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I've seen one guy around here that made a trailer from conduit and plywood to two his mower behind his bicycle... quite ingenious
Actually that's a great idea I hadn't thought of - but should have. In Portland it's not uncommon to see bicycles with small detached 'trailers' used to carry stuff (groceries, dogs, pretty much anything.
I didn't vote in the poll because we are retired and none of the options really fit us. I retired a few years ago, and Mrs. Tek the beginning of 2012.
How? We actually saved money, did some investing, and were conservative in our spending for 42 years. It's not that difficult if one shows some reasonable restraint.
I didn't vote in the poll because we are retired and none of the options really fit us. I retired a few years ago, and Mrs. Tek the beginning of 2012.
How? We actually saved money, did some investing, and were conservative in our spending for 42 years. It's not that difficult if one shows some reasonable restraint.
What percent of your gross income (before taxes) did you spend/save while employed and what percentage of your gross income do you spend in retirement?
I wonder because I hear people say you spend 80% of your gross income in retirement I think this seems a little high.
I wonder because I hear people say you spend 80% of your gross income in retirement I think this seems a little high.
Really?? I agree that seems crazy high.
I mean, if you've saving diligently for retirement (and other savings) now, you're probably only spending 50%-60% of your gross income on expenses. So ideally in retirement you have a lower house expenditure (either paid off mortgage or downsized), you're not paying for your kids anymore, and you've started to collect Social Security. How that jumps up to 80% would be a mystery. Well, I guess a lot of pricey vacations could do it actually...
I mean, if you've saving diligently for retirement (and other savings) now, you're probably only spending 50%-60% of your gross income on expenses. So ideally in retirement you have a lower house expenditure (either paid off mortgage or downsized), you're not paying for your kids anymore, and you've started to collect Social Security. How that jumps up to 80% would be a mystery. Well, I guess a lot of pricey vacations could do it actually...
A lot of (lower income) people pay 40%-50% of their income for housing (rent) while working. When they retire, they now pay MORE than whatever they were paying while working, as rent never goes away and almost never decreases, while their retirement income usually decreases. And if they're spending 40%-50% of income on rent while they are working, they're probably not saving for retirement.
So right away in retirement they are spending half their income on housing before spending a dime on food, healthcare, and anything else.
I mean, if you've saving diligently for retirement (and other savings) now, you're probably only spending 50%-60% of your gross income on expenses. So ideally in retirement you have a lower house expenditure (either paid off mortgage or downsized), you're not paying for your kids anymore, and you've started to collect Social Security. How that jumps up to 80% would be a mystery. Well, I guess a lot of pricey vacations could do it actually...
That's what so called financial professionals say people need saved up.
I agree it is ridiculous it has no basis just like a lot of what they say. I spend about 30% of my gross income right now and I would end less if I were retired.
What percent of your gross income (before taxes) did you spend/save while employed and what percentage of your gross income do you spend in retirement?
I wonder because I hear people say you spend 80% of your gross income in retirement I think this seems a little high.
no one can speak for anyone else as far as their needs . what you need to retire is no different then the amounts of income we all need to live when we are working. there is no rule of thumb for the most part and everyone is unique.
we are figuring more than we made while working as the budget for our early retirement years.
we have so much to see and do that working prevented us from doing.
with us we find time cost money and one thing we will have lots of in retirement is time.
while some may be content not doing much or living life as cheaply as they can we on the other hand want to see and do as much as we can experience while we are still healthy in retirement and we know thats going to take quite a bit of dough.
we dont see expenses dropping much as we age either. we just see the spending shifting from ourselves to shifting to others. perhaps helping with education expenses for the grandchildren or trips with the family doing things they may not do on their own because of the expense..
money like water will always find its own level. thats one thing you never have to worry about what to do with.
retirement is something i certainly would rather over-plan for then under-plan for.
that retirement graveyard of failed retirements is just filled with those who under-planned. i would venture to say there are very few in there that over-planned.
its an awful feeling even having to go through retirement nail biting and angsting over the next big un-anticipated expense coming down the pike because every expense that pulls you out of budget is a major big deal .
over planning and having the hot water heater go isnt even an issue but when you planned hand to mouth everything is a problem.
expenses dont hit conforming to a budget. a new roof or major dental work can severly effect next years income if you have a big lump sum to pay out.
even worse are events like divorce , illness or having to help bail out family members from unexpected problems when your retired.
as far as my thoughts on the subject you should set your savings goals as high as you can and hope for the best . at the least your heirs will thank you.
Last edited by mathjak107; 12-03-2012 at 03:56 AM..
What are medical expenses like in retirement, when you are pushing 80? Is it all covered by Medicare? Do I need to plan for it?
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