11-01-2013, 01:46 PM
Vanraw Wrote:I do find it interesting that you will find 100 different views on how much you should have for retirement. In one sense you expenses should be lower. House paid off and such. In the other sense, you might have higher medical bills. And then there is the, retirement plan. Are you going to sit on your ass and wait until you die? or go do stuff you could not do when you were working.
I honestly believe that my expenses will be the same as they are now, adjusted for inflation. In fact I am more apt to spend more on travel.
On the contributions you should ask they guy how he likes his voluntary pay cut.
My Dad was telling me they live entirely off his pension and social security and have not had to dip into their 401k funds at all. House is paid off, they live very modestly, don't travel much but are very engaged with the local community (church for my mom and my dad is a craftsman freak: ships in bottles, models, painting etc). What a generation to work during...my Dad really didn't draw a nice salary until his last decade of work, my mom never worked since the day my older sister was born, yet they live a comfortable, if modest, lifestyle in their retirement years, mainly because of his pension (NY State benefits).