The ThirdAge Retirement Troubleshooter |
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I will significantly reduce my expenses at retirement, ensuring I have enough
Great idea, how are you going to do it?
Traditional wisdom says you should count on having at least 700f your current income as your retirement income. But Jeff Fleming says, "I don't know anyone who really wants to take a 30 percent paycut." Chances are when you're not spending 40-60 hours a week at work, there's going to be more things you want to do in a day--and they will likely cost money.
Fleming says don't expect to suddenly become a penny pincher once you stop going to work in the mornings.
"Spending habits aren't going to change with retirement, meaning the 70% rule doesn't apply. If you spend 1000f your income in your working years, you're going to spend 100% when you're retired."
 So what can you do?
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