do not like to go out to dinner very much anymore because I cook and freeze meals for a month. I prefer my own cooking to that in a restaurant, but did to like going to a restaurant for dinner sometimes because I didn't feel like cooking. With make-ahead meals, eating in is much less work than eating out.
Because of flexibility in my schedule, I can book the best vacations, sometimes for half as much.
Shopping for clothing, finding the best for the money is so much more enjoyable now that I can avoid the crowds, making it less likely that I will miss a real deal.[ and there are the senior discounts]
There are so many cheap and free things to do at the senior center and it is a great place to socialize without spending much.
so, i have less discretionary income but I get so much more bang for my buck that I can afford to do many things i could not before retirement
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.
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.
