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I'll be spending mine on expensive trips. Probably escorted tours, also will be taking my family on a vacation. Right now I am working again after being retired. I only need $700/month to pay my monthly bills. I have half the net check put in an after tax Roth. I don't need it but as most of my retirement money is taxable, this should be nice for my sons to get some money that is not subject to the usual taxes.
Saving for living, traveling, renovations and donating. I can't take it with me when I'm gone so I'd rather see it go to good places/causes while I'm alive.
I was a hourly employee all my life but spent less than I made. I now have a real good investment advisor and have made a bunch of money, He says spend but what on? I guess I'll die with a bunch of unspent money.
What do you do or plan to do with extra monthly income in retirement?
Our plan is decades old. We don't handle our money in the traditional way. Every dollar of income goes into Money Market fund.
1st of every month we draw our allowance and put it into checking.
We have been retired 10 years and have slightly more money than we started with.
We view it as a 3-tiered wedding cake: The bottom tier has 10 years' money - that's our brokerage account and our houses. Second tier (Money Market) has 6 months' money - the extra goes to brokerage account. Top tier is 1 month's money.
We did it that way years ago when we were commission salesmen and our income varied greatly. I worked until I knew we could have a seamless retirement, with the same income whether I worked or not.
In the middle of redecorating the living room. Just donated large amounts of money to our adult kids. Have to update a car when I have the mental strength to face the issue!
Certainly hoping to resume travelling but with the progress of the virus both in Europe and the US I cannot see it happening any time soon.
We have a travel list kind of on hold at the moment that we intend on spending income above and beyond what we have in expenses. While on hold we have a lovely house and yard filled with gardens and fruit trees to keep up.
I don't have kids, and don't need to save for myself any more (otherwise I probably would not have retired). Except for a few dates to keep in the back of my mind (the years in which I have to start Medicare, soc security, and each of the deferred annuities, and a consideration of selling some of the property and moving), my plans extend only as far as the next year or two. Any extra income rolls over into the travel fund for the next year. So many places left to see, so little time! (and so many books to read, with so little time as well, but books cost practically nothing. But wow, so little time! Only now when I am fully retired, I realize how much time it takes to research a future trip, or read a book, if you do it at a leisurely pace (and, after decades of extreme stress, I refuse to do things at any other pace except leisurely - what would be the point of retiring into a different stress??). TIME, not money, is truly what is in short supply, if a person wants to thoroughly examine everything that interests her).
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