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How much do I really need to retire?
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New York - Some people use a rule of thumb that says you need sufficient assets to generate 75% of your pre-retirement income. This rule may be too general. When you are retire, you spend differently than while you were working. Accordingly, it is your planned retirement spending that counts more than your retirement income. 

Instead of relying on the rule of thumb, you need to determine what your post-retirement expenses will be. By the time you retire the following things may no longer be expenses:

  • Your mortgage will probably be paid off.

  • Most student loans - whether your own or your children - might be paid off.

  • Day-to-day travel and commuting costs to work may also decrease. You may spend less on clothes, have one car and will have most "tools and other household items" that you have accumulated over the years.

Certain expenses may increase. Consider the following:

  • Although your mortgage costs may be paid off - property taxes, rental dues and home assessment charges will generally increase, unless you move to a place with lower expenses.

  • Utility bills such as electric and water will increase as you may be home more

  • Travel and hobby expenses will increase. In addition, you may find yourself wanting to eat out and do more social events such as going to ball games.

  • Medical expenses will surely increase. Expenses within this category include doctor visits and prescription and non-prescription drugs.

Don’t forget to adjust your spending for the rate of inflation. When you figure out your planned spending, then you will need to know how much you retirement income you will need.

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Many expenses you think will go down will actually go up

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