Here are a few lines from the USA Today article–How much income will you need in retirement? But read on to hear about my experience.
Robert Powell, Special to USA TODAY 6:06 a.m. EDT April 13, 2014
“When planning for retirement, you might be inclined to use an oft-quoted rule of thumb that has you striving to replace 80% of your income in retirement.
Don’t — there is no absolute standard, according to Michael Hurd, a principal senior researcher and director of the Center for the Study of Aging at the RAND Corp., and Susann Rohwedder, a senior economist and associate director of the Center for the Study of Aging at the RAND Corp., in Santa Monica, Calif.
Instead, Hurd and Rohwedder say you really need to customize your income needs in retirement based on highly personal factors…”
You got that right! I remember saying to my financial planner that I would be content to do very little as long as I didn’t have to teach anymore. Boy, was I wrong. When you retire you have loads of time to go out to eat, to take a vacation, to fix up your home, and once those paychecks stop coming in, all of the sudden you might have to choose to do only one of those or at least be mindful about spending it all too quickly. Nobody can help you there but you. If you are like me, you will want it all!
It might help if you talk to your spouse about your expectations. I was so anxious to quit work that I didn’t think about how it would feel to not do everything I wanted to do. And I didn’t count on missing teaching but I did. Luckily I am now teaching writing classes now and writing a column both of which bring in a small paycheck but largely contribute to my self-esteem.
These pictures were taken in Lucerne, Switzerland. I figured we should take one amazing trip at the beginning of our retirement journey in 2010— just in case one of us got sick or we ran out of money. I may not have new carpet but oh did I see a part of the world which will never leave me.