With 30% more free-time...yes, it is very easy to spend more money!!

That is the most important thing, frankly. No one but you two know what the numbers really mean, what your habits and lifestyle post retirement will financially require. A lot of couples don't crunch the numbers until it is far too late.

You have the basics in place, especially health care. Well done.

If you guys are not planning on children late in life drama disappears with planning.

When I retire I'm going to buy $500 cars and installed cobbled up turbochargers on them.

Hopefully by then I'll be able to answer the question, WHY?

It totally sucks going through life planning/saving/investing for the time when you will retire only to be faced with the prospect of draining all of your resources toward the end of your life to live in an assisted living facility or geriatric hospital. I bought insurance for that a long time ago, but companies being as savvy as they are, there was a cap of $2K/mo. at that time. That would hardly make a dent. In my case, my wife is quite a bit younger than I am, so I am determined not the have her face the prospect of that. To that point, I have had a conversation with my doc about it. Unfortunately it's just another process in the system to siphon off people's money at a time they can't resist.

I never understood people who retire into a huge house upgrade.
Who needs a huge house empty nest?

right?

we will downsize significantly. i think a 2 bedroom, 2 bathroom home on a giant lot would be perfect. i want to shoot a pellet gun out the back door..wearing my underwear.
i think my wife is onboard with leaving CA.

We bought a 2,500 square ' bungalow on a 2 acres lot 22 years ago thinking about our retirement, no stair to climb if it come down to it.

The 2+ attached car garage is now my man cave and DasBabe parking spot.

I'm building a detached garage for our DD.

There is no way we are going to downsize and our wishes is to leave the place Feet First.

Worse come to worse, I'm hiring a French maid...

At the moment, more, and that will likely continue. A lot of life's little pleasures get written off as business expenses when you are actively running a biz. Now it's all on me.

At 51 we downsized from 5K sq/ft to 2.5K, 5 bedrooms to 3, 2 level to single. Better location though, 1/4 acre to 3/4 with tons of privacy, so we basically swapped from a price point. Now at almost 55 I could see going smaller, like 1500 sq/ft as long as the area is good...Santa Barbara good. Outdoor living most months out of the year. Damn the CA politics and taxes...keep this out of PARF. Great thread.

Since I retired I travel more. That's probably my most added expense. I'm in the process of having my house/garage roof replaced. The shared fence is being replaced also. This should be the last roof.
I still have a mortgage but the payments are cheaper than rent. My property taxes are dirt cheap as well.

It seems to me that most folks really don't want to downsize into a smaller, lesser home after working their entire life to have the one they have. Maybe even add a vacation home. Obviously, health and/or wealth can make folks think differently. My plans are to live in the house I have now...or better until I no longer can. I also plan on hosting many more family visits/vacations here...and being generous with my guest (pay to take them out to nice restaurants, etc. when they are here).

I also plan to do some travelling/visiting myself. It seems to me that I will have a lot more time to have fun and much of it costs money.

We are definitely spending more but mostly by choice. We have done a good bit of traveling since retiring 12 years ago, moved twice (a long and not so happy story there). Our biggest outlay has been paying off our 2 oldest granddaughters college loans and we intend to do the same for our 2 other grandkids when the time comes. We could do a lot of traveling, etc. with that money but you should have seen their faces when we told them to bring us the loan statements, we were going to pay them off... definitely a priceless moment. (They both worked their way through school with no financial help at all from their parents).

Maybe a different perspective.....

Seems like the consensus here is you are still going to need $$$ to maintain a certain lifestyle.

Part of my plan is to continue to work...but only on selected projects.

The way I see it......with my love of the plant world......I will be able to stay connected to my passion - as well as bring in revenue.

And there are so many ways I can do this without the actual physical part so much. Consulting, teaching, and design work.

I want to be one of those older guys who people can call on to offer that sage advice and planning services.

And if done properly - I can work whenever I want - and not work whenever I want. I could take 6 months off. Or 6 days. Or whatever....

The best part is I won't be dependent on the money coming in. But it will be nice to have it for whatever I want it for.

I also think that it is important to keep involved with one's work for metal stimulation. Hobbies are great but IMHO, they are not quite the same as working on a project to create something that is very personalized.

Of course, one never knows exactly what the future holds......

I agree, but the wife wanted to be able to entertain. And we needed room for all the guest during the winter. Evidently giving her friends and family a free vacation stay makes her happy.

So are you retired, as in, not working or making new income? Or are you retired as in, I quit my old corp gig, but now I have a new source of income from something I started doing after I quit the corporate gig?

That's my concern. I realized years ago when I wasn't making much, and what I did make was hourly, that if i took a day off, I didn't lose one day of pay, I would probably lose 2 - 3 days of pay, because I wasn't at work making X, and then I was able to go out and spend X or more which meant that I was probably "down" 2X for the day.

I don't expect to live like a rock star or jet setter when I retire, but it would be nice to be able to travel and do things. I am trying to save and plan for the future so I don't end up too limited by by income/saving or lack of...

Good advise Paul ....... Many I know don't have any numbers to crunch if they retire.

True but I just cant imagine how that is possible. Just about the opposite of how I work. I know I need to live more instead of thinking/planning so much.

I love to get into stuff. Need need news, parts, classes, equipment... just who I am. I'm generally not into travelling unless its to take a class or learn something but none of it is cheap. I dont see that changing if I work or not.

I spend much less now because my working income was way higher than my retirement income. I'm not destitute by any standard but I can no longer stuff a CC into my pocket and head for the airport.

Spent my life planning on retiring at 50, that part worked out perfectly.
Just that my vision of retirement was quickly reshaped after I retired.

Been retired for 9 years, spent about what I had planned.
Just spent it on things I never thought I would buy in retirement.

When I retired we were shopping for nice motor home and a new place in Austin Texas.

#1.
Soon after I retired mother in law was diagnosed with Alzheimers.
Moved her into a nice memory care unit close to home.
Saving grace she has indefinite long term care insurance.
It's paid for her care, about 80k a year for 9 years now.

#2.
Wife is 10 years younger and tried retirement for a few months and decided to continue working instead.

#3.
So my RV USA plans were derailed so I decided to go vintage racing.
Expensive fun and now that's out of my system.

#4. ?
Don't really want an RV anymore.
Would like to move someday away from the traffic of the city.
Maybe just do some tours with my street legal vintage sports cars...
86 Turbo look just completed a 2 year restoration, time to find an open road.


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